Kvartalsrapport Q3 2025

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

JANUARY – SEPTEMBER 2025 
 
Stronger margins, 
steady growth and 
new AI solutions 
 
 
 
 
ORGANIC GROWTH 
 
ADJUSTED EBITA MARGIN 
 
LEVERAGE

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

2  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 2025 
THIRD QUARTER 
 The Group’s net sales amounted to SEK 654 m (648). Organic 
growth (constant currency) was 3.9%. Currency effect was  
-2.4%. Acquired growth was -0.5%. 
 The Group’s adjusted EBITA amounted to SEK 172 m (143) 
with adjusted EBITA margin of 26.3% (22.1).  
 The Group’s EBIT amounted to SEK 89 m (23).  
 Profit for the period amounted to SEK 43 m (-12). 
 Earnings per share before and after dilution amounted to SEK 
0.40 (-0.11).  
 Adjusted free cash flow amounted to SEK -36 m (-32).   
BUSINESS HIGHLIGHTS 
 Our AI legal research solution KAILA is an important growth 
component in the third quarter. KAILA now interacts with 
customers’ own uploaded documents and proposes legal 
improvements based upon our trusted legal content.  
 The Spanish legal training business was divested at the end of 
July 2025. In 2024, the business had net sales of approx. SEK 
60 m with a negative adjusted EBITA. 
 Our progress with the two cost-efficiency initiatives has 
generated annual run-rate synergies of SEK 217 m by the end 
of the third quarter. 
 After the end of period, Karnov has entered an agreement to 
divest its EHS businesses to Infopro Digital Group for 
approximately SEK 1 billion. The divestment sharpens our focus 
on AI-supported legal knowledge and workflow solutions where 
we have the strongest market positions and the best 
opportunities for long-term profitable growth. 
 
 
FIRST NINE MONTHS 
 The Group’s net sales amounted to SEK 1,976 m (1,902). 
Organic growth (constant currency) was 3.7%. Currency effect 
was -2.2%. Acquired growth was 2.4%. 
 The Group’s adjusted EBITA amounted to SEK 495 m (418) 
with adjusted EBITA margin of 25.1% (22.0).  
 The Group’s EBIT amounted to SEK 227 m (102).  
 Profit for the period amounted to SEK 129 m (-23). 
 Earnings per share before and after dilution amounted to SEK 
1.19 (-0.22).  
 Adjusted free cash flow amounted to SEK 207 m (88).  
 
 
 
.  
 
 
 
KEY FINANCIAL RATIOS FOR THE GROUP 
 
  
Jan-Dec
MSEK 2025 2024 Δ% 2025 2024 Δ% 2024
Net sales 654.4 647.7 1.0% 1,976.0 1,902.2 3.9% 2,592.7
Organic growth, % 3.9% 2.4% 3.7% 2.5% 2.8%
Adjusted EBITA 172.1 143.1 20.3% 495.0 418.2 18.4% 580.6
Adjusted EBITA margin, % 26.3% 22.1% 25.1% 22.0% 22.4%
EBIT 88.7 23.1 284.0% 227.3 102.4 122.0% 146.0
EBIT margin, % 13.6% 3.6% 11.5% 5.4% 5.6%
Profit for the period 43.4 -12.3 452.8% 128.7 -23.3 652.4% -33.1
Earnings per share, after dilution, SEK 0.40 -0.11 463.6% 1.19 -0.22 640.9% -0.31
Adjusted free cash flow -35.6 -32.1 -10.9% 206.7 88.4 133.8% 298.8
Q3 Jan-Sep

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

3  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 2025 
In the third quarter, the adjusted EBITA margin improved 
by 4 percentage points to 26% and the organic growth 
was 4%. We progressed with our decisive steps to 
reshape Region South, resulting in strong margins 
improvement in the quarter. We had continued AI sales 
traction and launched the next generation of AI solutions, 
including an AI solution for municipal caseworkers. We 
are preparing to launch our AI legal research solution 
KAILA in Region South in the first half of 2026.  
AI SALES PROGRESSION AND MARGIN IMPROVEMENTS 
The Group’s net sales amounted to SEK 654 m in the third quarter, with 
organic growth reaching 4% mainly relating to solid online sales growth 
in Region North. The online sales growth is driven by customer uplifts as 
well as stable user growth, especially in the public sector. KAILA has 
been adopted by leading law firms and public authorities, and customers 
are upscaling as they confirm material productivity gains. 
 The Group’s adjusted EBITA margin reached 26% in the third quarter, an 
improvement of more than 4 percentage points compared to the third 
quarter last year. The improvement is mainly driven by Region South, 
where our decisive steps to reshape the business are coming through. The 
Spanish legal training business was divested at the end of July, and the 
divestment is a material driver of the improved margin. We are progressing 
with the rationalisation of unprofitable products. Operational leverage in 
Region North is also contributing positively to margins thanks to higher net 
sales. Our progress with the Group’s cost-efficiency initiatives have 
resulted in annual run-rate synergies of SEK 217 m by the end of the third 
quarter, ahead of plan.  
NEXT GENERATION OF KAILA LAUNCHED 
We are close to our customers and have launched the next generation of 
KAILA, integrating customers’ own legal documents for analysis, reviews, 
risk identification and improvements. Further, we launched a new AI-
based solution specifically targeting municipal caseworkers in Denmark 
and Sweden. The new solution integrates local regulations and Karnov's 
expert-authored content in a unified solution, making it an efficient and 
reliable tool for local caseworkers without legal training in critical 
decisions. It is a great example of how AI expands the addressable user 
markets for content plus workflow.  
 
LAUNCHING AI-BASED WORKFLOW TOOLS IN 2026 
Thanks to our long-lasting local customer relationships and trusted legal 
databases, we are well-positioned to expand into the market for AI-based 
legal workflow tools. The tools will have Karnov’s trusted content 
seamlessly integrated in all phases of legal work. This broadens the scope 
of legal work we support and generates more value for our customers, 
while also creating new revenue streams on an expanding market. Our 
ambition is to have a suite of AI-based workflow tools launched on all 
markets during 2026.  
BUILDING FOR THE FUTURE 
Our EHS businesses have developed and performed well under Karnov’s 
leadership and serve the EHS market with high-quality, market-leading 
offers and a strong technology basis. We have entered an agreement to 
divest the EHS businesses to Infopro Digital Group for approx. SEK 1 billion. 
The transaction generates high multiples on invested capital. The 
divestment sharpens our focus on our core businesses. The allocation of 
net proceeds will be determined using our capital allocation framework. 
 
 The adjusted EBITA margin 
improved 4 percentage points 
compared to the third quarter last 
year. The improvement is driven 
mainly by Region South, where our 
decisive steps to reshape the 
business are coming through. 
 
