Kvartalsrapport Q3 2024

Automatiskt nyckeltalsindex

Detta är sökträffar och textkontext, inte verifierade eller normaliserade redovisningsvärden.

Fulltext

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

JANUARY – SEPTEMBER 2024 
 
Margin expansion, new AI 
solutions and launching next 
phase of the integration  
 
ORGANIC GROWTH 
 
ADJUSTED EBITA MARGIN 
 
LEVERAGE

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

2  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 2024 
THIRD QUARTER 
 The Group’s net sales increased by 4.7% to SEK 648 m 
(619). Organic growth (constant currency) was 2.4%. 
Currency effect was -2.4%. Acquired growth was 4.7%. 
 The Group’s adjusted EBITA amounted to SEK 143 m 
(116) with adjusted EBITA margin of 22.1% (18.7).  
 Net result amounted to SEK -12 m (21). 
 Earnings per share before and after dilution amounted to 
SEK -0.11 (0.20).  
 Adjusted free cash flow amounted to SEK -32 m (-65).   
BUSINESS HIGHLIGHTS 
 Our AI legal research assistant has been launched in 
Region North. The solution is sold in our new top-tier 
package containing all mission-critical content and 
generates significant efficiency uplift for customers. 
 The technical carve-out has been completed in Region 
South, as we accelerate next phase of the integration with 
focus on profitable growth. 
 Continuous progress with the two cost-efficiency 
initiatives has generated annual run-rate synergies of  
EUR 9 m by the end of the third quarter.  
 The adjusted EBITA margin expansion is driven by 
operational leverage from increased net sales, cost-
synergies and product mix contributions. 
 
 
FIRST NINE MONTHS 
 The Group’s net sales increased by 3.4% to SEK 1,902 m 
(1,840). Organic growth (constant currency) was 2.5%. 
Currency effect was -0.5%.  Acquired growth was 1.4%. 
 The Group’s adjusted EBITA amounted to SEK 418 m 
(366) with adjusted EBITA margin of 22.0% (19.9).  
 Net result amounted to SEK -23 m (13). 
 Earnings per share before and after dilution amounted to 
SEK -0.22 (0.12).  
 Adjusted free cash flow amounted to SEK 88 m (73).   
 
 
 
 
 
 
 
 
 
 
 
. 
KEY FINANCIAL RATIOS FOR THE GROUP 
 
  
Jan-Dec
MSEK 2024 2023 Δ% 2024 2023 Δ% 2023
Net sales 647.7 618.9 4.7% 1,902.2 1,840.4 3.4% 2,474.6
Organic growth, % 2.4% 0.2% 2.5% 4.5% 4.3%
EBITA 80.0 91.4 -12.4% 265.7 283.9 -6.4% 370.0
EBITA margin, % 12.4% 14.8% 14.0% 15.4% 15.0%
Adjusted EBITA 143.1 116.0 23.5% 418.2 365.7 14.4% 487.7
Adjusted EBITA margin, % 22.1% 18.7% 22.0% 19.9% 19.7%
Profit for the period -12.3 21.2 158.0% -23.3 13.4 274.2% 36.9
Adjusted free cash flow -32.1 -64.9 50.6% 88.4 73.2 20.9% 231.0
Q3 Jan-Sep

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

3  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 2024 
Karnov Group delivers strong margins expansion while 
continuously enhancing customer value with new 
innovations. The adjusted EBITA margin was 22% which is 
an improvement of more than three percentage points 
compared to previous year. We have expanded our mission-
critical solutions with our AI legal research assistant, which 
brings significant efficiency uplift to customers. In parallel, 
we have completed the technical carve-out in Region South 
and now launch the next phase of the integration in Spain. 
MARGIN IMPROVEMENT ACROSS THE GROUP 
The Group’s net sales amounted to SEK 648 m in the quarter, a solid 
increase from the previous year driven by increased online sales in 
Region North. The growth in Region North is driven by both upselling to 
existing and recently new added customers. The carved-out legal 
information business from the Danish company Schultz contributed with net 
sales of SEK 24 m in the quarter.  
 Net sales in Region South are stable excluding FX effects. We deliver 
on our plan to reach synergies in Spain, while strengthening the value 
proposition in France. The technical carve-out has been completed in 
Spain. We are now accelerating next phase of the integration with new 
leadership and increased focus on profitable growth.   
 The Group’s adjusted EBITA margin reached 22% in the third quarter, an 
improvement of more than 3 percentage points compared to previous 
year. We focus on our cost-base and deliver on the synergies from our two 
initiatives, reaching annual run-rate synergies of EUR 9 m by the end of 
the third quarter.  
 Leverage was 3.1x adjusted EBITDA LTM, an increase driven by the 
FX effects mentioned above.  
200 YEARS OF EXPERTISE NOW MERGED WITH AI 
At the end of the quarter, we launched our AI legal research assistant in 
Region North. The solution offers complete transparency about the 
sources used to reach conclusions including a reference list for 
validation. Sales is progressing on all markets and feedback from our 
customers confirms that the solution brings significant value and 
efficiency uplifts.  
 25 years ago, we transitioned our customers from books and libraries 
to databases. Now, we enable our customers to interact with 200 years 
of mission-critical knowledge through our AI legal research assistant. 
 The launch of the AI assistant has been prepared with a thorough due 
diligence where we thoroughly have tested packaging, pricing and 
simulated penetration. The solution is sold exclusively in a new top-tier 
package containing all mission-critical knowledge in Region North, while 
being sold as an add-on in Region South, in line with local market practices. 
 Our AI assistant enables us to help our customers to become 
significantly more efficient. Moreover, it enables us to launch a better 
price model and deliver solid returns from the investments for all stakeholders.  
DELIVERING ON OUR EFFICIENCY INITIATIVES 
We continue to progress with the Region South integration as well as 
harvesting synergies. Synergies are coming through as expected. By the 
end of the third quarter, the annual run-rate synergies from the Region 
South integration amounted to EUR 5 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. 
 In parallel, our Group-wide Acceleration Initiative progresses 
according to plan. We have divested our holdings in Ante, LCB and 
Procurementlink, which has generated additional run-rate synergies, 
while having a negative impact on the earnings this quarter. By the end 
of the third quarter, the annual run-rate synergies from the Acceleration 
Initiative amounted to EUR 4 m. As communicated before, our ambition 
is to generate synergies of EUR 10 m on annual run-rate basis by the end 
of 2026. 
 In total, our progress with the two cost-efficiency initiatives has 
generated annual run-rate synergies of EUR 9 m by the end of the third quarter. 
WE INVEST, CREATE NEW SOLUTIONS AND BUILD FOR THE FUTURE 
Karnov Group delivers strong margins expansion while continuously 
enhancing customer value with new innovations. Our industry is 
transforming, with AI bringing new opportunities. We lead the way with 
our AI legal research assistant transforming the path to justice. 
 
 We have expanded our mission-
critical solutions with our AI legal 
research assistant, which brings 
significant efficiency uplift to 
customers. In parallel, we have 
completed the technical carve-out in 
Region South and now launch the 
next phase of the integration in Spain. 
 
