Karnov Group Ab · OMXSTO:KAR
Karnov Group Ab — Q4 2025 Earnings Presentation
23 slides from Karnov Group Ab's earnings presentation, Feb 11, 2026
Slide 1: Karnov Group Q4 2025 presenters and date
Pontus Bodelsson, President and CEO Magnus Hansson, Group CFO February 11th, 2026
Slide 2: Pontus Bodelsson, President and CEO
Pontus Bodelsson, President and CEO 2 2
Slide 3: Value creation through content-driven AI solutions and improved margins
Value creation through content-driven AI solutions and improved margins 4% (4%) Organic growth Organic growth (Q4 2024) 26% (24%) Adjusted EBITA margin Adjusted (Q4 2024) EBITA margin 1.3x (3.0x) Leverage Leverage (Q4 2024) 3
Slide 4: Successful renewal season with AI uplifts
Successful renewal season with AI uplifts ▪ Legal businesses (LIS) in Region North grew 10% in Q4 ▪ 1,100 Danish prosecutors now use KAILA ▪ A majority of the judges in Sweden now use KAILA ▪ Improved margins in Region South ▪ Divestment of EHS generated proceeds of SEK 1.1 billion ▪ Buy-back progra
Slide 5: Practitioners, public content, sources
PRACTITIONERS PUBLIC CONTENT SOURCES Accounting The Law Law firms and audit firms Preparatory work Case law PUBLIC PROPRIETARY CONTENT By our 7,000 legal experts Administration, Courts municipalities Deep insights Literature CORPORATE Practical content and news Best practice Small and Blue-chips med
Slide 6: Customer journey
Karnov’s content is seamlessly at hand in all solutions Customer journey To be launched in 2026 AI-SUPPORTED SERVICES 5x user increase in 2025 Adoption KARNOV’S PROPRIETARY CONTENT Trusted by 400,000 European users 6
Slide 7: Synergy execution ahead of plan
Synergy execution ahead of plan 20 000 17 500 20 MEUR 15 000 12 500 10 000 7 500 5 000 2 500 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2024 2024 2024 2024 2025 2025 2025 2025 2026 2026 2026 2026 Region South integration Acceleration Initiative 7
Slide 8: Strong organic growth driving margin expansion
▪ Strong organic growth driving margin expansion ▪ LIS organic online growth 10% in Q4 ▪ 1,100 Danish Prosecutors have upgraded to AI package ▪ Strong start selling AI solution for municipalities ▪ Adjusted EBITA margin was 43% (41) ▪ Robust margin improvement thanks to operational leverage and achi
Slide 9: Adjusted EBITA margin reached 17% (16) in Q4
▪ Adjusted EBITA margin reached 17% (16) in Q4 ▪ Divested training business has a material positive run-rate impact on margins ▪ Synergies effects coming through ▪ Organic growth of 2% ▪ Launching common AI platform in France and Spain in late March 2026 ▪ Generates new customer value on par with Re
Slide 10: Magnus Hansson, CFO Q4 and FY financials
Q4 and FY financials Magnus Hansson, CFO IIIKARNOV GROUP
Slide 11: Growth driven by online sales
GROUP NET SALES* Numbers in SEKm 700 560 420 Growth driven by online sales 280 Karnov Group Karnov Group EHS (Divested) EHS (Divested) 140 ▪ Net sales growth of -3.7% in Q4 669 648 0 ▪ Organic growth was 3.8% Q4 2024 Q4 2025 ▪ Currency effects were -3.8% ▪ Acquired growth was -3.7% ▪ Online sales gr
Slide 12: Strong growth in Region North
GROUP NET SALES* Numbers in SEKm Strong growth in Region North ▪ Group net sales were SEK 665 m (691) in Q4 700 22 17 ▪ Organic growth in Region North was 6.2% (divestment of 600 EHS and constant currency) ▪ Organic growth in Region South was 1.6% (divestment of 500 369 341 Spanish training business
Slide 13: Continued strong growth in online sales