 
Pontus Bodelsson,  
President and CEO 
  
 
4% 
ORGANIC GROWTH Q3 
Organic growth reached 4% thanks to 
strong online sales in Region North. 
26% 
ADJUSTED EBITA MARGIN Q3 
More than 4 percentage points higher 
than third quarter last year. 
2.5x 
LEVERAGE Q3 
Well below our financial target.

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

4  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 2025 
 
 
NET SALES AND GROWTH 
For the quarter, July-September 2025, net sales increased by SEK 6 m to 
SEK 654 m (648). Organic growth on a constant currency basis was 3.9 
percent and currency effects had an impact on net sales of -2.4 percent. 
Acquired growth was -0.5 percent. Online sales amounted to 87 percent 
(85) of total net sales in the quarter. 
 Net sales growth within the Group is driven by increased online sales 
of legal research solutions, with sales of our AI-based solutions 
supporting organic growth along with new sales to an expanding 
customer base. Sales performance is especially strong in the public sector.  
 For the first nine months, January-September 2025, net sales 
increased by SEK 74 m to SEK 1,976 m (1,902). Organic growth on a 
constant currency basis was 3.7 percent and currency effects were -2.2 
percent. Acquired growth contributed with 2.4 percent. 
 
OPERATING PROFIT (EBIT) 
EBITA for the quarter amounted to SEK 144 m (80) and EBITA margin 
amounted to 22.0 percent (12.4). The EBITA performance includes items 
affecting comparability of SEK 28 m (63) relating to restructuring costs 
in Region South, as well as the divested legal training business in Spain.  
 Adjusted EBITA amounted to SEK 172 m (143) and adjusted EBITA 
margin amounted to 26.3 percent (22.1).  
 The margin improvement is driven by synergies from the two cost-
efficiency initiatives. The product mix with higher portion of online sales 
along with positive run-rate impact from the divested legal training 
business further contribute positively to the margins. Depreciations were 
SEK 6 m higher compared to the same quarter previous year.  
 Operating profit (EBIT) was SEK 89 m (23) for the quarter. 
 EBITA for the first nine months amounted to SEK 393 m (266) and 
EBITA margin amounted to 19.9 percent (14.0). Adjusted EBITA 
amounted to SEK 495 m (418) and adjusted EBITA margin amounted to 
25.1 percent (22.0). Operating profit (EBIT) was SEK 227 m (102) for the 
first nine months. 
   
SYNERGIES FROM THE ACCELERATION INITIATIVE 
The realised synergies in the third quarter amounted to SEK 23 m (EUR 
2.1 m). The annual run-rate cost synergies by the end of the third quarter 
amounted to SEK 108 m (EUR 9.7 m). Cost-to-achieve amounted to SEK 
15 m (EUR 1.4 m) in the third quarter. 
 
Jan-Dec
MSEK 2025 2024 Δ% 2025 2024 Δ% 2024
Net sales 654.4 647.7 1.0% 1,976.0 1,902.2 3.9% 2,592.7
Organic growth, % 3.9% 2.4% 3.7% 2.5% 2.8%
EBITA 144.0 80.0 80.0% 392.9 265.7 47.9% 365.5
EBITA margin, % 22.0% 12.4% 19.9% 14.0% 14.1%
Adjusted EBITDA 220.7 185.8 18.8% 635.8 539.2 17.9% 746.6
Adjusted EBITDA margin, % 33.7% 28.7% 32.2% 28.3% 28.8%
Adjusted EBITA 172.1 143.1 20.3% 495.0 418.2 18.4% 580.6
Adjusted EBITA margin, % 26.3% 22.1% 25.1% 22.0% 22.4%
EBIT 88.7 23.1 284.0% 227.3 102.4 122.0% 146.0
EBIT margin, % 13.6% 3.6% 11.5% 5.4% 5.6%
Q3 Jan-Sep
Jan-Dec
MSEK 2025 2024 2025 2024 2024
Realised synergies 23.4 8.0 63.3 20.5 32.0
Annual run-rate synergies 107.7 50.2 107.7 50.2 66.7
Cost to achieve 15.1 11.8 55.6 33.6 46.2
Q3 Jan-Sep
NET SALES BY SEGMENT Q3 (%) 
 
 
4% 
ORGANIC GROWTH  
NET SALES PER QUARTER, MSEK 
 
26% 
ADJUSTED EBITA MARGIN  
ADJUSTED EBITA, MSEK AND 
MARGIN, % PER QUARTER 
 
52%
48%
Region
North
Region
South
648
691 673 649 654
Q3
2024
Q4
2024
Q1
2025
Q2
2025
Q3
2025
143
162
175
148
172
22% 23% 26% 23% 26%
Q3
2024
Q4
2024
Q1
2025
Q2
2025
Q3
2025

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

5  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 2025 
SHARE OF PROFIT IN ASSOCIATED COMPANIES 
Share of profit in associated companies amounted to SEK 1 m (0) in the 
quarter and SEK -3 m (-2) in the first nine months. 
NET FINANCIAL ITEMS 
Net financial items in the quarter amounted to SEK -21 m (-38). The 
interest expenses amounted to SEK -25 m (-38) which was less than the 
comparing quarter previous year due to lower interest rates and lower 
debt. The quarter was positively impacted by currency adjustments of 
SEK 3 m (3) relating to long-term loans in EUR. 
 Net financial items amounted to SEK -53 m (132) in the first nine months.  
PROFIT BEFORE AND AFTER TAX, EARNINGS PER SHARE 
Profit before tax for the quarter increased by SEK 83 m to SEK 68 m  
(-15). Profit after tax for the quarter was SEK 43 m (-12). Taxes 
amounted to SEK -25 m (2). Earnings per share after dilution was SEK 
0.40 (-0.11) in the quarter. 
 Profit before tax for the first nine months amounted to SEK 171 m  
(-32). Profit after tax was SEK 129 m (-23). Taxes amounted to SEK -43 
m (8). Earnings per share after dilution was SEK 1.19 (-0.22). 
CASH FLOW AND INVESTMENTS 
Cash flow from operating activities in the quarter amounted to SEK -11 
m (-42), driven mainly by higher operating profit. Interest expenses were 
lower in the quarter compared to previous year due to lower interest 
rates and lower debt. The negative cash flow from operating activities in 
the third quarter reflects the timing of the Group’s online contract 
renewals and invoicing cycle. 
 Free cash flow for the quarter was SEK -64 m (-95) and adjusted free 
cash flow was SEK -36 m (-32).  
 Cash flow from investing activities for the quarter amounted to SEK    
-16 m (-70), consisting mainly of capitalized development partly off-set 
by proceeds from divestment of a property and training business in 
Spain. Total financing for the quarter amounted to SEK -19 m (-15).  
 Cash flow from operating activities in the first nine months amounted 
to SEK 265 m (106). 
 