 
Pontus Bodelsson,  
President and CEO 
  
 
2% 
ORGANIC GROWTH Q3 
”A solid increase from the previous 
year driven by increased online sales 
in Region North.” 
22% 
ADJUSTED EBITA MARGIN Q3 
”An improvement of more than  
3 percentage points compared to 
previous year.” 
3.1x 
LEVERAGE Q3 
”Leverage was 3.1x adjusted EBITDA 
LTM, an increase driven by FX effects.”

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

4  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 2024 
 
 
NET SALES AND GROWTH 
For the quarter, July-September 2024, net sales increased by SEK 29 m 
to SEK 648 m (619). Organic growth on a constant currency basis was 
2.4 percent and currency effects had a negative impact on net sales of  
-2.4 percent. Acquired growth contributed with 4.7 percent. Online sales 
amounted to 85 percent in the quarter (84). 
 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. During the quarter, we have acquired new 
customers from the carved-out Schultz business in Denmark, which 
contributed with net sales of SEK 24 m in the quarter.  
 The business areas EHS and T&A continue to perform well.   
 For the first nine months, January-September 2024, net sales 
increased by SEK 62 to SEK 1,902 m (1,840). Organic growth on a 
constant currency basis was 2.5 percent and currency effects had a 
negative impact on net sales of -0.5 percent. Acquired growth contributed 
with 1.4 percent. 
 
OPERATING PROFIT (EBIT) 
EBITA for the quarter amounted to SEK 80 m (91) and EBITA margin 
amounted to 12.4 percent (14.8). The EBITA performance includes items 
affecting comparability of SEK 63 m (27) relating to integration work in 
Region South and the Acceleration Initiative.  
 Adjusted EBITA amounted to SEK 143 m (116) and adjusted EBITA 
margin amounted to 22.1 percent (18.7).  
 The product mix has contributed with decreasing cost of goods sold, 
while cost-savings from the two cost-efficiency initiatives have positive 
impact on the margins.  
 The carved-out Schultz business in Denmark contributed with SEK 6 
m in adjusted EBITA.  
 Operating profit (EBIT) was SEK 23 m (36) for the quarter, a decline 
due to the increased items affecting comparability.  
 For the first nine months, EBITA amounted to SEK 266 m (284) and 
the EBITA margin amounted to 14.0 percent (15.4). Adjusted EBITA 
amounted to SEK 418 m (366) and the adjusted EBITA margin amounted 
to 22.0 percent (19.9). Operating profit (EBIT) amounted to SEK 102 m 
(122) for the first nine months.   
SYNERGIES FROM THE ACCELERATION INITIATIVE 
The realised synergies in the third quarter amounted to EUR 0.8 m. The 
annual run-rate cost synergies by the end of the third quarter amounted 
to EUR 4.4 m. Cost-to-achieve amounted to EUR 0.0 m in the third quarter.  
 
 
Jan-Dec
MSEK 2024 2023 Δ% 2024 2023 Δ% 2023
Net sales 647.7 618.9 4.7% 1,902.2 1,840.4 3.4% 2,474.6
Organic growth, % 2.4% 0.2% 2.5% 4.5% 4.3%
EBITA 80.0 91.4 -12.4% 265.7 283.9 -6.4% 370.0
EBITA margin, % 12.4% 14.8% 14.0% 15.4% 15.0%
Adjusted EBITA 143.1 116.0 23.5% 418.2 365.7 14.4% 487.7
Adjusted EBITA margin, % 22.1% 18.7% 22.0% 19.9% 19.7%
EBIT 23.1 35.9 -35.6% 102.4 122.1 -16.2% 156.2
EBIT margin, % 3.6% 5.8% 5.4% 6.6% 6.3%
Q3 Jan-Sep
MEUR 2024 2023 2024 2023
Realised synergies 0.8 - 1.9 -
Annual run-rate synergies 4.4 - 4.4 -
Cost to achieve 0.0 - 1.7 -
Q3 Jan-Sep
NET SALES BY SEGMENT Q3 (%) 
 
 
2% 
ORGANIC GROWTH  
NET SALES PER QUARTER, MSEK 
 
22% 
ADJUSTED EBITA MARGIN  
ADJUSTED EBITA, MSEK AND 
MARGIN, % PER QUARTER 
 
49%
51%
Region
North
Region
South
619 634 632 623 648
Q3
2023
Q4
2023
Q1
2024
Q2
2024
Q3
2024
116 122
144
132
143
19% 19%
23% 21% 22%
Q3
2023
Q4
2023
Q1
2024
Q2
2024
Q3
2024

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

5  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 2024 
SHARE OF PROFIT IN ASSOCIATED COMPANIES 
Share of profit in associated companies amounted to SEK 0 m (-1) in the 
quarter and SEK -2 m (-4) for the first nine months. 
NET FINANCIAL ITEMS 
Net financial items for the quarter amounted to SEK -38 m (-12). The 
interest expenses were approximately SEK 11 m higher than in the same 
quarter last year. The quarter was impacted by currency adjustments of 
SEK 3 m (17) relating to long-term loans in EUR. 
 Net financial items for the first nine months amounted to SEK -132 m 
(-107).  
PROFIT BEFORE AND AFTER TAX, EARNINGS PER SHARE 
Profit before tax for the quarter decreased by SEK 38 m to SEK -15 m         
(23). Profit after tax for the quarter was SEK -12 m (21). Taxes amounted 
to SEK 2 m (-1).  Earnings per share after dilution was SEK -0.11 (0.20) 
for the quarter.  
 For the first nine months, profit before tax amounted to SEK -32 m 
(11) and profit after tax amounted to SEK -23 m (13). Earnings per share 
after dilution was SEK -0.22 (0.12) for the first nine months.  
CASH FLOW AND INVESTMENTS 
Cash flow from operating activities amounted to SEK -42 m (-42). The 
changes in working capital were stable and in line with previous year, 
while higher interest paid was off set with timing in taxes paid.  
 Adjusted free cash flow for the quarter improved to SEK -32 m (-65), 
driven by significantly higher items affecting comparability.  
 Total investments for the quarter amounted to SEK -70 m (-38). The 
investments during the quarter relate to capitalised development as well 
as business acquisitions.  
 Total financing for the quarter amounted to SEK -15 m (-12), entirely 
related to payment of leasing liabilities. 
 Cash flow from operating activities for the first nine months 
amounted to SEK 106 m (142). The decline is mainly explained by taxes 
paid as well as increased financial expenses.  
 
ADJUSTED FREE CASH FLOW 
 
FINANCIAL POSITION 
Net debt was SEK 2,271 m at the end of the period. The net debt has 
increased by SEK 515 m compared to the end of the previous year, 
mainly due to business acquisitions.  
 The leverage at the end of the period, based on proforma adjusted 
EBITDA LTM excluding leasing liabilities, was 3.1 (3.2) times.  
 Cash and cash equivalents at the end of the period amounted to SEK 
371 m (326) and the Group had at the end of September 2024 unutilized 
credit lines of EUR 28 m. 
NET DEBT 
 
 
* Please note that LTM Adjusted EBITDA includes proforma numbers from Schultz     
acquisition which has an impact on leverage ratio  for Q3 2024. See more information 
regarding acquisitions in note 4.  
 
