Karnov Group AB (CHIX:KARs)

Full Year 2025 Karnov Group AB (publ) Earnings Call Transcript

Feb 11, 2026 / 08:00 AM GMT

Release Date Price: kr100.4

Transcript

Key Points

Positve

Karnov Group AB (FRA:3UA) achieved a 4% organic growth in Q4, driven by online sales growth and AI uplifts.
The legal businesses in Region North experienced a 10% organic online sales growth.
The adjusted EBITDA margin improved to 26%, a 2% increase compared to the previous year.
The number of AI users increased fivefold in 2025, indicating strong adoption of AI solutions.
The company completed the divestment of EHS, generating proceeds of 1.1 billion SEK, strengthening their balance sheet.

Negative

Region South experienced a decline in net sales by 28 million SEK compared to Q4 of the previous year, impacted by currency effects and divestments.
The online sales in Region South declined by 3% due to currency effects.
The Spanish business showed stable but not significant growth, indicating potential challenges in that market.
There is a risk of seat compression in the legal profession due to increased efficiency from AI, which could impact revenue models.
The integration of Schultz was completed six months early, but the transition may have temporarily impacted growth focus.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

KARNO.ST - Karnov Group AB (publ)
Full Year 2025 Karnov Group AB (publ) Earnings Call
Feb 11, 2026 / 08:00AM GMT

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Presentation
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Unidentified_1 [1]
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Welcome everyone to Kner Group's earnings conference where we will present the outcome of the 4th quarter and full year 2025. Please go to slide 2.

I'm Pontus Belson, President and CEO of the company. With me, I have our CFO Magnus Hansson and our head of investor relations, Eric Beer.

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 3.

In Q4, the organic growth was 4%, driven by online sales growth, including AI uplifts.

The legal businesses in Ren continues to have 10% organic online sales growth. The adjusted the beta margin improved to 26%,

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