ADJUSTED FREE CASH FLOW 
 
FINANCIAL POSITION 
Net debt was SEK 2,071 m at the end of the period. The net debt has 
decreased by SEK 200 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 2.5 times (3.1).  
 Net cash position at the end of the period amounted to SEK -63 m 
(371) and the Group had at the end of September 2025 unutilized credit 
lines of EUR 60 m (28). 
NET DEBT 
 
 
*Net cash position is defined as Cash and cash equivalents (SEK 44.9 m) less Bank 
overdraft (SEK -108.3 m). 
 
 
  
Jan-Dec
MSEK 2025 2024 2025 2024 2024
Cash flow from operating activities -11.1 -42.4 265.2 106.2 315.5
Acquisition of intangible and 
tangible assets -37.7 -37.5 -116.2 -121.2 -167.7
Payment of lease liabilities -14.9 -15.3 -44.4 -49.1 -64.1
Free cash flow -63.7 -95.2 104.6 -64.1 83.7
Items affecting comparability 28.1 63.1 102.1 152.5 215.1
Adjusted free cash flow -35.6 -32.1 206.7 88.4 298.8
Q3 Jan-Sep
MSEK 30 Sep 2025 30 Sep 2024 31 Dec 2024
Total borrowings 2,007.3 2,641.3 2,685.8
Net cash position* 63.4 -370.7 -402.8
Net debt 2,070.7 2,270.6 2,283.0
Leverage ratio 2.5 3.1 3.0
NET SALES SPLIT ONLINE/OFFLINE 
PER Q3, % 
 
 
 
 
SEK -36 m 
ADJUSTED FREE CASH FLOW  
2.5x 
LEVERAGE 
87%
13%
Online
Offline

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

6  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 2025 
 
 
NET SALES AND GROWTH 
Net sales for the quarter increased by 6,6 percent to SEK 342 m (321). 
Organic growth was 8.1 percent while currency effects had a negative 
impact of 1.7 percent. Acquired growth contributed with 0.2 percent. Online 
sales accounted for 91 percent (90) of total net sales in the quarter.  
 Organic growth is driven by online sales. During the quarter, we have 
continued to uplift customers to our AI package, and we continue to have 
strong AI sales traction. Customers are using it daily and confirm 
efficiency gains. At the end of the quarter, we launched an AI solution 
specifically targeting municipal caseworkers and we have onboarded the 
first customers after the end of the period.  
 The carved-out Schultz business, which was acquired in June 2024 
has become organic growth in the third quarter. Our focus has been on 
onboarding the municipal customers since the acquisition and the 
financial performance is in line with previous year. Excluding Schultz, the 
organic growth in the third quarter was similar to previous quarter. 
 Net sales for the first nine months were SEK 999 m (889). Organic 
growth was 9.4 percent while currency effects had a negative impact of 
1.8 percent. Acquired growth contributed with 4.8 percent.       
 
OPERATING PROFIT (EBIT) 
EBITA for the quarter amounted to SEK 155 m (117) and EBITA margin 
amounted to 45.5 percent (36.6). The EBITA performance includes items 
affecting comparability of SEK 2 m (24) relating to restructuring.  
 Adjusted EBITA amounted to SEK 158 m (141) and adjusted EBITA 
margin amounted to 46.1 percent (44.1). The margin improvement is 
thanks to operational leverage from higher net sales as well as product mix.  
 Operating profit (EBIT) was SEK 109 m (73) for the quarter.  
 EBITA for the first nine months amounted to SEK 452 m (351) and 
EBITA margin amounted to 45.3 percent (39.5). Adjusted EBITA 
amounted to SEK 456 m (388) and adjusted EBITA margin amounted to 
45.7 percent (43.6). Operating profit (EBIT) was SEK 313 m (226) for the 
first nine months. 
 
   
   
 
 
  
Jan-Dec
MSEK 2025 2024 Δ% 2025 2024 Δ% 2024
Net sales 341.5 320.5 6.6% 999.0 888.9 12.4% 1,210.7
Organic growth, % 8.1% 7.3% 9.4% 6.6% 7.0%
Adjusted EBITDA 182.3 163.2 11.7% 528.5 449.7 17.5% 605.7
Adjusted EBITDA margin, % 53.4% 50.9% 52.9% 50.6% 50.0%
Adjusted EBITA 157.6 141.4 11.5% 456.2 387.9 17.6% 520.7
Adjusted EBITA margin, % 46.1% 44.1% 45.7% 43.6% 43.0%
EBIT 109.4 72.7 50.5% 313.1 226.4 38.3% 296.5
EBIT margin, % 32.0% 22.7% 31.3% 25.5% 24.5%
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 and BELLA 
Intelligence. 
321 322 338 320 342
Q3
2024
Q4
2024
Q1
2025
Q2
2025
Q3
2025
141
133
157
141
158
44%
41%
47%
44% 46%
Q3
2024
Q4
2024
Q1
2025
Q2
2025
Q3
2025

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

7  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 2025 
 
 
NET SALES AND GROWTH 
Net sales for the quarter were SEK 313 m (327). The organic growth was 
-0.3 percent while currency effects had a negative impact of 2.8 percent. 
Acquired growth contributed with -1.3 percent. Online sales accounted for 
84 percent (81) of total net sales in the quarter.  
 The French and Spanish businesses generated organic online sales 
growth in the quarter, off-set by a decline in offline sales relating mainly 
to books in Spain and legal training in France. The online sales growth is 
driven by new sales of online solutions as we attract new customers as 
well as sales of AI add-ons.  
 Net sales for the first nine months were SEK 977 m (1,013). Organic 
growth was -1.2 percent while currency effects had a negative impact of 
2.7 percent. Acquired growth contributed with 0.3 percent.                
OPERATING PROFIT (EBIT) 
EBITA for the quarter amounted to SEK 16 m (-7) and EBITA margin 
amounted to 5.0 percent (-2.1). The EBITA performance includes items 
affecting comparability of SEK 22 m (32) relating to mainly integration 
and restructuring expenses.  
 Adjusted EBITA amounted to SEK 37 m (25) and adjusted EBITA 
margin amounted to 11.9 percent (7.5).  
 The adjusted EBITA margin improvement is mainly due to a reshaped 
business portfolio in Spain as well as positive synergies effects. 
Depreciations were SEK 3 m higher than the comparing quarter due to 
completed development projects.  
 Operating profit (EBIT) was SEK -16 m (-33) for the quarter. The EBIT 
includes profits of SEK 9 m from a divested property in Spain, as well as 
SEK 3 m of profits relating to the divested training business in Spain.  
 EBITA for the first nine months amounted to SEK 12 m (2) and EBITA 
margin amounted to 1.2 percent (0.2). Adjusted EBITA amounted to SEK 
105 m (94) and adjusted EBITA margin amounted to 10.7 percent (9.2). 
Operating profit (EBIT) was SEK -83 m (-77) for the first nine months. 
SYNERGIES IN REGION SOUTH 
The realised synergies in the third quarter amounted to SEK 25 m (EUR 
2.2 m). The annual run-rate cost synergies by the end of the third quarter 
amounted to SEK 109 m (EUR 9.8 m). Cost-to-achieve amounted to SEK 
11 m (EUR 1.0 m) in the third quarter.  
 