  
Jan-Dec
MSEK 2024 2023 2024 2023 2023
Cash flow from operating 
activities -42.4 -42.4 106.2 142.2 337.0
Acquisition of intangible 
and tangible assets -37.5 -39.0 -121.2 -115.3 -163.0
Payment of lease liabilities -15.3 -10.8 -49.1 -38.2 -63.4
Free cash flow -95.2 -92.2 -64.1 -11.3 110.6
Items affecting 
comparability 63.1 27.3 152.5 84.5 120.4
Adjusted free cash flow -32.1 -64.9 88.4 73.2 231.0
Q3 Jan-Sep
MSEK 30 Sep 2024 30 Sep 2023 31 Dec 2023
Total borrowings 2,641.3 2,285.0 2,206.2
Cash and cash equivalents 370.7 326.4 450.6
Net debt 2,270.6 1,958.6 1,755.6
Leverage ratio * 3.1 3.2 2.8
NET SALES SPLIT ONLINE/OFFLINE 
PER Q3, % 
 
 
 
 
SEK -32 m 
ADJUSTED FREE CASH FLOW  
3.1 
LEVERAGE 
85%
15%
Online
Offline

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

6  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 2024 
 
 
NET SALES AND GROWTH 
Net sales for the quarter increased by 15.0 percent to SEK 321 m (279). 
Organic growth was 7.3 percent while currency effects had a negative 
impact of -2.1 percent. Acquired growth contributed with 9.8 percent. 
Online sales accounted for 90 percent (88) in the quarter.  
 Organic growth is driven by online sales, mainly within the legal 
research area. The strongest growth driver is the public sector in 
Sweden, as we have sold more licenses to both public administrations as 
well as municipalities. Our solutions are mission-critical for our customers.  
 At the end of the quarter, our AI legal assistant were launched in 
Denmark and Sweden. Customer feedback has been positive, both in 
terms of simplifying work tasks as well as making workflow more 
efficient. The AI legal assistant is included in our new top-tier package 
which was launched along with the new product.  
 During the quarter, Karnov has progressed with the integration of the 
carved-out Schultz legal information business. Through the acquisition, 
Karnov has acquired new customers on the Danish municipality market. 
During the quarter, the Schultz business provided net sales of SEK 24 m 
and an adjusted EBITA of SEK 6 m.  
 For the first nine months, net sales amounted to SEK 889 m (815). 
Organic growth on a constant currency basis was 6.6 percent and 
currency effects had a negative impact on net sales of -0.7 percent. 
Acquired growth contributed with 3.1 percent.     
 
ADJUSTED EBITA 
In the third quarter, adjusted EBITA amounted to SEK 141 m (115) and 
adjusted EBITA margin amounted to 44.1 percent (41.4). The margin 
increase is due to cost-savings from the Group wide Acceleration 
Initiative, as well as product mix coming from a higher portion of online sales. 
 For the first nine months, adjusted EBITA amounted to SEK 388 m 
(339) and the adjusted EBITA margin amounted to 43.6 percent (41.5).     
   
 
 
  
Jan-Dec
MSEK 2024 2023 Δ% 2024 2023 Δ% 2023
Net sales 320.5 278.8 15.0% 888.9 815.3 9.0% 1,085.8
Organic growth, % 7.3% 0.2% 6.6% 4.5% 4.4%
Adjusted EBITDA 163.2 132.3 23.3% 449.7 389.3 15.5% 511.3
Adjusted EBITDA margin, % 50.9% 47.5% 50.6% 47.7% 47.1%
Adjusted EBITA 141.4 115.3 22.6% 387.9 338.5 14.6% 441.5
Adjusted EBITA margin, % 44.1% 41.4% 43.6% 41.5% 40.7%
Q3 Jan-Sep
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, 
QSE Conseil, DIB Viden, Legal Cross 
Border, Ante and BELLA Intelligence. 
279 271 294 275
321
Q3
2023
Q4
2023
Q1
2024
Q2
2024
Q3
2024
115
103
127
120
141
41%
38%
43% 44% 44%
Q3
2023
Q4
2023
Q1
2024
Q2
2024
Q3
2024

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

7  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 2024 
 
 
NET SALES AND GROWTH 
Net sales for the quarter were SEK 327 m (340). The organic growth was 
-1.6 percent while currency effects had a negative impact of -2.7 percent. 
Acquired growth contributed with 0.5 percent. Online sales accounted for 
81 percent in the quarter (80).  
 Reported net sales were stable adjusted for the negative currency 
effects. Our French business delivered organic growth in the quarter, off-
set by the organic performance in Spain due to product rationalisation 
and optimised sales organisation. 
 Alexandra Åquist has been appointed Country Manager in Spain as 
part of the next phase of the integration, with the assignment of 
generating profitable growth in Spain. We will launch updated products in 
Spain during the autumn with AI features. In France, we have launched 
our three new flagship products with AI features.   
 For the first nine months, net sales amounted to SEK 1,013 m (1,025). 
Organic growth on a constant currency basis was -0.8 percent and 
currency effects had a negative impact on net sales of -0.6 percent. 
Acquired growth contributed with 0.2 percent.     
ADJUSTED EBITA 
In the third quarter, adjusted EBITA amounted to SEK 25 m (21) and 
adjusted EBITA margin was 7.5 percent (6.2).  
 The margin improvement is mainly due to cost synergies from the 
integration coming through according to plan.   
 For the first nine months, the adjusted EBITA amounted to SEK 94 m 
(84) and the adjusted EBITA margin amounted to 9.2 percent (8.2).  
SYNERGIES IN REGION SOUTH 
In the third quarter, realised cost synergies amounted to EUR 1.1 m (0.3). 
The annual run-rate cost synergies by the end of the third quarter 
amounted to EUR 4.9 m (1.0). Cost-to-achieve amounted to EUR 1.9 m in 
the third quarter. 
 For the first nine months, the realised cost synergies amounted to 
EUR 3.0 m (0.7). Cost-to-achieve amounted to EUR 4.9 m for the first 
nine months. 
 The total cost-to-achieve, by 2026, is estimated to EUR 24 m.   
 
  
Jan-Dec
MSEK 2024 2023 Δ% 2024 2023 Δ% 2023
Net sales 327.2 340.1 -3.8% 1,013.3 1,025.1 -1.2% 1,388.8
Organic growth, % -1.6% - -0.8% - 3.8%
Adjusted EBITDA 45.5 41.6 9.7% 152.6 141.7 7.8% 208.4
Adjusted EBITDA margin, % 13.9% 12.2% 15.1% 13.8% 15.0%
Adjusted EBITA 24.7 21.2 17.2% 93.7 84.0 11.7% 129.1
Adjusted EBITA margin, % 7.5% 6.2% 9.2% 8.2% 9.3%
Q3 Jan-Sep
Jan-Sep Jan-Dec
MEUR 2024 2023 2024 2023
Realised synergies 1.1 0.3 3.0 0.7
Annual run-rate synergies 4.9 1.0 4.9 2.0
Cost to achieve 1.9 1.6 6.9 9.0
Q3
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. 
340 364 338 348 327
Q3
2023
Q4
2023
Q1
2024
Q2
2024
Q3
2024
21
45
35 34
25
6%
12% 10% 10% 8%
Q3
2023
Q4
2023
Q1
2024
Q2
2024
Q3
2024

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

8  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 2024 
 
 
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 2024 2023 Δ% 2024 2023 Δ% 2023
Adjusted EBITA -23.0 -20.5 12.2% -63.4 -56.8 11.5% -82.9
Q3 Jan-Sep
 
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 – SEPTEMBER 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 in the Middle East region 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 third quarter amounted to 1,198 (1,244). The 
decrease is due to harvesting of cost-synergies in Region South. On average during the third 
quarter, 59% (58) of the workforce were women and 41% (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 30 September 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 30 September 2024, the Company had 1,822 known shareholders. The five largest 
shareholders in Karnov Group AB (publ) were Long Path Partners, Invesco, Swedbank Robur Funds, 
Greenoaks Capital and Anabranch Capital. 
 
