Karnov Group Ab · OMXSTO:KAR
Karnov Group Ab — Q1 2026 Earnings Presentation
24 slides from Karnov Group Ab's earnings presentation, May 6, 2026
Slide 1: Q1 2026 earnings presentation
Pontus Bodelsson, President and CEO Magnus Hansson, Group CFO May 6th, 2026
Slide 2: Pontus Bodelsson, President and CEO
Pontus Bodelsson, President and CEO 2 2
Slide 3: Organic online growth, improved margins and strong free cash flow
Organic online growth, improved margins and strong free cash flow 29% (26%) Adjusted EBITA margin Adjusted (Q1 2025) EBITA margin 3% (3%) Organic growth Organic growth (Q1 2025) 1.8x (2.4x) Leverage Leverage (Q1 2025) 3
Slide 4: Successfully completed the large renewal season
▪ Successfully completed the large renewal season ▪ Organic online growth was 5% ▪ Legal businesses (LIS) in Region North grew 11% ▪ LIS grew 3% in Region South ▪ Launched new AI products in Spain and France in March generating additional customer value ▪ Promising initial sales results ▪ Adjusted f
Slide 5: +75% of LIS net sales coming from markets with #1 position
+75% of LIS net sales coming from markets with #1 position Market position: #1 #1 #1 Integrated: 2019 2025 Margin improvement: From 40% 50% in adjusted EBITA margin Meaningful improvement LIS growth Mid-single-digit organic From 3-4% 10%+ acceleration: online growth in Q1 2026 Full AI introduced: 20
Slide 6: Karnov proprietary content referenced in ~50% of Swedish supreme court cases
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) Legislation (public) Preparatory wo
Slide 7: Karnov's proprietary content is legal doctrine
Karnov’s proprietary content is legal doctrine PUBLIC SECTOR PUBLIC CONTENT SOURCES 41% Net sales Administration, (Q1 2026) The Law Courts municipalities Preparatory work Case law PRACTITIONERS PROPRIETARY CONTENT 32% Net sales By our 7,000 legal experts (Q1 2026) Accounting Law firms and audit firm
Slide 8: Trusted daily by 400,000+ legal professionals in Europe
Trusted daily by 400,000+ legal professionals in Europe HANNE SCHMIDT 8
Slide 9: Karnov's content seamlessly at hand in all solutions
Karnov’s content seamlessly at hand in all solutions Legal doctrine Legal research Customer journey To be launched this summer AI-SUPPORTED SERVICES 5x user increase in 2025 AI-generated Adoption KARNOV’S PROPRIETARY CONTENT Advanced Basic Legal workflow Trusted by 400,000 European users 9
Slide 10: Q1 financials
Q1 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) 140 ▪ Organic growth of 3.2% 649 628 0 ▪ Net sales were SEK 628 m Q1 2025 Q1 2026 ▪ Currency effects were -3.6% ▪ Acquired growth was -6.2% Net Sales Q1 LTM, SEKm* ▪ Organic online
Slide 12: Strong growth in Region North
GROUP NET SALES* Numbers in SEKm Strong growth in Region North ▪ Group net sales were SEK 628 m in Q1 700 24 ▪ Organic growth in Region North was 6.0% (divestment of 600 EHS and constant currency) ▪ Organic growth in Region South was 0.3% (divestment of 500 335 303 Spanish training business and cons
Slide 13: Strong margin improvement of 3 percentage points
GROUP ADJUSTED EBITA* Numbers in SEKm 250 200 Strong margin improvement of 3 percentage points 150 100 29% 25% 25% 26% 25% ▪ Adjusted EBITA amounted to SEK 180 m (165) 50 ▪ Group adjusted EBITA margin was 29% (26) 165 153 161 167 180 0 representing a 9% organic adjusted EBITA growth Q1 Q2 Q3 Q4 Q1 2
Slide 14: Synergy execution ahead of plan
Synergy execution ahead of plan 20 000 20 MEUR 17 500 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 14
Slide 15: High profitability and sales momentum
Net Sales, SEKm* 350 300 250 200 High profitability and sales momentum 150 Region North Region North 100 EHS (Divested) 50 ▪ Organic growth (constant currency) was 6.0% in Q1 314 295 318 318 325 0 ▪ Organic LIS online growth was 11% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 ▪ Large number of Danish mu
Slide 16: Sales split solutions, SEKm, Region North
Sales split solutions, SEKm, Region North Sales split sub/non-sub, SEKm, Region North 400 400 350 350 24 24 35 26 300 39 300 28 250 250 200 200 150 290 150 286 299 275 100 74% 77% 100 50 50 0 0 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Online Offline EHS (Divested) Subscription Non-subscription EHS (divested)
Slide 17: LIS continues to grow double-digit in Q1 2026
Online Sales, SEKm (constant currency) LIS continues to grow double-digit in Q1 2026 350 311 313 311 299 298 298 300 289 ▪ LIS growth of 11% in Q1 261 251 250 ▪ Driven by AI sales, pricing and expanding customer base ▪ High customer satisfaction 200 ▪ Stable performance by DIB 150 ▪ Positive sales m
Slide 18: Strong growth in Spain – weak offline sales in France
Net Sales, SEKm* 400 300 200 Strong growth in Spain – weak offline sales in France 100 ▪ Organic growth (constant currency) was 0.3% in Q1 0 322 313 305 341 303 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 ▪ Spain had organic growth of 5.3% ▪ France had negative organic growth of 4.8% Adjusted EBITA, SEK
Slide 19: Organic growth in online and subscription-based sales
Organic growth in online and subscription-based sales – material negative FX effect in Q1 Sales split solutions, SEKm, Region South Sales split sub/non-sub, SEKm, Region South 400 400 350 350 13 300 300 55 60 35 49 250 250 200 200 150 150 262 280 268 254 100 74% 77% 100 50 50 0 0 Q1 2025 Q1 2026 Q1
Slide 20: 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, Group Finance and Group AI 20 15 10 5 23 20 23 26 24 0 Q1 2025 Q2 2025 Q3 2025 Q4 2025REGION NOR
Slide 21: Strong cash flow
Adj. free cash flow, SEKm Strong cash flow 280 240 ▪ Adjusted free cash flow was SEK 264 m (245) 200 ▪ Leverage was 1.8x adjusted EBITDA LTM 160 ▪ Repurchased shares of SEK 665 m 120 80 40 14 107 210 245 239 264 0 REGION NORTH -32 -3 -36 -40 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2024 2024 2024 2024 2025 2025 2
Slide 22: Legal research
▪ Karnov is operating on a growing and attractive market for legal research and legal workflow solutions ▪ Karnov’s #1 market positions in European civil law markets stem from our proprietary legal content ▪ Karnov launches unique content-driven workflow solutions this summer generating even greater
Slide 23: Thank you
Thank you Q&A MMB W ——e—_—e—EeEeEeEEeEeEseoeE OUP
Slide 24: 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