 
 
Jan-Dec
MSEK 2025 2024 Δ% 2025 2024 Δ% 2024
Net sales 312.9 327.2 -4.4% 977.0 1,013.3 -3.6% 1,382.0
Organic growth, % -0.3% -1.6% -1.2% -0.8% -0.4%
Adjusted EBITDA 61.2 45.5 34.5% 173.2 152.6 13.5% 234.2
Adjusted EBITDA margin, % 19.6% 13.9% 17.7% 15.1% 16.9%
Adjusted EBITA 37.3 24.7 51.0% 104.9 93.7 12.0% 153.6
Adjusted EBITA margin, % 11.9% 7.5% 10.7% 9.2% 11.1%
EBIT -15.9 -33.1 52.0% -82.7 -77.3 -7.0% -128.6
EBIT margin, % -5.1% -10.1% -8.5% -7.6% -9.3%
Q3 Jan-Sep
Jan-Dec
MSEK 2025 2024 2025 2024 2024
Realised synergies 24.5 13.7 70.0 34.2 54.9
Annual run-rate synergies 108.8 55.9 108.8 55.9 91.4
Cost to achieve 11.1 26.0 43.8 83.3 92.5
Q3 Jan-Sep
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. 
327
369 335 329 313
Q3
2024
Q4
2024
Q1
2025
Q2
2025
Q3
2025
25
60
41
27
37
8%
16%
12%
8%
12%
Q3
2024
Q4
2024
Q1
2025
Q2
2025
Q3
2025

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

8  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 2025 
 
 
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 2025 2024 Δ% 2025 2024 Δ% 2024
Adjusted EBITA -22.8 -23.0 0.9% -66.1 -63.4 -4.3% -93.7
EBIT -4.8 -16.5 70.9% -3.1 -46.7 93.4% -21.9
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 2025 
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 69-70 in the 2024 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 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 third quarter amounted to 1,147 (1,198). On 
average during the third quarter, 57% (59) of the workforce were women and 43% (41) 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 2025, 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 2025, the Company had 2,840 known shareholders. The five largest 
shareholders in Karnov Group AB (publ) were Long Path Partners, Vor Capital, Greenoaks Capital 
Partners, Invesco and Anabranch Capital Management. 
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 participate in LTIP 2023, 18 employees participate in LTIP 2024, and 20 
employees participate 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 – SEPTEMBER 2025 
RELATED-PARTY TRANSACTIONS 
Karnov Group did not undertake any significant transactions with related parties in the third quarter 
2025 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 divested its training business in Spain on July 31, 2025. The business has on a 
yearly basis contributed with net sales of approximately SEK 60 m with a negative adjusted EBITA.  
• The Nomination Committee for the 2026 Annual General Meeting (AGM) was appointed. Please 
refer to https://www.karnovgroup.com/en/nomination-committee-for-the-agm-2026/ for more 
information.  
Events after the end of the period 
• On November 8th, 2025, Karnov Group entered an agreement to divest its EHS division, which 
comprises Notisum AB, Notisum ApS, Echoline SAS and QSE Conseil SAS (“EHS Entities”) to 
Infopro Digital Group. Infopro Digital Group acquires 100 per cent of the shares in the EHS 
Entities for a cash purchase price of EUR 92.0 million, corresponding to approx. SEK 1.0 billion, 
on a cash and debt-free basis. Closing is expected to occur during 2025.  
PARENT COMPANY 
The operating profit (EBIT) for the quarter amounted to SEK 0 m (-17).   
Karnov Group AB (publ) has initiated mergers with the fully owned subsidiaries KARN Holdco AB 
and Karnov Group Holding AB and expects both mergers completed in the fourth quarter of 2025. 
The mergers will simplify the legal structure of the Group. The mergers will impact the 
comprehensive income and the equity of Karnov Group AB (publ). 
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 12 November 2025 at 07.45 AM CET.  
 
Karnov Group AB (publ) 
Stockholm, 12 November 2025 
 
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  
Year-end report January-December 2025 11 February 2026 
Annual Report 2025 27 March 2026 
Interim report January-March 2026 6 May 2026 
Annual General Meeting 2026 7 May 2026 
Half-year report January-June 2026 20 August 2026 
Interim report January-September 2026 12 November 2026 
 
 
Q3 PRESENTATION WEBCAST 
Karnov Group will present the third quarter for analysts and investors via 
a webcast teleconference on 12 November 2025 at 9:00 AM CET.  
To participate, use the following link:  
https://karnov-group.events.inderes.com/q3-report-2025  
or register here for dial-in numbers:  
https://events.inderes.com/karnov-group/q3-report-2025/dial-in. 
 
The presentation will also be available on www.financialhearings.com

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

11  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 2025 
 
(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 2025 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, 12 November 2025  
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 2025 
 
 
Jan-Dec
MSEK Note 2025 2024 2025 2024 2024
Net sales 3 654.4 647.7 1,976.0 1,902.2 2,592.7
Total revenue 654.4 647.7 1,976.0 1,902.2 2,592.7
Costs of goods sold -73.5 -80.7 -244.0 -254.9 -349.0
Employee benefit expenses -295.3 -286.3 -858.0 -853.7 -1,156.0
Depreciations and amortisations -103.9 -99.6 -306.4 -284.3 -385.5
Other operating income and expenses -93.0 -158.0 -340.3 -406.9 -556.2
Operating profit (EBIT) 88.7 23.1 227.3 102.4 146.0
Share of profit in associated companies 0.7 - -2.8 -2.1 1.4
Financial income 3.5 1.0 45.9 4.7 14.8
Financial expenses -24.9 -38.6 -99.0 -136.7 -195.7
Profit before tax 68.0 -14.5 171.4 -31.7 -33.5
Tax on profit for the period -24.6 2.2 -42.7 8.4 0.4
Profit for the period 43.4 -12.3 128.7 -23.3 -33.1
Other comprehensive income: 
Items that may be reclassified to the income statement:
Exchange differences on translation of foreign operations -15.6 -20.4 -82.7 27.7 60.4
Actuarial gains/losses on defined benefit plans - - - - 1.8
Other comprehensive income for the period -15.6 -20.4 -82.7 27.7 62.2
Total comprehensive income for the period 27.8 -32.7 46.0 4.4 29.1
Profit for the period is attributable to:
Owners of Karnov Group AB (publ) 43.4 -12.3 128.7 -23.3 -33.1
Total comprehensive income for the period is attributable to:
Owners of Karnov Group AB (publ) 27.8 -32.7 46.0 4.4 29.1
Earnings per share, basic, SEK 0.40 -0.11 1.19 -0.22 -0.31
Earnings per share, after dilution, SEK 0.40 -0.11 1.19 -0.22 -0.31
Weighted average number of ordinary shares (thousands) 107,876 107,876 107,876 107,876 107,876
Effect of performance shares (thousands) 226 226 226 226 226
Weighted average number of ordinary shares adjusted for dilution 
(thousands) 108,102 108,102 108,102 108,102 108,102
Q3 Jan-Sep