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 two long-term incentive programs, LTIP 2023 and LTIP 2024, 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). 
 19 employees participate in LTIP 2023 and 18 employees participate in LTIP 2024. The 
participants have allocated a total of 174,130 savings shares to the programs. Full allotment would 
mean that the total number of shares under the program will amount to no more than 659,400 
ordinary shares, corresponding approximately 0.6 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 – SEPTEMBER 2024 
RELATED-PARTY TRANSACTIONS 
Karnov Group did not undertake any significant transactions with related parties in the third 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 
Third quarter 
• Karnov Group acquired the minor French business Batir Technologies SAS. Batir Technologies 
delivers a market-leading workflow tool for tax calculation in the French real estate market. The 
acquisition of Batir Technologies is another step to deliver increased customer value and 
profitable growth in France. The transaction was closed on 16 July 2024.  
Events after the end of the period 
• Karnov Group acquired three carved-out expert journals In France. The acquisition is another 
step to deliver increased customer value and profitable growth. The transaction was closed on 9 
October 2024. 
• The Nomination Committee for the 2025 Annual General Meeting (AGM) was appointed. 
PARENT COMPANY 
The operating profit (EBIT) for the quarter amounted to SEK -17 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 been subject to a review by the Company’s auditors. See report on page 11. 
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 November 2024 at 07.45 AM CET.  
 
Karnov Group AB (publ) 
Stockholm, 6 November 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 
Interim report January-December 2024 18 February 2025 
Annual Report 2024 31 March 2025 
Interim report January-March 2025 14 May 2025 
Annual General Meeting 2025 15 May 2025 
Interim report January-June 2025 21 August 2025 
Interim report January-September 2025 12 November 2025 
 
 
 
 
 
 
 
 
 
Q3 PRESENTATION WEBCAST 
Karnov Group will present the third quarter for analysts and investors via 
a webcast teleconference on 6 November at 9:00 AM CET.  
To participate, use the following link:  
https://ir.financialhearings.com/karnov-group-q3-report-2024 or register 
here for dial-in numbers: 
https://conference.financialhearings.com/teleconference/?id=50048831. 
 
The presentation will also be available on www.financialhearings.com

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

11  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 2024 
(Translation from Swedish original. In case of discrepancies, the Swedish version shall prevail.)  
 
Karnov Group AB (publ) corp. identity no. 559016-9016  
 
Introduction  
We have reviewed the condensed interim financial information (interim report) of Karnov Group AB (publ) as of 30 September 2024 and the nine-month period then ended. The board of directors and the 
CEO are responsible for the preparation and presentation of the interim financial information in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion 
on this interim report based on our review.  
 
Scope of Review  
We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim Report Performed by the Independent Auditor of the Entity. A review consists 
of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit 
conducted in accordance with International Standards on Auditing, ISA, and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain 
assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.  
 
Conclusion  
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts 
Act, regarding the Group, and with the Swedish Annual Accounts Act, regarding the Parent Company.  
 
Stockholm, 6 November 2024  
Öhrlings PricewaterhouseCoopers AB  
 
 
 
 
Martin Johansson    Patrik Larsson 
Authorized Public Accountant    Authorized Public Accountant  
Auditor in charge

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

12  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 2024 
 
  
Jan-Dec
MSEK Note 2024 2023 2024 2023 2023
Net sales 3 647.7 618.9 1,902.2 1,840.4 2,474.6
Total revenue 647.7 618.9 1,902.2 1,840.4 2,474.6
Costs of goods sold -80.7 -89.8 -254.9 -274.0 -365.3
Employee benefit expenses -286.3 -284.7 -853.7 -814.7 -1,131.1
Depreciations and amortisations -99.6 -97.6 -284.3 -275.0 -367.8
Other operating income and expenses -158.0 -110.9 -406.9 -354.6 -454.2
Operating profit (EBIT) 23.1 35.9 102.4 122.1 156.2
Share of profit in associated companies - -1.0 -2.1 -3.9 -5.4
Financial income 1.0 8.2 4.7 11.7 35.5
Financial expenses -38.6 -20.6 -136.7 -118.9 -151.9
Profit before tax -14.5 22.5 -31.7 11.0 34.4
Tax on profit for the period 2.2 -1.3 8.4 2.4 2.5
Profit for the period -12.3 21.2 -23.3 13.4 36.9
Other comprehensive income: 
Items that may be reclassified to the income statement:
Exchange differences on translation of foreign operations -20.4 -63.6 27.7 48.4 -26.6
Actuarial gains/losses on defined benefit plans - - - - 2.0
Other comprehensive income for the period -20.4 -63.6 27.7 48.4 -24.6
Total comprehensive income for the period -32.7 -42.4 4.4 61.8 12.3
Profit for the period is attributable to:
Owners of Karnov Group AB (publ) -12.3 21.0 -23.3 13.2 38.2
Non-controlling interests - 0.2 - 0.2 -1.3
Profit for the period -12.3 21.2 -23.3 13.4 36.9
Total comprehensive income for the period is attributable to:
Owners of Karnov Group AB (publ) -32.7 -42.6 4.4 61.6 13.6
Non-controlling interests - 0.2 - 0.2 -1.3
Total comprehensive income -32.7 -42.4 4.4 61.8 12.3
Earnings per share, basic, SEK -0.11 0.20 -0.22 0.12 0.34
Earnings per share, after dilution, SEK -0.11 0.20 -0.22 0.12 0.34
Weighted average number of ordinary shares (thousands) 107,876 107,876 107,876 107,876 107,862
Effect of performance shares (thousands) 226 226 226 226 240
Weighted average number of ordinary shares adjusted for the effect of 
dilution (thousands) 108,102 108,102 108,102 108,102 108,102
Q3 Jan-Sep

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

13  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 2024 
 
 
MSEK Note 30 Sep 2024 30 Sep 2023 31 Dec 2023
ASSETS:
Goodwill 3,534.9 3,338.7 3,251.1
Other intangible assets 2,393.7 2,324.2 2,233.1
Right-of-use assets 177.9 237.2 201.1
Property, plant and equipment 37.4 43.9 41.2
Investments in associated companies 34.8 50.7 48.8
Other financial investments 13.0 13.0 13.0
Loans to associated companies 25.4 25.8 25.2
Deposits 12.5 9.5 7.7
Deferred tax assets 136.5 177.0 135.4
Total non-current assets 6,366.1 6,220.0 5,956.6
Inventories 20.4 19.1 18.7
Trade receivables 5 316.9 313.5 411.9
Prepaid expenses 74.6 56.7 57.5
Other receivables 92.8 20.7 10.6
Current tax receivables 33.0 0.2 26.6
Cash and cash equivalents 5 370.7 326.4 450.6
Total current assets 908.4 736.6 975.9
TOTAL ASSETS 7,274.5 6,956.6 6,932.5

