Karnov Group Ab · OMXSTO:KAR
Karnov Group Ab — Q2 2026 Earnings Presentation
30 slides from Karnov Group Ab's earnings presentation, Aug 20, 2026
Slide 1: Q2 Half-year Report
Q2 Half-year Report Pontus Bodelsson, President and CEO Magnus Hansson, Group CFO August 20th, 2026
Slide 2: Q2 highlights and operational outlook
Q2 highlights and operational outlook Pontus Bodelsson, President and CEO 2 2
Slide 3: Highlights Q2
Highlights Q2 7% (6%) 25% (23%) Online Legal growth Adjusted EBITA margin 2% (5%) 2.0x (2.5x) Organic growth Leverage 3
Slide 4: Trusted partner in both legal knowledge and legal work
Trusted partner in both legal knowledge and legal work ▪ Group’s Online Legal sales growth was 7% ▪ Online Legal grew 11% in Region North ▪ Online Legal grew 2% in Region South ▪ Launched new AI-driven workflow solution late June on all markets ▪ Expands Karnov to a trustworthy legal knowledge and l
Slide 5: From a Scandinavian to a European market leader
From a Scandinavian to a European market leader Significant business evolution since IPO to a leading European legal provider of mission-critical knowledge & workflow solutions AT IPO IN 2019 TODAY ~75% of core LIS net sales from Countries of Presence Countries of Presence #1 market positions - each
Slide 6: Our value proposition
Our value proposition Karnov’s proprietary content is legal doctrine PUBLIC SECTOR PUBLIC CONTENT SOURCES 41% Seamless knowledge Net sales Administration, The Law and workflow Courts municipalities Preparatory work Case law for legal execution PRACTITIONERS PROPRIETARY CONTENT 32% By our 7,000 legal
Slide 7: Courts depend on Karnov’s content
Courts depend on Karnov’s content Karnov proprietary content was referenced as a legal source in ~50% of Swedish supreme court cases in 2025 Civil law markets (EU) Common law markets (US/UK) Legal interpretation is shaped by doctrine Legal interpretation is shaped by precedent Legislation (public) L
Slide 8: AI-driven growth acceleration
AI-driven growth acceleration Proprietary content is the right-to-win in legal Al Q1 2026 Legal doctrine Customer journey Launched Legal research June 2026 AI-SUPPORTED SERVICES 5x user increase in 2025 AI-generated KARNOV’S PROPRIETARY CONTENT Trusted by 400,000 European users Basic Advanced 8 Lega
Slide 9: AI-driven growth acceleration
AI-driven growth acceleration Proprietary content is the right-to-win in legal Al Today Legal doctrine Customer journey Launched Legal research June 2026 AI-SUPPORTED SERVICES 5x user increase in 2025 AI-generated KARNOV’S PROPRIETARY CONTENT Trusted by 400,000 European users Basic Advanced 9 Legal
Slide 10: AI-driven growth acceleration
AI-driven growth acceleration Proprietary content is the right-to-win in legal Al Q4 2026 Legal doctrine Customer journey Launched Legal research June 2026 AI-SUPPORTED SERVICES 5x user increase in 2025 AI-generated KARNOV’S PROPRIETARY CONTENT Trusted by 400,000 European users Basic Advanced 10 Leg
Slide 11: Workflow of a legal professional
Workflow of a legalprofessional Karnov’s right to win in legal AI stems from our trusted proprietary content 1 2 3 4 5 INTAKE PLANNING RESEARCH DRAFTING OUTPUT Grounded in Karnov’s trusted authoritative legal sources 11
Slide 12: Now a trusted partner from intake to output
Now a trustedpartner fromintaketo output Karnov’s authoritative content seamlessly integrated in every step 1 2 3 4 5 INTAKE PLANNING RESEARCH DRAFTING OUTPUT Describe the legal Karnov’s AI proposes Grounded in Karnov’s First draft ready – Send the final task and upload methodology and trusted autho
Slide 13: Customer journey from knowledge to workflow
Customer journey from knowledge to workflow Expanded product suite strengthening customer value and uplifts annual subscription value List price index ≥200 List price index 3 Workflow layer ≥130 List price index (base) 2 AI layer 2 AI layer 100 1 Core Legal database 1 Core Legal database 1 Core Lega
Slide 14: The Board of Directors continues evaluation to maximise shareholder value
The Board of Directors continues evaluation to maximise shareholder value Over the past few years, Karnov has transformed and grown into a trusted and leading European legal solutions provider through value-accretive acquisitions and divestments. The company has introduced AI enabled legal research
Slide 15: Q2 financials
Q2 financials Magnus Hansson, CFO 15