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

13  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 2025 
 
 
MSEK Note 30 Sep 2025 30 Sep 2024 31 Dec 2024
ASSETS:
Goodwill 3,436.4 3,534.9 3,617.8
Other intangible assets 2,108.4 2,393.7 2,364.2
Right-of-use assets 159.2 177.9 161.4
Property, plant and equipment 24.6 37.4 37.4
Investments in associated companies 4 35.4 34.8 38.3
Other financial investments 4 13.0 13.0 13.0
Loans to associated companies 4 22.3 25.4 26.0
Deposits 4 13.1 12.5 13.1
Deferred tax assets 147.0 136.5 184.4
Total non-current assets 5,959.4 6,366.1 6,455.6
Inventories 19.1 20.4 18.8
Trade receivables 4 338.9 316.9 450.7
Prepaid expenses 64.5 74.6 69.1
Other receivables 4 75.5 92.8 72.7
Current tax receivables 25.1 33.0 19.4
Cash and cash equivalents 4 44.9 370.7 402.8
Total current assets exclusive assets held for sale 568.0 908.4 1,033.5
Assets held for sale 4.5 135.5 - -
Total current assets 703.5 908.4 1,033.5
TOTAL ASSETS 6,662.9 7,274.5 7,489.1

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

14  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 2025 
 
  
MSEK Note 30 Sep 2025 30 Sep 2024 31 Dec 2024
EQUITY AND LIABILITIES:
Share capital 1.7 1.7 1.7
Share premium 2,654.0 2,654.0 2,654.0
Treasury shares - - -
Reserves -275.7 -225.7 -193.0
Retained earnings including net profit for the period 46.7 -83.8 -89.2
Equity attributable to the parent company’s shareholders 2,426.7 2,346.2 2,373.5
Total equity 2,426.7 2,346.2 2,373.5
Borrowing from credit institutions 4 1,869.1 2,528.3 2,570.9
Lease liabilities 4 133.2 156.2 131.9
Deferred tax liabilities 272.1 325.9 320.6
Provisions 111.5 80.9 102.1
Other non-current liabilites 4 36.8 40.4 40.2
Total non-current liabilities 2,422.7 3,131.7 3,165.7
Borrowing from credit institutions 4 138.2 113.0 114.9
Bank overdraft 4 108.3 - -
Trade payables 4 54.3 59.5 111.9
Current tax liabilities 23.1 - 36.0
Accrued expenses 4 377.8 524.5 451.1
Prepaid income 872.9 873.3 985.2
Lease liabilities 4 44.9 45.4 52.5
Other current liabilities 4 126.8 180.9 198.3
Total current liabilities exclusive liabilities held for sale 1,746.3 1,796.6 1,949.9
Liabilities held for sale 4.5 67.2 - -
Total current liabilities 1,813.5 1,796.6 1,949.9
TOTAL EQUITY AND LIABILITIES 6,662.9 7,274.5 7,489.1

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

15  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 2025 
 
 
 
 
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 - - - - 128.7 128.7 128.7
Other comprehensive income for the period - - - -82.7 - -82.7 -82.7
Total comprehensive income/loss - - - -82.7 128.7 46.0 46.0
Transaction with shareholders in their capacity as owners:
Sharebased payment - - - - 7.2 7.2 7.2
Total transaction with shareholders - - - - 7.2 7.2 7.2
Closing balance at September 30, 2025 1.7 2,654.0 0.0 -275.7 46.7 2,426.7 2,426.7
MSEK Share capital 
Share 
premium 
Treasury 
shares Reserves 
Retained 
earnings 
Equity attributable 
to the parent 
company’s 
shareholders 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 September 30, 2024 1.7 2,654.0 0.0 -225.7 -83.8 2,346.2 2,346.2
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 2025 
 
 
.  
Jan-Dec
MSEK 2025 2024 2025 2024 2024
Operating profit (EBIT) 88.7 23.1 227.3 102.4 146.0
Non-cash items 87.7 126.3 313.1 315.7 408.7
Effect of changes in working capital:
Change in inventories 0.7 - -0.7 -1.5 0.3
Change in receivables 67.1 -18.3 94.6 12.2 -88.9
Change in trade payables and other payables 5.3 61.0 -197.9 -90.4 40.7
Change in prepaid income -224.8 -193.3 -26.5 -70.9 26.6
Net effect of changes in working capital -151.7 -150.6 -130.5 -150.6 -21.3
Provisions paid -5.3 - -5.3 - -10.7
Net financial items, paid -20.8 -42.3 -80.1 -110.0 -142.3
Corporate tax paid -9.7 1.1 -59.3 -51.3 -64.9
Cash flow from operating activities -11.1 -42.4 265.2 106.2 315.5
Business combinations - -31.3 - -419.3 -428.4
Business divestments 3.3 - 3.3 - -
Acquisition of intangible assets -35.3 -36.6 -112.3 -119.1 -163.3
Acquisition of property, plant and equipment -2.4 -0.9 -3.9 -2.1 -4.4
Sale of property, plant and equipment 18.8 - 18.8 - -
Cash flow from investing activities -15.6 -69.8 -94.1 -546.3 -601.9
Repayment long-term debt -111.1 - -699.1 -83.2 -83.2
Proceeds long-term debt 112.1 - 112.1 491.4 491.4
Payment of lease liabilities -14.9 -15.3 -44.4 -49.1 -64.1
Payment of contingent considerations -4.9 - -4.9 -0.9 -108.3
Cash flow from financing activities -18.8 -15.3 -636.3 358.2 235.8
Cash flow for the period -45.5 -127.5 -465.2 -81.9 -50.6
Net cash position at the beginning of the period -19.2 494.3 402.8 450.6 450.6
Exchange-rate differences in cash and cash equivalents 1.3 3.9 -1.0 2.0 2.8
Net cash position at the end of the period -63.4 370.7 -63.4 370.7 402.8
Cash and cash equivalents 44.9 370.7 44.9 370.7 402.8
Bank overdraft -108.3 - -108.3 - -
Q3 Jan-Sep

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

17  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 2025 
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 2025 are the same as the accounting policies used for the annual report 2024 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 2024 for further details regarding 
critical estimates and judgements.