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

14  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 2024 
 
  
MSEK Note 30 Sep 2024 30 Sep 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 0.0 0.0 0.0
Reserves -225.7 -178.4 -253.4
Retained earnings including net profit for the period -83.8 -93.3 -65.3
Equity attributable to the parent company’s shareholders 2,346.2 2,384.0 2,337.0
Non-controlling interests - -0.1 -
Total equity 2,346.2 2,383.9 2,337.0
Borrowing from credit institutions 5 2,528.3 2,198.8 2,123.0
Lease liabilities 156.2 214.0 179.1
Deferred tax liabilities 325.9 395.5 342.3
Provisions 80.9 68.0 78.4
Other non-current liabilites 40.4 74.3 52.5
Total non-current liabilities 3,131.7 2,950.6 2,775.3
Borrowing from credit institutions 5 113.0 86.2 83.2
Trade payables 5 59.5 86.9 111.3
Current tax liabilities 0.0 22.9 30.0
Accrued expenses 524.5 487.6 479.5
Prepaid income 873.3 825.3 921.7
Lease liabilities 45.4 62.3 52.9
Other current liabilities 5 180.9 50.9 141.6
Total current liabilities 1,796.6 1,622.1 1,820.2
TOTAL EQUITY AND LIABILITIES 7,274.5 6,956.6 6,932.5

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

15  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 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 0.0 -253.4 -65.3 2,337.0 - 2,337.0
Profit for the period - - - - -23.3 -23.3 - -23.3
Other comprehensive income for the period - - - 27.7 - 27.7 - 27.7
Total comprehensive income/loss - - - 27.7 -23.3 4.4 - 4.4
Transaction with shareholders in their capacity as owners:
Sharebased payment - - - - 4.8 4.8 - 4.8
Total transaction with shareholders - - - - 4.8 4.8 - 4.8
Closing balance at 30 September 2024 1.7 2,654.0 0.0 -225.7 -83.8 2,346.2 - 2,346.2
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 0.0 -226.8 -109.0 2,319.9 6.5 2,326.4
Profit for the period - - - - 13.2 13.2 0.2 13.4
Other comprehensive income for the period - - - 48.4 - 48.4 - 48.4
Total comprehensive income/loss - - - 48.4 13.2 61.6 0.2 61.8
Transaction with shareholders in their capacity as owners:
Sharebased payment - - - - 2.5 2.5 - 2.5
Divestment - - - - - - -6.8 -6.8
Total transaction with shareholders - - - - 2.5 2.5 -6.8 -4.3
Closing balance at 30 September 2023 1.7 2,654.0 0.0 -178.4 -93.3 2,384.0 -0.1 2,383.9
Equity attributable to the parent company's shareholders
Equity attributable to the parent company's shareholders

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

16  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 2024 
 
 
.  
Jan-Dec
MSEK 2024 2023 2024 2023 2023
Operating profit (EBIT) 23.1 35.9 102.4 122.1 156.2
Non-cash items 126.3 122.4 315.7 300.8 367.9
Effect of changes in working capital:
Change in inventories - 1.5 -1.5 1.6 1.8
Change in receivables -18.3 53.4 12.2 72.0 -19.5
Change in trade payables and other payables 61.0 -5.1 -90.4 -128.4 -2.1
Provisions paid - - - -3.2 -1.4
Change in prepaid income -193.3 -198.0 -70.9 -87.8 23.7
Net effect of changes in working capital -150.6 -148.2 -150.6 -145.8 2.5
Net financial items, paid -42.3 -31.3 -110.0 -94.0 -128.0
Corporate tax paid 1.1 -21.2 -51.3 -40.9 -61.6
Cash flow from operating activities -42.4 -42.4 106.2 142.2 337.0
Business combinations -31.3 4.2 -419.3 -58.7 -54.9
Other financial investments -1.0 -3.0 -5.8 -3.0 -3.0
Acquisition of intangible assets -36.6 -38.2 -119.1 -107.3 -155.8
Acquisition of property, plant and equipment -0.9 -0.8 -2.1 -8.0 -7.2
Cash flow from investing activities -69.8 -37.8 -546.3 -177.0 -220.9
Repayment long-term debt - - -83.2 -2,587.9 -2,587.9
Proceeds long-term debt - -0.9 491.4 2,330.6 2,330.6
Payment of lease liabilities -15.3 -10.8 -49.1 -38.2 -63.4
Change in long-term receivables - -0.7 - -3.3 0.1
Payment of contingent considerations - - -0.9 -17.1 -17.1
Cash flow from financing activities -15.3 -12.4 358.2 -315.9 -337.7
Cash flow for the period -127.5 -92.6 -81.9 -350.7 -221.6
Cash and cash equivalents at the beginning of the period 494.3 455.9 450.6 671.2 671.2
Exchange-rate differences in cash and cash equivalents 3.9 -36.9 2.0 5.9 1.0
Cash and cash equivalents at the end of the period 370.7 326.4 370.7 326.4 450.6
Q3 Jan-Sep

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

17  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 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. 
 
 
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.

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

18  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 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 289.6 246.2 263.7 272.8 - - 553.3 519.0
Offline 30.9 32.6 63.5 67.3 - - 94.4 99.9
Net sales 320.5 278.8 327.2 340.1 - - 647.7 618.9
Adjusted EBITDA 163.2 132.3 45.5 41.6 -22.9 -20.4 185.8 153.5
Depreciations and amortisations -21.8 -17.0 -20.8 -20.4 -0.1 -0.1 -42.7 -37.5
Adjusted EBITA 141.4 115.3 24.7 21.2 -23.0 -20.5 143.1 116.0
Amortisations from acquisitions -56.9 -52.8
Items affecting comparability -63.1 -27.3
Operating profit (EBIT) 23.1 35.9
Share of profit in associated companies - -1.0
Net financial items -37.6 -12.4
Profit before tax -14.5 22.5
Tax on profit for the period 2.2 -1.3
Profit for the period -12.3 21.2
Q3 Q3Q3Q3
North South Group functions Total

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

19  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 2024 
NOTE 3 SEGMENT REPORTING, CONT. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
MSEK 2024 2023 2024 2023 2024 2023 2024 2023
Net sales specified on product categories: - - - - - - - -
Online 802.4 711.6 780.9 800.8 - - 1,583.3 1,512.4
Offline 86.5 103.7 232.4 224.3 - - 318.9 328.0
Net sales 888.9 815.3 1,013.3 1,025.1 - - 1,902.2 1,840.4
Adjusted EBITDA 449.7 389.3 152.6 141.7 -63.1 -56.7 539.2 474.3
Depreciations and amortisations -61.8 -50.8 -58.9 -57.7 -0.3 -0.1 -121.0 -108.6
Adjusted EBITA 387.9 338.5 93.7 84.0 -63.4 -56.8 418.2 365.7
Amortisations from acquisitions - - - - - - -163.3 -159.1
Items affecting comparability - - - - - - -152.5 -84.5
Operating profit (EBIT) - - - - - - 102.4 122.1
Share of profit in associated companies - - - - - - -2.1 -3.9
Net financial items - - - - - - -132.0 -107.2
Profit before tax - - - - - - -31.7 11.0
Tax on profit for the period - - - - - - 8.4 2.4
Profit for the period - - - - - - -23.3 13.4
North South Group functions Total 
Jan-Sep Jan-Sep Jan-Sep Jan-Sep

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

20  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 2024 
NOTE 4 BUSINESS COMBINATIONS AND SIMILAR TRANSACTIONS 
 
QSE CONSEIL SAS 
To further consolidate the French EHS market while also accelerating the international expansion, Karnov Group acquired QSE Conseil SAS on 29 April 2024 for a total consideration of SEK 15.9 m. Cash 
paid on closing 29 April was SEK 7.6 m and SEK 8.3 m is considered as contingent liabilities expected to be paid out in full by the latest in Q3 2025. QSE is expected to contribute by SEK 9.0 m in net sales 
and SEK 2.7 m in adjusted EBITA on a yearly basis. Identified assets in the transaction was Customer relations to which SEK 5.0 m was allocated. An amount of SEK 8.2 m was allocated to Goodwill. The 
purchase price allocation is not considered final until 12 months after the acquisition date. 
 