Slide 16: Net sales
GROUP NET SALES* Numbers in SEKm 700 560 Net sales 420 Growth driven by Online Legal 280 Karnov Group Karnov Group Divestments 140 ▪ Online Legal grew 7% 608 619 0 ▪ Driven by volume, pricing and AI sales Q2 2025 Q2 2026 ▪ Organic growth was 2.4% ▪ Weak offline sales in Q2 Net Sales Q2 LTM, SEKm* ▪
Slide 17: Net sales per segment
GROUP NET SALES* Net sales per segment Numbers in SEKm Strong growth in Region North ▪ Group net sales were SEK 619 m in Q1 700 ▪ Online Legal growth in Region North was 11% 41 600 ▪ Online Legal growth in Region South was 2% 500 ▪ Growth driven by Online Legal sales 313 309 400 ▪ Uplift to AI solut
Slide 18: Adjusted EBITA
GROUP ADJUSTED EBITA* Numbers in SEKm 250 AdjustedEBITA 200 Strong margin improvement of 2 percentage points 150 100 29% 26% 25% 25% 23% ▪ Adjusted EBITA amounted to SEK 153 m (141) 50 ▪ Group adjusted EBITA margin was 25% (23) 148 161 167 180 153 0 ▪ Improvement driven by operational leverage, prod
Slide 19: Region North
Net Sales, SEKm* 350 300 Region North 250 200 High profitability and sales momentum 150 Region North Region North 100 Divestments 50 ▪ Online Legal sales growth was 11% 295 318 318 325 310 0 ▪ Driven by AI sales, pricing and additional users Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 ▪ Customer retenti
Slide 20: Sales split in Region North
Sales split in Region North Sales split solutions, SEKm, Region North Sales split sub/non-sub, SEKm, Region North 400 400 350 350 300 25 10 300 25 7 14 11 250 250 200 200 150 300 150 284 303 281 100 74% 77% 100 50 50 0 0 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Online Offline EHS (Divested) Subscription Non-
Slide 21: Online sales Region North
Online Sales, SEKm (constant currency) Online sales Region North Double-digit Online Legal growth in Q2 2026 350 307 309 305 302 291 297 298 300 284 ▪ Online Legal growth was 11% in Q2 248 255 250 ▪ Driven by AI sales, pricing and additional seats ▪ High customer satisfaction 200 ▪ DIB has returned
Slide 22: Region South
Net Sales, SEKm* 400 Region South 300 200 Strong growth in Spain – weak offline sales in France 100 ▪ Online Legal growth was 2% 0 313 305 341 303 309 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 ▪ Organic growth was 0% ▪ Spain had organic growth of 5% Adjusted EBITA, SEKm and margin % ▪ France had negat
Slide 23: Sales split in Region South
Sales split in Region South Organic growth in online and subscription-based sales Sales split solutions, SEKm, Region South Sales split sub/non-sub, SEKm, Region South 400 400 350 350 17 300 300 60 63 54 38 250 250 200 200 150 150 255 269 271 249 100 74% 77% 100 50 50 0 0 Q2 2025 Q2 2026 Q2 2025 Q2
Slide 24: Adjusted EBITA split in Region South
AdjustedEBITA split in Region South Strong performance by market #1 Spanish business – margins below ambitions in market #3 French business Adjusted EBITA, SEKm and margin % in Spain Adjusted EBITA, SEKm and margin % in France 40 12 18% 35 10 30 7% 8 25 10% 20 6 15 4 10 2% 2 5 17 31 10 2 0 0 Q2 2025
Slide 25: Group functions
Group functions Adjusted EBITA, SEKm and margin, % Units managing Group wide tasks 35 The Group functions cover the Group wide tasks such as 30 Group Management, Information Security, Compliance, 25 HR, Investor Relations, Group Finance and Group AI 20 15 • Q2 includes expenses primarily for consult
Slide 26: Cash flow and leverage
Cash flow andleverage Adj. free cash flow, SEKm 280 240 ▪ Adjusted free cash flow was SEK -14 m (-3) 200 ▪ Leverage was 2.0x adjusted EBITDA LTM 160 ▪ Repurchased shares of SEK 159 m 120 80 40 14 210 245 239 264 0 REGION NORTH -32 -3 -36 -14 -40 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2024 2024 2024 2025 2025 20
Slide 27: Karnov – now a trusted partner in both legal knowledge and legal execution
Karnov – now a trusted partner in both legal knowledge and legal execution ▪ Karnov’s #1 market positions in European civil law markets stem from our proprietary legal content ▪ Karnov is growing its core Online Legal business with unchanged high customer retention levels while uplifting customers t
Slide 28: See our investor movie
Seeour investormovie Spela upp kontur 28
Slide 29: Thank you
Thank you Q&A MMB W ——e—_—e—EeEeEeEEeEeEseoeE OUP
Slide 30: Important information
Important information 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 r