Karnov Group Ab · OMXSTO:KAR
Karnov Group Ab — Q3 2025 Earnings Presentation
22 slides from Karnov Group Ab's earnings presentation, Nov 12, 2025
Slide 1: Karnov Group Q3 2025 earnings presentation
Pontus Bodelsson, President and CEO Magnus Hansson, Group CFO November 12th, 2025
Slide 2: Pontus Bodelsson, President and CEO
Pontus Bodelsson, President and CEO 2 2
Slide 3: Stronger margins, steady growth and new AI solutions
Stronger margins, steady growth and new AI solutions 654 (648) Net sales Net sales (Q3 2024) (SEKm) 26% (22%) Adjusted EBITA margin Adjusted (Q3 2024) EBITA margin 2.5x (3.1x) Leverage Leverage (Q3 2024) 3
Slide 4: Margins improvement of more than 4 percentage points
▪ Margins improvement of more than 4 percentage points ▪ Continued AI sales traction ▪ Capturing AI uplifts with high customer satisfaction ▪ Still early in the adoption curve ▪ Decisive actions in Region South giving results ▪ Significant margins improvement thanks to run-rate improvements from div
Slide 5: First step towards a seamless AI-based workflow suite launching in 2026
First step towards a seamless AI-based workflow suite launching in 2026 ▪ KAILA now integrates customers’ own legal documents ▪ Improving legal documents by identifying risks and proposes mitigations ▪ Ambition to launch workflow tools in 2026 ▪ Well-positioned thanks to long-lasting customer relati
Slide 6: The transaction generates a high multiple on invested capital and strengthens our focus on the core business
The transaction generates a high multiple on invested capital and strengthens our focus on the core business ▪ EHS has few synergies with Karnov’s core business ▪ EHS businesses to be divested to Infopro Digital Group ▪ Purchase agreement signed on 8 November 2025 ▪ Closing expected during 2025 ▪ Ka
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 ▪ Organic growth was 8% ▪ Growth driven by volume, price and AI uplifts while Schultz is now organic and has dilutive effect on growth ▪ Excluding Schultz, organic growth was in line with Q2 ▪ Launched AI solution for municipalities in Denmark and Swe
Slide 9: Adjusted EBITA improvement of more than 4 percentage points
▪ Adjusted EBITA improvement of more than 4 percentage points ▪ Divested training business has a material positive run-rate impact on margins ▪ Synergies effects coming through ▪ Organic online growth in both Spain and France ▪ Weak offline sales – progressing with rationalisation ▪ Preparing launch
Slide 10: Q3 financials
Q3 financials Magnus Hansson, CFO IIIKARNOV GROUP
Slide 11: Growth driven by online sales
GROUP NET SALES Numbers in SEKm +1% 700 560 420 Growth driven by online sales 280 140 ▪ Net sales growth of 1.0% in Q3 648 654 0 ▪ Organic growth was 3.9% Q3 2024 Q3 2025 ▪ Currency effects were -2.4% ▪ Acquired growth was -0.5% ▪ Solid online sales growth of 5% in local currency Net Sales Q3 LTM, S
Slide 12: Strong growth in Region North
GROUP NET SALES Numbers in SEKm Strong growth in Region North +1% ▪ Group net sales were SEK 654 m (648) 700 ▪ Organic growth in Region North was 8.1% 600 ▪ Organic growth in Region South was -0.3% 500 327 313 ▪ Organic growth driven by online sales 400 ▪ Revenues from AI uplifts increasing quarter-
Slide 13: Continued strong growth in online sales
Continued strong growth in online sales Sales split online/offline, SEKm, Region North Sales split online/offline, SEKm, Region South 400 400 350 350 32 300 31 300 64 52 250 250 200 200 150 +7% 310 150 -1% 290 264 261 100 74% 77% 100 50 50 0 0 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Online Offline Online Of
Slide 14: Sales split sub/non-sub, Region North and Region South
Sales split sub/non-sub, SEKm, Region North Sales split sub/non-sub, SEKm, Region South 400 350 350 300 45 25 39 22 300 250 250 200 200 150 150 299 6% 317 283 -3% 274 74% 77% 100 100 50 50 0 0 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Subscription Non-subscription Subscription Non-subscription 14
Slide 15: Margins improvement from operational leverage
GROUP ADJUSTED EBITA Numbers in SEKm +20% 250 175 172 200 162 143 148 Margins improvement from operational leverage 150 26% 26% 24% 23% 100 22% ▪ Adjusted EBITA amounted to SEK 172 m (143) 50 ▪ Group adjusted EBITA margin was 26.3% (22.1) 0 ▪ Improvement driven by operational leverage, synergies Q3
Slide 16: Strong sales growth and robust margins
Net Sales, SEKm +7% 350 300 250 200 Strong sales growth and robust margins 150 100 50 ▪ Organic growth (constant currency) was 8.1% 321 322 338 320 342 0 ▪ Growth driven by online sales and AI uplifts Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 ▪ Seasonal higher offline sales driven by school terms Adju
Slide 17: Margin improvements thanks to strong efforts
Net Sales, SEKm -4% 400 300 200 Margin improvements thanks to strong efforts 100 ▪ Organic growth (constant currency) was -0.3% 0 327 369 335 329 313 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 ▪ Online growth 2% in local currency ▪ Offline declined 10% in local currency Adjusted EBITA, SEKm and ▪ Adjus
Slide 18: 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 23 30 23 20 23 0 Q3 2024 Q4 2024 Q1 2025 Q2 2025REGION NORTH Q3 2025
Slide 19: Leverage below financial target
Adj. free cash flow, SEKm Leverage below financial target 250 200 ▪ Adjusted free cash flow was SEK -36 m (-32) ▪ Typical cash-negative seasonality 150 ▪ Leverage of 2.5x – below financial target 100 50 14 158 107 210 245 0 -65 -32 -3 REGION-36 NORTH -50 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2023 2024 202
Slide 20: Margins improvement of more than 4 percentage points
▪ Margins improvement of more than 4 percentage points ▪ Continued AI sales traction ▪ Capturing AI uplifts with high customer satisfaction ▪ Actions in Region South giving results ▪ Significant margins improvement ▪ Progressing with rationalisation of unprofitable products ▪ Developing seamless con
Slide 21: Thank you
Thank you Q&A MMB W ——e—_—e—EeEeEeEEeEeEseoeE OUP
Slide 22: 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