SCHULTZ LEGAL INFORMATION BUSINESS  
On 19 June 2024, Karnov Group entered into a business carve out agreement to acquire the legal information business of J.H. Schultz Information A/S for a cash consideration of up to SEK 481 m financed 
by existing credit lines. Cash paid on closing 19 June was SEK 380.8 m and SEK 100.5 m is considered contingent liabilities expected to be paid out during 2024. The acquisition provides Karnov Group new 
customers on the Danish municipality market and strengthens Karnov's portfolio of local content to develop best-in-class generative AI solutions for our customers. Karnov Group expects that the 
acquisition of the legal information business from Schultz contributes with annual net sales corresponding to approximately SEK 83 m and an adjusted EBITA corresponding to approximately SEK 50 m, 
subject to all acquired customer agreements and/or the economic benefits thereof being successfully transferred or assigned to Karnov Group. The expected cost-to-achieve for the integration is assessed 
to amount to approximately SEK 25 m. Major assets identified from the purchase price allocation are Customer relations and Content. Allocated amount to Goodwill was SEK 230.2 m. The purchase price 
allocation is not considered final until 12 months after the acquisition date. 
 
BATIR TECHNOLOGIES SAS 
Karnov Group acquired the minor French business Batir Technologies SAS on 16 July for a total estimated consideration of SEK 31.0 m. Cash paid on closing was SEK 29.2 m and SEK 1.8 m is considered  
as contingent liabilities expected to be paid out in full by the latest in Q3 2025. Batir Technologies delivers a market-leading workflow tool for tax calculation in the French real estate market. The acquisition  
of Batir Technologies is another step on our turn-around to deliver increased customer value and profitable growth in France. Batir Technologies is expected to contribute by SEK 9.3 m in net sales and SEK 
4.3 m in adjusted EBITA on a yearly basis. Identified assets in the transaction was Customer relations to which SEK 10.9 m was allocated but also Technology by SEK 2.8 m and Trademarks by SEK 0.6 m. 
Allocation to Goodwill amounts to SEK 20.3 m. The purchase price allocation is not considered final until 12 months after the acquisition date. 
 
 
 
QSE Conseil SAS 
Schultz Legal Information 
Business  Batir Technologies SAS 
29 Apr 2024 19 Jun 2024 16 Jul 2024
Purchase price, MSEK
Cash paid on closing date 7.6 380.8 29.2
Contingent liability 8.3 100.5 1.8
Total purchase price 15.9 481.3 31.0
Reported amounts, MSEK
Intangible assets: Customer relations 5.0 227.6 10.9
Intangible assets: Technology - - 2.8
Intangible assets: Content - 23.5 -
Intangible assets: Trademarks - - 0.6
Fair value of other net assets acquired 3.9 - -
Deferred tax -1.2 - -3.6
Total identified net assets 7.7 251.1 10.7
Goodwill 8.2 230.2 20.3
Total 15.9 481.3 31.0

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

21  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 2024 
NOTE 4 BUSINESS COMBINATIONS AND SIMILAR TRANSACTIONS, CONT.  
 
DISCONTINUED BUSINESS 
 
ANTE 
Karnov Group exited its 55.1% shareholding of Ante ApS per 25 July 2024 for a cash consideration of SEK 1. The derecognition of the fully consolidated balance sheet of Ante ApS has reduced Goodwill by 
SEK 13.2 m, Other intangible assets by SEK 7.1 m and other net assets by SEK 12.2 m. A loss from the transaction of SEK 8.3 m has been recognized in other operating income and expenses. YTD 2024 
impact on the income statement (EBIT) from operations totals SEK -1.0 m. A potential earn out will be entitled to Karnov Group in FY 2028 contingent on the financial outcome in FY 2027. Maximum 
amount for earn out totals SEK 1.2 m. 
 
LCB 
Karnov Group exited its 85.9% shareholding of LCB ApS per 31 July 2024 for a cash consideration of SEK 1. The derecognition of the fully consolidated balance sheet of LCB has reduced other net assets 
by SEK 2.4 m. A loss from the transaction of SEK 2.6 m has been recognized in other operating income and expenses. YTD 2024 impact on the income statement (EBIT) from operations totals SEK -0.4 m. 
 
PROCUREMENTLINK  
Karnov Group exited its 49.0% shareholding of ProcurementLink ApS per 5 July 2024 for a cash consideration of SEK 1. The derecognition of ProcurementLink has reduced the consolidated balance sheet 
on row Investments in associated companies by SEK 12.4 m. A loss from the transaction of SEK 12.4 m has been recognized in other operating income and expenses. Karnov Group has not consolidated 
any share of profit or loss of ProcurementLink during the period of ownership. 
 
 
 
TRANSACTIONS AFTER THE END OF THE PERIOD 
Karnov Group has on October 9th 2024 completed the acquisition of three carved-out expert journals in France. This acquisition will complete the Lamy Liaisons SAS portfolio with the objective to enrich 
both the editorial offer and legal tech solutions to better meet the needs of our customers. Total consideration amounts to SEK 9.0 m.

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

22  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 2024 
 
NOTE 5 FAIR VALUE OF FINANCIAL INSTRUMENTS 
 
 
 
TRADE RECEIVABLES  
Due to the short-term nature of trade receivables, their carrying amount is considered to be the 
same as their fair value.  
CASH AND CASH EQUIVALENTS  
Cash and cash equivalents are unsecured with a short credit period and are therefore considered to 
have a fair value equal to the carrying amount. These are classified at level 2 in the fair value 
hierarchy. 
CONTINGENT CONSIDERATION 
The carrying amounts of contingent considerations are presented as the fair value. The fair value of 
the contingent considerations is estimated by calculating the present value of the future expected 
cash flows. 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 considered to be the same as their fair values, since interest 
payable on those borrowings is close to current market rates. These are classified at level 2 in the 
fair value hierarchy. 
OTHER 
There have been no significant new items compared to December 31, 2023. No transfers between 
the levels of fair value hierarchies have taken place year-to-date in 2024.  
 
