• Net sales increased by 17% to SEK 221 m (189), organic growth was 7%.
  • EBITA amounted to SEK 32 m (48) with EBITA margin of 14.4% (25.2%). Items affecting comparability amounted to SEK 42 m (12).
  • Adjusted EBITA amounted to SEK 74 m (60) with EBITA margin of 33.3% (31.7%).
  • Net result amounted to SEK 1 m (16).
  • Earnings per share after dilution amounted to SEK 0.01 (0.16).
  • Adjusted operating cash flow amounted to SEK 248 m (192).


  • Net sales increased by 14% to SEK 878 m (771), organic growth was 7%.
  • EBITA amounted to SEK 278 m (276) with EBITA margin of 31.6% (35.8%).
  • Adjusted EBITA amounted to SEK 327 m (288) with EBITA margin of 37.2% (37.4%).
  • Net result amounted to SEK 84 m (100).
  • Earnings per share after dilution amounted to SEK 0.86 (1.02).
  • Adjusted operating cash flow amounted to SEK 387 m (414).

CEO Pontus bodelsson comments on the quarter:

It has been a great year for Karnov Group and we have ended the year on a strong note, delivering another growth quarter with good margins. In the fourth quarter, we have delivered on our strategy, with three acquisitions which will strengthen our offerings even more. We have also announced our intention to acquire legal information-based businesses in Spain and France.

A great year for our businesses

During 2021, our net sales growth was 14%, and the fourth quarter was 17%. The organic growth was 7%, with both our segments being successful in growing the business. We perform well in new sales and upselling to existing customers within our legal core, and we continue to be successful in gaining market shares in our verticals, municipalities and EHS.

In the fourth quarter, we have completed the acquisition of Echoline and thereby strengthened our EHS offering as well as expanded geographically to France and Benelux. We have also become majority shareholders in Ante, as well as attained full ownership of BELLA Intelligence. The companies have performed in line with expectations in the fourth quarter.

The adjusted EBITA margin was 33.3% in the fourth quarter, higher than the comparing period the previous year, and a result of our efforts during the year. For the full year, the adjusted EBITA margin was 37.2%, of which we are satisfied.

Following our strong cash flow and the directed share issue carried out in December 2021, our leverage is at the low level of 1.0 at the end of the quarter.

Delivering on strategy

I am pleased with how we have been able to execute on our growth strategy during the year. We have completed five acquisitions, expanding the business in new verticals, technology bolt-ons as well as through geographic expansion. The acquisitions strengthen the customer value and generate new growth opportunities for Karnov Group, with new technologies that we can integrate into our core legal platforms, helping our customers in making better decisions, faster.

Binding offer for future growth

In December, we announced our intention to acquire carved out legal information-based businesses of both Thomson Reuters in Spain and Wolters Kluwer in Spain and France.

Building on our experiences from previous expansions, we are encouraged to continue our growth journey. We intend to enter two interesting markets in Spain and France and establish a strong foothold in the region. We see an opportunity to strengthen the customer offering and create a basis for value creation within the acquired entities, bringing our knowledge from past acquisitions.

We are proceeding with the transaction process as we have planned. In February 2022, we completed consultation with the French and European works councils. Closing of the transaction is subject to clearance by the Spanish Antitrust Authority and we estimate that this will happen during the year of 2022.

As we are currently preparing to execute on the intended acquisition in Spain and France, and recently raised capital to partly finance the acquisition, the Board of Directors has decided to propose no dividend for the AGM on 10 May 2022.

conference call on 23 February

A webcasted telephone conference will be held at 10.00 a.m. CET today, where CEO Pontus Bodelsson and CFO Dora Brink Clausen will present the report and answer questions.

You can follow the presentation via webcast and ask questions in written form on the following page:

The presentation will also be available on

To participate in the conference via telephone, and thereby be able to ask questions verbally, please dial in on any number below a couple of minutes before the start of the call:

SE: +46850558359
DK: +4582333194
NO: +4723500236
UK: +443333009032
US: +1 6319131422 PIN only for US dial in: 10378149#

The presentation material and the report will be available before the conference starts at  An on-demand version will also be available after the presentation.

For more information, please contact:
Pontus Bodelsson, President and CEO
Telephone: + 46 709 957 002

Dora Brink Clausen, CFO
Telephone: + 45 3374 1248

Erik Berggren, Investor Relations Specialist
Telephone: +45 5219 6552

This press release 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 above on 23 February 2022 at 8.00 am CET.