Continued strong growth in online sales Sales split solutions, SEKm, Region North* Sales split solutions, SEKm, Region South 400 400 350 350 17 17 22 79 72 300 20 300 25 250 250 200 200 150 287 150 275 273 268 100 74% 77% 100 50 50 0 0 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Online Offline EHS (Divested) On
Slide 14: Sales split sub/non-sub, Region North and South
Sales split sub/non-sub, SEKm, Region North Sales split sub/non-sub, SEKm, Region South 400 400 350 350 79 22 17 65 300 16 14 300 250 250 200 200 150 284 293 150 289 276 100 74% 77% 100 50 50 0 0 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Subscription Non-subscription EHS (Divested) Subscription Non-subscripti
Slide 15: Margins improvement from operational leverage
GROUP ADJUSTED EBITA* Numbers in SEKm 250 200 Margins improvement from operational leverage 150 100 26% 25% 25% 25% 23% ▪ Adjusted EBITA amounted to SEK 172 m (162) 50 ▪ Group adjusted EBITA margin was 25.9% (23.5) 154 165 153 161 167 0 ▪ Improvement driven by operational leverage, synergies Q4 Q1 Q
Slide 16: Strong sales growth and robust margins
Net Sales, SEKm* 350 300 250 200 Strong sales growth and robust margins 150 Region North EHS (Divested) Region North EHS (Divested) 100 50 ▪ Organic growth (constant currency) was 6.2% in Q4 300 314 295 318 318 0 ▪ Growth driven by online sales and AI uplifts Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Slide 17: LIS accelerating to double-digit growth in 2025
Online Sales, SEKm (constant currency) LIS accelerating to double-digit growth in 2025 350 311 313 311 299 300 300 289 ▪ LIS growth accelerates from 8% to 10% per quarter 261 251 250 ▪ Driven by AI uplifts and strong new sales ▪ Stable performance by DIB and Schultz 200 ▪ DIB has launched AI solutio
Slide 18: Margin improvements thanks to strong efforts
Net Sales, SEKm 400 300 200 Margin improvements thanks to strong efforts 100 ▪ Organic growth (constant currency) was 1.6% in Q4 0 369 335 329 313 341 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 ▪ Online growth 1% in local currency ▪ Offline growth 3% in local currency Adjusted EBITA, SEKm and ▪ Adjuste
Slide 19: Units managing Group wide tasks
Adjusted EBITA, SEKm and margin, % Units managing Group wide tasks 30 The Group functions cover the Group wide tasks such as Group Management, Information Security, Compliance, 25 HR, Investor Relations and Group Finance 20 15 10 5 30 23 20 23 26 0 Q4 2024 Q1 2025 Q2 2025 Q3 2025REGION NORTH Q4 2025
Slide 20: Typical seasonally strong cash flow
Adj. free cash flow, SEKm Typical seasonally strong cash flow 250 200 ▪ Adjusted free cash flow was SEK 239 m (210) ▪ Leverage of 1.3x – below financial target 150 ▪ Divestment of EHS generated proceeds of SEK 1,060 m 100 ▪ The Board has resolved to initiate a buy-back program of maximum SEK 500 m 5
Slide 21: The value of our proprietary content has increased thanks to AI
The value of our proprietary content has increased thanks to AI ▪ Accelerated growth through uplifting of customers to accurate, reliable AI solutions ▪ Launching content-driven workflow tools in 2026 ▪ Seamlessly combining Karnov’s content and workflow ▪ Improved profitability thanks to growth, syn
Slide 22: Thank you
Thank you Q&A MMB W ——e—_—e—EeEeEeEEeEeEseoeE OUP
Slide 23: Forward-looking statements disclaimer
The following applies to this document, the oral presentation of the information in this document by Karnov or any person on behalf of Karnov, and any question-and-answer session that follows the oral presentation. This presentation may contain forward-looking statements that reflect Karnov’s curren