  
MSEK 30 Sep 2024 30 Sep 2023 31 Dec 2023 30 Sep 2024 30 Sep 2023 31 Dec 2023
FINANCIAL ASSETS
Financial assets at amortised cost
Trade receivables 316.9 313.5 411.9 316.9 313.5 411.9
Cash and cash equivalents 370.7 326.4 450.6 370.7 326.4 450.6
Total financial assets 687.6 639.9 862.5 687.6 639.9 862.5
FINANCIAL LIABILITIES
Financial liabilities at fair value through profit or loss (FVPL)
Contingent considerations 115.1 6.7 7.3 115.1 6.7 7.3
Liabilities at amortised cost
Trade payables 59.5 86.9 111.3 59.5 86.9 111.3
Borrowing from credit institutions 2,641.3 2,285.0 2,206.2 2,641.3 2,285.0 2,206.2
Total financial liabilities 2,815.9 2,378.6 2,324.8 2,815.9 2,378.6 2,324.8
Carrying Amount Fair value

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

23  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 2024 
NOTE 6 ALTERNATIVE PERFORMANCE MEASURES 
 
Karnov’s financial statements include alternative performance measures, which complement the 
measures that are defined or specified in applicable rules for financial reporting. Alternative 
performance measures are presented since, in their context, they provide clearer or more in-depth 
information than the measures defined in applicable rules for financial reporting. The alternative 
performance measures are derived from the Group’s consolidated financial reporting and are not 
measured in accordance with IFRS. Karnov’s definition of these measures, which are not described 
under IFRS, is provided in the section Financial Definitions. Reconciliations of the alternative 
performance measures are presented below. 
 
 
MSEK 2024 2023 2024 2023 2024 2023 2024 2023
Organic business 299.1 263.8 334.8 - - - 633.9 263.8
Acquired business 27.2 1.5 1.6 340.1 - - 28.8 341.6
Currency -5.8 13.5 -9.2 - - - -15.0 13.5
Net sales 320.5 278.8 327.2 340.1 - - 647.7 618.9
Total net sales split, %
Organic growth, % 7.3% 0.2% -1.6% - - - 2.4% 0.2%
Acquired business, % 9.8% 0.5% 0.5% 100.0% - - 4.7% 129.7%
Currency effect, % -2.1% 5.2% -2.7% - - - -2.4% 5.2%
Total growth, % 15.0% 5.9% -3.8% 100.0% - - 4.7% 135.1%
EBITDA 139.2 136.5 14.0 22.9 -30.5 -25.9 122.7 133.5
EBITDA margin, % 43.4% 49.0% 4.3% 6.7% - - 18.9% 21.6%
Depreciations and amortisations -21.8 -21.6 -20.8 -20.4 -0.1 -0.1 -42.7 -42.1
EBITA 117.4 114.9 -6.8 2.5 -30.6 -26.0 80.0 91.4
EBITA margin, % 36.6% 41.2% -2.1% 0.7% - - 12.4% 14.8%
Items affecting comparability -24.0 -3.1 -31.5 -18.7 -7.6 -5.5 -63.1 -27.3
Adjusted EBITDA 163.2 132.3 45.5 41.6 -22.9 -20.4 185.8 153.5
Adjusted EBITDA margin, % 50.9% 47.5% 13.9% 12.2% - - 28.7% 24.8%
Adjusted EBITA 141.4 115.3 24.7 21.2 -23.0 -20.5 143.1 116.0
Adjusted EBITA margin, % 44.1% 41.4% 7.5% 6.2% - - 22.1% 18.7%
Items affecting comparability
Acquisition and post-closing integration cost - - -31.5 -18.7 -2.7 -5.5 -34.2 -24.2
Restructuring costs -24.0 -3.1 - - -4.9 - -28.9 -3.1
Total -24.0 -3.1 -31.5 -18.7 -7.6 -5.5 -63.1 -27.3
Items affecting comparability  classification
Operating costs -24.0 4.2 -31.5 -18.7 -7.6 -5.5 -63.1 -20.0
Depreciations and amortisations - -4.6 - - - - - -4.6
Amortisations from acquisitions - -2.7 - - - - - -2.7
North South Group functions Total 
Q3 Q3 Q3 Q3

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

24  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 2024 
NOTE 6 ALTERNATIVE PERFORMANCE MEASURES, CONT. 
 
 
 
MSEK 2024 2023 2024 2023 2024 2023 2024 2023
Organic business 869.2 779.0 1,017.3 - - - 1,886.5 779.0
Acquired business 25.0 5.0 1.6 1,025.1 - - 26.6 1,030.1
Currency -5.3 31.3 -5.6 - - - -10.9 31.3
Net sales 888.9 815.3 1,013.3 1,025.1 - - 1,902.2 1,840.4
Organic growth, % 6.6% 4.5% -0.8% - - - 2.5% 4.5%
Acquired business, % 3.1% 0.7% 0.2% 100.0% - - 1.4% 138.3%
Currency effect, % -0.7% 4.2% -0.6% - - - -0.5% 4.2%
Total growth, % 9.0% 9.4% -1.2% 100.0% - - 3.4% 147.0%
EBITDA 412.9 393.5 60.9 73.3 -87.1 -69.7 386.7 397.1
EBITDA margin, % 46.5% 48.3% 6.0% 7.2% - - 20.3% 21.6%
Depreciations and amortisations -61.8 -55.4 -58.9 -57.7 -0.3 -0.1 -121.0 -113.2
EBITA 351.1 338.1 2.0 15.6 -87.4 -69.8 265.7 283.9
EBITA margin, % 39.5% 41.5% 0.2% 1.5% - - 14.0% 15.4%
Items affecting comparability -36.8 -3.1 -91.7 -68.4 -24.0 -13.0 -152.5 -84.5
Adjusted EBITDA 449.7 389.3 152.6 141.7 -63.1 -56.7 539.2 474.3
Adjusted EBITDA margin, % 50.6% 47.7% 15.1% 13.8% - - 28.3% 25.8%
Adjusted EBITA 387.9 338.5 93.7 84.0 -63.4 -56.8 418.2 365.7
Adjusted EBITA margin, % 43.6% 41.5% 9.2% 8.2% - - 22.0% 19.9%
Items affecting comparability
Acquisition and post-closing integration cost - - -91.7 -68.4 -5.0 -13.0 -96.7 -81.4
Restructuring costs -36.8 -3.1 - - -19.0 - -55.8 -3.1
Total -36.8 -3.1 -91.7 -68.4 -24.0 -13.0 -152.5 -84.5
Items affecting comparability  classification
Operating costs -36.8 4.2 -91.7 -68.4 -24.0 -13.0 -152.5 -77.2
Depreciations and amortisations - -4.6 - - - - - -4.6
Amortisations from acquisitions - -2.7 - - - - - -2.7
North South Group functions Total 
Jan-Sep Jan-Sep Jan-Sep Jan-Sep

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

25  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 2024 
NOTE 6 ALTERNATIVE PERFORMANCE MEASURES, CONT. 
 
ADJUSTED FREE CASHFLOW 
 
 
 
 
 
NET DEBT 
 
LEVERAGE RATIO 
 
 
* Please note that LTM Adjusted EBITDA includes proforma numbers from Schultz acquisition in 2024 which has an 
impact on leverage ratio for Q3 2024. See more information regarding acquisition s in note 4. 
  
