Karnov Group AB (OSTO:KAR)

Q2 2026 Karnov Group AB (publ) Earnings Call Transcript

Aug 20, 2026 / 07:00 AM GMT

Release Date Price: kr80 (+10.65%)

Transcript

Key Points

Positve

Online legal growth of 7% in Q2, driven by AI uplifts across all geographies.
Adjusted EBITDA margin improved to 25%, up 2 percentage points year-over-year.
Strong financial performance in Denmark, Sweden, and Spain, where Karnov is market leader.
Launch of new AI-driven workflow solution in June, with high customer satisfaction and early adoption.
Leverage at 2.0 times, well below financial targets, with ongoing share buyback program.
Region North online legal grew 11%, with adjusted EBITDA margin reaching 50%.
Spanish business accelerating growth with 5% organic growth and margin improvement to 18%.

Negative

Organic growth slowed to 2.4% due to weak non-core offline sales, especially in France.
French business had negative organic growth of 4.5% due to weak legal training sales.
Adjusted free cash flow was negative at minus 14 million SEK due to increased CapEx.
Group functions expenses increased by about 10 million SEK, mostly non-recurring launch costs.
French margin declined 2% in Q2, with expectations of continued weakness in Q3.
No clear timeline for recovery in French training market, which may take several quarters.
Token costs for AI services are monitored but not yet fully controlled, with potential for inflation.

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

KARNO.ST - Karnov Group AB (publ)
Q2 2026 Karnov Group AB (publ) Earnings Call
Aug 20, 2026 / 07:00AM GMT

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Presentation
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Unidentified_1 [1]
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Welcome to the Karnov Group Q2 2026 report presentation. For the first part of the presentation, participants will be in listen-only mode. During the questions and answers, session participants are able to ask questions by dialing pound key five on their telephone keypad. If you are listening to the presentation via webcast, you can ask written questions using the form below. Now I will hand the conference over to CEO Pontus Bodelson and CFO Magnus Hansen. Please go ahead.

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Unidentified_2 [2]
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