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

18  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 2025 
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 2025 2024 2025 2024 2025 2024 2025 2024
Net sales specified on product categories:
Online 309.5 289.6 261.4 263.7 - - 570.9 553.3
Offline 32.0 30.9 51.5 63.5 - - 83.5 94.4
Net sales 341.5 320.5 312.9 327.2 - - 654.4 647.7
Adjusted EBITDA 182.3 163.2 61.2 45.5 -22.8 -22.9 220.7 185.8
Depreciations and amortisations -24.7 -21.8 -23.9 -20.8 - -0.1 -48.6 -42.7
Adjusted EBITA 157.6 141.4 37.3 24.7 -22.8 -23.0 172.1 143.1
Amortisations from acquisitions -36.0 -37.2 -19.3 -19.7 - - -55.3 -56.9
Items affecting comparability -2.2 -24.0 -21.6 -31.5 -4.3 -7.6 -28.1 -63.1
Non-operating group transactions -10.0 -7.5 -12.3 -6.6 22.3 14.1 - -
Operating profit (EBIT) 109.4 72.7 -15.9 -33.1 -4.8 -16.5 88.7 23.1
Share of profit in associated companies 0.7 -
Net financial items -21.4 -37.6
Profit before tax 68.0 -14.5
Tax on profit for the period -24.6 2.2
Profit for the period 43.4 -12.3
Q3 Q3Q3Q3
North South Group functions Total

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

19  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 2025 
NOTE 3 SEGMENT REPORTING CONT. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
MSEK 2025 2024 2025 2024 2025 2024 2025 2024
Net sales specified on product categories:
Online 914.2 802.4 796.3 780.9 - - 1,710.5 1,583.3
Offline 84.8 86.5 180.7 232.4 - - 265.5 318.9
Net sales 999.0 888.9 977.0 1,013.3 - - 1,976.0 1,902.2
Adjusted EBITDA 528.5 449.7 173.2 152.6 -65.9 -63.1 635.8 539.2
Depreciations and amortisations -72.3 -61.8 -68.3 -58.9 -0.2 -0.3 -140.8 -121.0
Adjusted EBITA 456.2 387.9 104.9 93.7 -66.1 -63.4 495.0 418.2
Amortisations from acquisitions -107.5 -103.7 -58.1 -59.6 - - -165.6 -163.3
Items affecting comparability -4.0 -36.8 -93.2 -91.7 -4.9 -24.0 -102.1 -152.5
Non-operating group transactions -31.6 -21.0 -36.3 -19.7 67.9 40.7 - -
Operating profit (EBIT) 313.1 226.4 -82.7 -77.3 -3.1 -46.7 227.3 102.4
Share of profit in associated companies -2.8 -2.1
Net financial items -53.1 -132.0
Profit before tax 171.4 -31.7
Tax on profit for the period -42.7 8.4
Profit for the period 128.7 -23.3
North South Group functions Total 
Jan-Sep Jan-Sep Jan-Sep Jan-Sep

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

20  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 2025 
NOTE 4 FINANCIAL INSTRUMENTS 
 
 
 
 
*Including for Q3 2025 Assets held for sale 
**Including for Q3 2025 Liabilities held for sale 
 
 
 
 
 
 
 
 
 
 
 
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 - 35.4 35.4 - - 35.4 - 34.8 34.8 - - 34.8
Other financial investments - 13.0 13.0 - - 13.0 - 13.0 13.0 - - 13.0
Loans to associated companies 22.3 - 22.3 - - - 25.4 - 25.4 - - -
Deposits 13.1 - 13.1 - - - 12.5 - 12.5 - - -
Trade receivables* 338.9 - 338.9 - - - 316.9 - 316.9 - - -
Other receivables* 75.5 - 75.5 - - - 92.8 - 92.8 - - -
Cash and cash equivalents 44.9 - 44.9 - - - 370.7 - 370.7 - - -
Total financial assets 494.7 48.4 543.1 - - 48.4 818.3 47.8 866.1 - - 47.8
FINANCIAL LIABILITIES
Borrowing from credit institutions 2,115.6 - 2,115.6 - - - 2,641.3 - 2,641.3 - - -
Lease liabilities** 178.1 - 178.1 - - - 201.6 - 201.6 - - -
Other non-current liabilites** 37.5 - 37.5 - - - 40.4 - 40.4 - - -
Trade payables** 54.3 - 54.3 - - - 59.5 - 59.5 - - -
Accrued expenses** 377.8 - 377.8 - - - 524.5 - 524.5 - - -
Other current liabilities** 125.8 6.1 131.9 - - 6.1 67.0 113.9 180.9 - - 113.9
Total financial liabilities 2,889.1 6.1 2,895.2 - - 6.1 3,534.3 113.9 3,648.2 - - 113.9
Balance at, January 1 - - - - - 40.0 - - - - - 54.5
Fair value through profit or loss - - - - - -2.8 - - - - - -14.0
Additions related to business combinations - - - - - - - - - - - -108.8
Payments - - - - - 4.9 - - - - - 0.9
Currency exchange differences - - - - - 0.2 - - - - - 1.3
Closing balance at, September 30 - - - - - 42.3 - - - - - -66.1
Q3 2025 Q3 2024

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

21  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 2025 
NOTE 5 BUSINESS DIVESTMENTS AND ASSETS HELD FOR SALE 
 
 
Divestment of the training business in Spain 
On June 30, 2025, Karnov Group entered an agreement to carve-out and divest its training business in Spain to JUC Service ApS. Closing of the transaction was completed on July 31, 2025. The training 
business did on a yearly basis, contribute with net sales of approximately SEK 60 m and a negative EBIT of SEK 11 m. The sales price amounted to SEK 3.2 m resulting in a profit from the sale of SEK 3.2 m 
recognised in Other operating income and expenses in the consolidated income statement of the Group. 
 
Assets held for sale – business divestment after the end of the period  
As of September 30, 2025, Karnov Group is recognising SEK 135.5 m of assets held for sale and SEK 67.2 m of liabilities directly related to assets held for sale. The assets and liabilities held for sale relate 
to the EHS division within Karnov Group which comprises Notisum AB, Notisum ApS, Echoline SAS and QSE Conseil SAS (the “EHS entities”). The EHS entities have on a yearly basis, contributed with net 
sales of approximately SEK 94 m and an EBIT of SEK 34 m. On November 8th, 2025, Karnov Group entered an agreement to divest the EHS Entities to Infopro Digital Group. Infopro Digital Group acquires 
100 per cent of the shares in the EHS entities for a cash purchase price of EUR 92.0 million, corresponding to SEK 1.0 billion, on a cash and debt-free basis, resulting in a profit from the sale of 
approximately SEK 0.9 billion before transaction costs. Closing is expected before the end of 2025.