Jan-Dec
MSEK 2024 2023 2024 2023 2023
Cash flow from operating activities -42.4 -42.4 106.2 142.2 337.0
Acquisition of intangible and tangible assets -37.5 -39.0 -121.2 -115.3 -163.0
Payment of lease liabilities -15.3 -10.8 -49.1 -38.2 -63.4
Free cash flow -95.2 -92.2 -64.1 -11.3 110.6
Items affecting comparability 63.1 27.3 152.5 84.5 120.4
Adjusted free cash flow -32.1 -64.9 88.4 73.2 231.0
Q3 Jan-Sep
MSEK 30 Sep 2024 30 Sep 2023 31 Dec 2023
Borrowing from credit institutions, long term 2,528.3 2,198.8 2,123.0
Borrowing from credit institutions, short term 113.0 86.2 83.2
Cash and cash equivalents -370.7 -326.4 -450.6
Net debt 2,270.6 1,958.6 1,755.6
MSEK 30 Sep 2024 30 Sep 2023 31 Dec 2023
Adjusted EBITDA LTM * 739.5 621.3 636.9
Net debt 2,270.6 1,958.6 1,755.6
Leverage ratio 3.1 3.2 2.8

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

26  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 2024 
 
  
Q3 Q2 Q1 Q4 Q3
MSEK 2024 2024 2024 2023 2023
Income statement
Net sales 647.7 622.8 631.7 634.2 618.9
EBITDA 122.7 117.9 146.1 126.7 133.5
EBITDA margin, % 18.9% 18.9% 23.1% 20.0% 21.6%
EBITA 80.0 78.4 107.3 86.1 91.4
EBITA margin, % 12.4% 12.6% 17.0% 13.6% 14.8%
Adjusted EBITA 143.1 131.6 143.5 122.0 116.0
Adjusted EBITA margin, % 22.1% 21.1% 22.7% 19.2% 18.7%
Operating profit (EBIT) 23.1 24.4 54.9 34.1 35.9
EBIT margin, % 3.6% 3.9% 8.7% 5.4% 5.8%
Net financial items -37.6 -24.8 -69.6 -9.2 -12.4
Profit for the period -12.3 0.8 -11.8 23.5 21.2
Balance sheet
Non-current assets 6,366.1 6,468.0 6,082.2 5,956.6 6,220.0
Current assets 908.4 1,020.7 1,149.1 975.9 736.6
Cash and cash equivalents 370.7 494.3 523.7 450.6 326.4
Equity 2,346.2 2,376.7 2,399.4 2,337.0 2,383.9
Non-current liabilities 3,131.7 3,172.0 2,853.2 2,775.3 2,950.6
Current liabilities 1,796.6 1,940.0 1,978.7 1,820.2 1,622.1
TOTAL ASSETS 7,274.5 7,488.7 7,231.3 6,932.5 6,956.6

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

27  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 2024 
 
 
  
Q3 Q2 Q1 Q4 Q3
MSEK 2024 2024 2024 2023 2023
Cash flow
Cash flow from operating activities -42.4 17.4 131.2 194.8 -42.4
Cash flow from investing activities -69.8 -430.5 -46.0 -43.9 -37.8
Cash flow from financing activities -15.3 393.7 -20.2 -21.8 -12.4
Cash flow for the period -127.5 -19.4 65.0 129.1 -92.6
Key ratios
Net working capital -888.0 -919.3 -829.5 -844.2 -885.5
Equity/asset ratio, % 32.3% 31.7% 33.2% 33.7% 34.3%
Adjusted free cash flow -32.1 13.9 106.6 157.8 -64.9
Net debt 2,270.6 2,163.1 1,769.5 1,755.6 1,958.6
Share data:
Weighted average number of ordinary shares (thousands) 107,876 107,876 107,876 107,876 107,876
Earnings per share, basic, SEK -0.11 0.01 -0.11 0.22 0.20
Earnings per share, after dilution, SEK -0.11 0.01 -0.11 0.22 0.20

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

28  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 2024 
 
  
Jan-Dec
MSEK 2024 2023 2024 2023 2023
Employee benefit expenses -1.4 -1.1 -4.5 -3.5 -5.3
Depreciations and amortisations - -0.1 -0.1 -0.1 -0.1
Other operating income and expenses -15.9 2.4 -42.0 -5.8 -15.4
Operating profit (EBIT) -17.3 1.2 -46.6 -9.4 -20.8
Financial income 39.0 32.1 112.1 53.4 185.7
Financial expenses -20.5 -18.2 -64.8 -18.7 -37.3
Dividend received - - - 45.0 45.0
Net financial items 18.5 13.9 47.3 79.7 193.4
Group contributions - - - - 42.7
Profit before tax 1.2 15.1 0.7 70.3 215.3
Tax on profit for the period -0.3 -4.0 -0.1 -5.2 -
Profit for the period 0.9 11.1 0.6 65.1 215.3
Total comprehensive income 0.9 11.1 0.6 65.1 215.3
Q3 Jan-Sep

===== SIDA 29 =====

29  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 2024 
 
 
  
MSEK 30 Sep 2024 30 Sep 2023 31 Dec 2023
ASSETS:
Receivables from group companies 2,896.9 2,346.1 2,522.5
Investments in group companies 1,166.7 1,160.5 1,161.8
Right-of-use assets 0.3 0.1 -
Deferred tax assets - - -
Total non-current assets 4,063.9 3,506.7 3,684.3
Receivables from group companies 6.6 73.4 70.0
Prepaid expenses 1.3 - 0.9
Other receivables 0.8 1.3 0.7
Current tax receivables 4.1 - 2.3
Cash and cash equivalents 76.0 47.5 16.4
Total current assets 88.8 122.2 90.3
TOTAL ASSETS 4,152.7 3,628.9 3,774.6

===== SIDA 30 =====

30  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 2024 
 
  
MSEK 30 Sep 2024 30 Sep 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 period 46.8 -110.1 41.3
Total equity 2,702.5 2,545.6 2,697.0
Lease liabilities 0.2 - -
Borrowing from group companies 26.2 - 55.4
Borrowing from credit institutions 1,282.3 931.1 899.5
Total non-current liabilities 1,308.7 931.1 954.9
Borrowing from credit institutions 113.0 86.2 83.2
Trade payables 0.4 0.6 1.2
Borrowing from group companies 18.2 60.2 34.1
Current tax liabilities - 1.3 -
Accrued expenses 9.7 3.7 4.1
Leasing liabilities, short term 0.1 - -
Other current liabilities 0.1 0.2 0.1
Total current liabilities 141.5 152.2 122.7
TOTAL EQUITY AND LIABILITIES 4,152.7 3,628.9 3,774.6

===== SIDA 31 =====

31  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 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. 
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. 
Equity/asset ratio (%) Equity divided by total assets. The measure can be used to assess Karnov’s financial stability.

===== SIDA 32 =====

32  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 2024 
Key ratio Definition Reason for use 
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 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 Average rate Closing rate Average rate Average rate Closing rate Average rate
30 Sep 2024 Jul-Sep 2024 Jan-Sep 2024 30 Sep 2023 Jul-Sep 2023 Jan-Sep 2023 31 Dec 2023 Jan-Dec 2023
1 DKK is equivalent to SEK 1.5156 1.5345 1.5295 1.5412 1.5782 1.5402 1.4889 1.5395
1 NOK is equivalent to SEK 0.9605 0.9733 0.9851 1.0202 1.0310 1.0118 0.9871 1.0049
1 EUR is equivalent to SEK 11.3000 11.4486 11.4085 11.4923 11.7624 11.4722 11.0960 11.4707

===== SIDA 33 =====

33  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 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 legal knowledge 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, 
QSE Conseil, DIBkunnskap, DIB Viden, 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