Financial highlights third quarter

  • Net sales increased by 18.4% to SEK 263 m (222), organic growth was 13.2% and acquired growth accounted for 2.4%. Currency effect was 2.8%.
  • EBITA amounted to SEK 85 m (80) with EBITA margin of 32.4% (36.1%). Items affecting comparability amounted to SEK 8 m (8).
  • Adjusted EBITA amounted to SEK 93 m (88) with adjusted EBITA margin of 35.3% (39.5%).
  • Net result amounted to SEK 50 m (23).
  • Earnings per share before and after dilution amounted to SEK 0.46 (0.24).
  • Adjusted operating cash flow amounted to SEK 26 m (-4).

CEO Pontus Bodelsson comments on the quarter:

In the third quarter, Karnov Group has had prominent growth coming from increasing online sales on both geographical segments and significant offline sales on the Swedish market. We have now received clearance from the Spanish Antitrust Authority and we look forward to assume ownership of the businesses in France, Spain and Portugal on 30 November 2022.

Prominent growth and stable earnings

Net sales growth in the third quarter was at the high level of 18.4% of which 13.2% was organic growth. The online sales growth follows the same pattern as previous quarters, with the public sector, municipalities and EHS being growth drivers. Offline sales of school publications were extraordinary strong on the Swedish market in the third quarter.

Adjusted EBITA is increasing. However, the adjusted EBITA margin is lower than the corresponding period last year. This is due to our organisational preparations for our European expansion but also a result of our customer-centric focus and identification of areas where we can increase the customer value with related expenses in the third quarter.

At the end of September, our leverage remained at the low level 0.9x. We are ready to complete the acquisitions in France, Spain and Portugal.

Deep knowledge – technology is the enabler

We capture and present expert knowledge and exhibit it in an efficient way. This helps our users in making better decisions, faster. Our platforms and products combine the power of public data sources with the deep knowledge from more than 1,500 of Scandinavia’s greatest legal authors and experts. Our first priority is customer centricity, investing in solutions to our present and future customers’ challenges of today and possibilities for tomorrow.

Our municipality solution has now been on the Danish market for one year and we have increased the customer value with additional case guides to support the workflow in municipalities. This has been well received among the customer base.

In Sweden, we have progressed in the launch of the JUNO add-on solution Rättsområdesanalyser (ROA) and we are currently planning the roll-out.

Our stand-alone entities continue to perform in line with expectations, contributing to an overall extraordinary growth quarter.

Clearance from the Spanish Antitrust Authority

In the beginning of November, we received the clearance from the Spanish Antitrust Authority to complete the acquisition in France, Spain and Portugal. Completion of the acquisition and consolidation in the Group’s financials will take place on 30 November 2022. With this acquisition, we capture an attractive opportunity to create best-in-class offerings on the local markets with strong market positions. Further, some of the most innovative brands in the European legal information service market will come under one umbrella, creating a strong basis for new Legal Tech solutions.

The local businesses will be managed by Guillaume Deroubaix, a very experienced international business leader with more than 20 years of experience from the legal information solutions market. Guillaume Deroubaix will initially focus on the Spanish and Portuguese markets before assuming the position as CEO of Region South during the spring 2023..

Conference call on 9 November

A webcasted telephone conference will be held at 09.00 a.m. CET today, where CEO Pontus Bodelsson and CFO Jonas Olin 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: +46 8 505 16 386
UK: +44 20 319 84 884
US: +1 412 317 6300

Please use pin code 1221966# when joining the call.

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



Jonas Olin, CFO

Telephone: +46 730 402 595



Erik Berggren, Head of Investor Relations

Telephone: +46 707 597 668



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 below on 9 November 2022 at 8.00 am CET.

Karnov Group is a leading provider of mission critical information in the areas of legal, tax and accounting, and environmental, health and safety in Denmark and Sweden. With brands such as Karnov, Norstedts Juridik, Notisum, Legal Cross Border, Forlaget Andersen, Ante, BELLA Intelligence, LEXNordics. DIBkunnskap and Echoline, Karnov Group delivers knowledge and insights, enabling more than 80,000 users to make better decisions, faster – every day. With offices in Copenhagen, Stockholm, Oslo, Paris and Malmö, Karnov Group employs around 290 people. Net sales in 2021 amounted to SEK 878 M. The Karnov share is listed on Nasdaq Stockholm, Mid Cap segment under the ticker “KAR”. For more information, please visit