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

22  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 2025 
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 2025 2024 2025 2024 2025 2024 2025 2024
Organic business 346.6 299.1 326.2 334.8 - - 672.8 633.9
Acquired business 0.8 27.2 -4.1 1.6 - - -3.3 28.8
Currency -5.9 -5.8 -9.2 -9.2 - - -15.1 -15.0
Net sales 341.5 320.5 312.9 327.2 - - 654.4 647.7
Total net sales split, %
Organic growth, % 8.1% 7.3% -0.3% -1.6% - - 3.9% 2.4%
Acquired business, % 0.2% 9.8% -1.3% 0.5% - - -0.5% 4.7%
Currency effect, % -1.7% -2.1% -2.8% -2.7% - - -2.4% -2.4%
Total growth, % 6.6% 15.0% -4.4% -3.8% - - 1.0% 4.7%
EBITDA 180.1 139.2 39.6 14.0 -27.1 -30.5 192.6 122.7
EBITDA margin, % 52.7% 43.4% 12.7% 4.3% - - 29.4% 18.9%
Depreciations and amortisations -24.7 -21.8 -23.9 -20.8 - -0.1 -48.6 -42.7
EBITA 155.4 117.4 15.7 -6.8 -27.1 -30.6 144.0 80.0
EBITA margin, % 45.5% 36.6% 5.0% -2.1% - - 22.0% 12.4%
Items affecting comparability -2.2 -24.0 -21.6 -31.5 -4.3 -7.6 -28.1 -63.1
Adjusted EBITDA 182.3 163.2 61.2 45.5 -22.8 -22.9 220.7 185.8
Adjusted EBITDA margin, % 53.4% 50.9% 19.6% 13.9% - - 33.7% 28.7%
Adjusted EBITA 157.6 141.4 37.3 24.7 -22.8 -23.0 172.1 143.1
Adjusted EBITA margin, % 46.1% 44.1% 11.9% 7.5% - - 26.3% 22.1%
Items affecting comparability
Post-closing integration costs - - -10.9 -29.2 -0.3 -0.8 -11.2 -30.0
Restructuring costs -2.2 -23.0 -13.4 -0.2 - -0.4 -15.6 -23.6
Acquisition and divestment costs - -0.7 - -1.9 -4.0 0.6 -4.0 -2.0
Other extraordinary items - -0.3 2.7 -0.2 - -7.0 2.7 -7.5
Total -2.2 -24.0 -21.6 -31.5 -4.3 -7.6 -28.1 -63.1
Items affecting comparability  classification
Operating costs -2.2 -24.0 -21.6 -31.5 -4.3 -7.6 -28.1 -63.1
North South Group functions Total 
Q3 Q3 Q3 Q3

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

23  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 2025 
NOTE 6 ALTERNATIVE PERFORMANCE MEASURES CONT. 
 
 
 
 
 
 
MSEK 2025 2024 2025 2024 2025 2024 2025 2024
Organic business 972.2 869.2 1,001.0 1,017.3 - - 1,973.2 1,886.5
Acquired business 43.0 25.0 3.0 1.6 - - 46.0 26.6
Currency -16.2 -5.3 -27.0 -5.6 - - -43.2 -10.9
Net sales 999.0 888.9 977.0 1,013.3 - - 1,976.0 1,902.2
Total net sales split, %
Organic growth, % 9.4% 6.6% -1.2% -0.8% - - 3.7% 2.5%
Acquired business, % 4.8% 3.1% 0.3% 0.2% - - 2.4% 1.4%
Currency effect, % -1.8% -0.7% -2.7% -0.6% - - -2.2% -0.5%
Total growth, % 12.4% 9.0% -3.6% -1.2% - - 3.9% 3.4%
EBITDA 524.5 412.9 80.0 60.9 -70.8 -87.1 533.7 386.7
EBITDA margin, % 52.5% 46.5% 8.2% 6.0% - - 27.0% 20.3%
Depreciations and amortisations -72.3 -61.8 -68.3 -58.9 -0.2 -0.3 -140.8 -121.0
EBITA 452.2 351.1 11.7 2.0 -71.0 -87.4 392.9 265.7
EBITA margin, % 45.3% 39.5% 1.2% 0.2% - - 19.9% 14.0%
Items affecting comparability -4.0 -36.8 -93.2 -91.7 -4.9 -24.0 -102.1 -152.5
Adjusted EBITDA 528.5 449.7 173.2 152.6 -65.9 -63.1 635.8 539.2
Adjusted EBITDA margin, % 52.9% 50.6% 17.7% 15.1% - - 32.2% 28.3%
Adjusted EBITA 456.2 387.9 104.9 93.7 -66.1 -63.4 495.0 418.2
Adjusted EBITA margin, % 45.7% 43.6% 10.7% 9.2% - - 25.1% 22.0%
Items affecting comparability
Post-closing integration costs - - -43.7 -88.3 -0.9 -3.5 -44.6 -91.8
Restructuring costs -4.0 -30.3 -51.6 -0.2 - -9.4 -55.6 -39.9
Acquisition and divestment costs - -6.2 -0.3 -1.9 -4.0 0.4 -4.3 -7.7
Other extraordinary items - -0.3 2.4 -1.3 - -11.5 2.4 -13.1
Total -4.0 -36.8 -93.2 -91.7 -4.9 -24.0 -102.1 -152.5
Items affecting comparability  classification
Operating costs -4.0 -36.8 -93.2 -91.7 -4.9 -24.0 -102.1 -152.5
North South Group functions Total 
Jan-Sep Jan-Sep Jan-Sep Jan-Sep

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

24  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 2025 
NOTE 6 ALTERNATIVE PERFORMANCE MEASURES, CONT. 
ADJUSTED FREE CASHFLOW  
 
 
 
 
 
 
NET DEBT 
 
LEVERAGE RATIO 
 
* The Net cash position is the net of Cash and cash equivalents (SEK 44,9 m) and Bank overdraft (SEK -108.3 m). 
  
  
Jan-Dec
MSEK 2025 2024 2025 2024 2024
Cash flow from operating activities -11.1 -42.4 265.2 106.2 315.5
Acquisition of intangible and 
tangible assets -37.7 -37.5 -116.2 -121.2 -167.7
Payment of lease liabilities -14.9 -15.3 -44.4 -49.1 -64.1
Free cash flow -63.7 -95.2 104.6 -64.1 83.7
Items affecting comparability 28.1 63.1 102.1 152.5 215.1
Adjusted free cash flow -35.6 -32.1 206.7 88.4 298.8
Q3 Jan-Sep
MSEK 30 Sep 2025 30 Sep 2024 31 Dec 2024
Borrowing from credit institutions, long term 1,869.1 2,528.3 2,570.9
Borrowing from credit institutions, short term 138.2 113.0 114.9
Net cash position* 63.4 -370.7 -402.8
Net debt 2,070.7 2,270.6 2,283.0
MSEK 30 Sep 2025 30 Sep 2024 31 Dec 2024
Adjusted EBITDA LTM 843.2 739.5 771.6
Net debt 2,070.7 2,270.6 2,283.0
Leverage ratio 2.5 3.1 3.0

