Q3 2025 Karnov Group AB (publ) Earnings Call Transcript
Key Points
- Karnov Group AB (FRA:3UA) achieved strong margin improvement in Q3 2025, with an adjusted EBITDA margin of 26%, up 4 percentage points from the previous year.
- Net sales grew to SEK654 million, with organic growth driven by a 4% increase in online sales, including AI uplifts.
- The company successfully divested its EHS business for approximately SEK1 billion, generating a high multiple on invested capital.
- Karnov Group AB is advancing its AI-powered workflow tools, with plans to launch a common AI platform across all markets in the first half of 2026.
- Region North showed exceptional performance with 8% organic growth, driven by higher subscription-based online sales and AI uplifts.
- Currency effects negatively impacted net sales by 2.4%, affecting overall financial performance.
- Region South experienced a decline in net sales by SEK40 million compared to Q3 of the previous year, primarily due to weak transactional offline sales.
- The company faced challenges in its French and Spanish businesses, with declines in book sales and training courses.
- Q3 is typically a weaker cash flow quarter for Karnov Group AB, with an adjusted free cash flow of minus SEK36 million.
- The integration of the Schultz business diluted organic growth in Region North, impacting overall growth figures.
Welcome everyone to Karnov Group's earnings conference where we will present the outcome of the third quarter of 2025.
Please go to slide two.
I'm Pontus Bodelsson, President and CEO of the company. With me, I have our CFO Magnus Hansson, and our head of investor relations, Erik Berggren.
Magnus and I will present the outcome of the quarter using a few slides, and then we'll open up for questions. With that said, let's get started with the presentation.
Please go to slide three.
In Q3 we achieved strong margins improvement with continued traction in sales of AI supported services.
Customers are confirming productivity gains, and our AI assistant is becoming a daily collaborator.
We are advancing our positions and are now accelerating development of our AI-powered workflow tools.
Net sales grew to SEK654 million in the quarter. The organic growth was 4%, driven by online sales growth, including AI uplifts.
The adjusted the beta margin improved
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