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

25  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 2025 
 
 
* Total current assets excluding assets held for sale 
** Total current liabilities excluding liabilities held for sale   
Q3 Q2 Q1 Q4 Q3
MSEK 2025 2025 2025 2024 2024
Income statement
Net sales 654.4 649.1 672.5 690.5 647.7
EBITDA 192.6 147.8 193.3 144.8 122.7
EBITDA margin, % 29.4% 22.8% 28.7% 21.0% 18.9%
EBITA 144.0 101.7 147.2 99.8 80.0
EBITA margin, % 22.0% 15.7% 21.9% 14.5% 12.4%
Adjusted EBITA 172.1 148.1 174.8 162.4 143.1
Adjusted EBITA margin, % 26.3% 22.8% 26.0% 23.5% 22.1%
Operating profit (EBIT) 88.7 47.0 91.6 43.6 23.1
EBIT margin, % 13.6% 7.2% 13.6% 6.3% 3.6%
Net financial items -21.4 -37.8 6.1 -48.9 -37.6
Profit for the period 43.4 7.9 77.4 -9.8 -12.3
Balance sheet
Non-current assets 5,959.4 6,177.5 6,103.9 6,455.6 6,366.1
Current assets* 568.0 712.5 802.8 1,033.5 908.4
Cash and cash equivalents 44.9 88.2 139.9 402.8 370.7
Equity 2,426.7 2,396.0 2,343.5 2,373.5 2,346.2
Non-current liabilities 2,422.7 2,446.4 2,521.9 3,165.7 3,131.7
Current liabilities** 1,746.3 2,047.6 2,041.3 1,949.9 1,796.6
TOTAL ASSETS 6,662.9 6,890.0 6,906.7 7,489.1 7,274.5

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

26  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 2025 
 
 
***Net working capital excluding assets and liabilities held for sale  
Q3 Q2 Q1 Q4 Q3
MSEK 2025 2025 2025 2024 2024
Cash flow
Cash flow from operating activities -11.1 9.9 266.4 209.3 -42.4
Cash flow from investing activities -15.6 -43.0 -35.5 -55.6 -69.8
Cash flow from financing activities -18.8 -127.6 -489.9 -122.4 -15.3
Cash flow for the period -45.5 -160.7 -259.0 31.2 -127.5
Key ratios
Net working capital*** -1,178.3 -1,335.1 -1,238.5 -916.4 -888.2
Equity/asset ratio, % 36.4% 34.8% 33.9% 31.7% 32.3%
Adjusted free cash flow -35.6 -2.8 245.1 210.4 -32.1
Net debt 2,070.7 2,041.1 1,937.9 2,283.0 2,270.6
Share data:
Weighted average number of ordinary shares (thousands) 107,876 107,876 107,876 107,876 107,876
Earnings per share, basic, SEK 0.40 0.07 0.72 -0.09 -0.11
Earnings per share, after dilution, SEK 0.40 0.07 0.72 -0.09 -0.11

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

27  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 2025 
 
  
Jan-Dec
MSEK 2025 2024 2025 2024 2024
Employee benefit expenses -2.5 -1.4 -7.0 -4.5 -9.2
Depreciations and amortisations - - -0.1 -0.1 -0.1
Other operating income and expenses 2.5 -15.9 7.6 -42.0 -17.1
Operating profit (EBIT) - -17.3 0.5 -46.6 -26.4
Financial income 27.2 39.0 89.3 112.1 145.8
Financial expenses -12.4 -20.5 -28.1 -64.8 -89.6
Net financial items 14.8 18.5 61.2 47.3 56.2
Group contributions - - - - 30.0
Profit before tax 14.8 1.2 61.7 0.7 59.8
Tax on profit for the period -2.8 -0.3 -12.5 -0.1 2.6
Profit for the period 12.0 0.9 49.2 0.6 62.4
Total comprehensive income 12.0 0.9 49.2 0.6 62.4
Q3 Jan-Sep

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

28  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 2025 
 
 
  
MSEK 30 Sep 2025 30 Sep 2024 31 Dec 2024
ASSETS:
Receivables from group companies 2,507.2 2,896.9 2,940.8
Investments in group companies 1,176.7 1,166.7 1,169.2
Right-of-use assets 0.3 0.3 0.5
Deferred tax assets - - 2.5
Total non-current assets 3,684.2 4,063.9 4,113.0
Receivables from group companies 44.8 6.6 91.8
Prepaid expenses 1.7 1.3 1.0
Other receivables - 0.8 0.2
Current tax receivables 2.2 4.1 2.3
Cash and cash equivalents - 76.0 336.2
Total current assets 48.7 88.8 431.5
TOTAL ASSETS 3,732.9 4,152.7 4,544.5

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

29  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 2025 
 
  
MSEK 30 Sep 2025 30 Sep 2024 31 Dec 2024
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 168.2 46.8 111.2
Total equity 2,823.9 2,702.5 2,766.9
Lease liabilities 0.2 0.2 0.3
Borrowing from group companies - 26.2 26.5
Borrowing from credit institutions 650.5 1,282.3 1,304.9
Total non-current liabilities 650.7 1,308.7 1,331.7
Borrowing from credit institutions 138.2 113.0 114.9
Bank overdraft 108.3 - -
Trade payables 0.5 0.4 2.3
Borrowing from group companies - 18.2 323.0
Current tax liabilities 8.0 - -
Accrued expenses 2.4 9.7 4.2
Leasing liabilities, short term 0.2 0.1 0.2
Other current liabilities 0.7 0.1 1.3
Total current liabilities 258.3 141.5 445.9
TOTAL EQUITY AND LIABILITIES 3,732.9 4,152.7 4,544.5

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

30  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 2025 
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 31 =====

31  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 2025 
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 Average rate Closing rate Average rate Average rate Closing rate Average rate
30 Sep 2025 Jul-Sep 2025 Jan-Sep 2025 30 Sep 2024 Jul-Sep 2024 Jan-Sep 2024 31 Dec 2024 Jan-Dec 2024
1 DKK is equivalent to SEK 1.4811 1.4899 1.4879 1.5156 1.5345 1.5295 1.5398 1.5325
1 NOK is equivalent to SEK 0.9429 0.9427 0.9484 0.9605 0.9733 0.9851 0.9697 0.9833
1 EUR is equivalent to SEK 11.0565 11.1200 11.1019 11.3000 11.4486 11.4085 11.4865 11.4307

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

32  KARNOV GROUP  |  INTERIM REPORT JANUARY – SEPTEMBER 2025 
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, 
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  
 
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: Flemminggatan 14, 112 26 Stockholm, Sweden  
Tel: +46 8 587 670 00 www.karnovgroup.com