Slide 1: Karnov Group Q2 2025 earnings presentation
Pontus Bodelsson, President and CEO Magnus Hansson, Group CFO August 21st, 2025
Slide 2: Pontus Bodelsson, President and CEO
Pontus Bodelsson, President and CEO 2 2
Slide 3: Solid growth, AI momentum, improved margins
Solid growth, AI momentum, improved margins 649 (623) Net sales Net sales (Q2 2024) (SEKm) 23% (21%) Adjusted EBITA margin Adjusted (Q2 2024) EBITA margin 2.5x (3.0x) Leverage Leverage (Q2 2024) 3
Slide 4: Organic growth accelerated to 5% with solid margins improvement
▪ Organic growth accelerated to 5% with solid margins improvement ▪ Progressing well with AI sales in Region North ▪ High customer satisfaction ▪ Still early in the adoption curve ▪ Margins below ambitions in Region South ▪ Weak book and training sales ▪ Divestment of Spanish training business as a
Slide 5: Well positioned thanks to local mission-critical legal content
Well positioned thanks to local mission-critical legal content and strong customer relationships ▪ Workflow solutions targeting the specific needs of our markets to boost customer productivity ▪ The AI development is a collaboration between Karnov’s tech and legal domain experts and customers ▪ Laun
Slide 6: The total cost-synergies of EUR 20 m will come progressively over the period
The total cost-synergies of EUR 20 m will come progressively over the period 20 000 17 500 18MEUR 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 6
Slide 7: Accelerated organic growth driving margin expansion
▪ Accelerated organic growth driving margin expansion ▪ Organic growth was 13% ▪ Growth driven by volume, price and AI uplifts supported by strong new sales in EHS businesses ▪ Still early in the AI adoption curve ▪ Robust margins improvement thanks to operational leverage and achieved cost-efficien
Slide 8: Online growth in both Spain and France
▪ Online growth in both Spain and France ▪ Weak book and training sales – first necessary actions taken ▪ Divestment of Spanish training business as a first step ▪ Adj. EBITA margin would be 1.5 pp higher without the training business ▪ Continued review of product portfolio in Region South ▪ Margins
Slide 9: Q2 financials
Q2 financials Magnus Hansson, CFO IIIKARNOV GROUP
Slide 10: Growth driven by online sales
GROUP NET SALES Numbers in SEKm +4% 700 560 420 Growth driven by online sales 280 140 ▪ Net sales growth of 4.2% in Q2 623 649 0 ▪ Organic growth was 4.6% Q2 2024 Q2 2025 ▪ FX was -4.0% ▪ Acquired growth was 3.6% ▪ Strong online sales growth driven by volume, pricing Net Sales Q2 LTM, SEKm +6% and A
Slide 11: Strong growth in Region North
GROUP NET SALES Numbers in SEKm Strong growth in Region North +4% ▪ Group net sales were SEK 649 m (623) 700 ▪ Organic growth in Region North was 12.6% 600 ▪ Organic growth in Region South was -1.7% 500 329 ▪ Organic growth driven by online sales 348 400 ▪ Revenues from AI uplifts increasing quarter
Slide 12: 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 14 300 300 88 63 14 250 250 200 200 150 17% 306 150 3% 261 260 267 100 74% 77% 100 50 50 0 0 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Online Offline Online Off
Slide 13: Sales split sub/non-sub, SEKm
Sales split sub/non-sub, SEKm, Region North Sales split sub/non-sub, SEKm, Region South 400 400 350 350 11 300 300 80 60 8 250 250 200 200 150 16% 309 150 0% 267 268 269 100 74% 77% 100 50 50 0 0 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Subscription Non-subscription Subscription Non-subscription 13
Slide 14: Margins improvement from operational leverage
GROUP ADJUSTED EBITA Numbers in SEKm +12% 250 175 200 162 143 148 132 Margins improvement from operational leverage 150 26% 24% 23% 100 21% 22% ▪ Adjusted EBITA amounted to SEK 148 m (132) 50 ▪ Group adjusted EBITA margin was 22.8% (21.1) 0 ▪ Progressing with synergies Q2 Q3 Q4 Q1 Q2 2024 2024 2024
Slide 15: Strong sales growth and robust margins
Net Sales, SEKm +16% 350 300 250 200 Strong sales growth and robust margins 150 100 50 ▪ Organic growth (constant currency) was 12.6% 275 321 322 338 320 0 ▪ Growth driven by online sales and AI uplifts Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 ▪ Continuous tailwind within EHS Adjusted EBITA, SEKm and
Slide 16: Performance below ambitions
Net Sales, SEKm -5% 400 300 200 Performance below ambitions 100 ▪ Organic growth (constant currency) was -1.7% 0 348 327 369 335 329 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 ▪ Online growth 3% with France growing more than Spain ▪ Offline declined -18% with Spain declining more than France Adjusted E
Slide 17: 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 22 23 30 23 20 0 Q2 2024 Q3 2024 Q4 2024 Q1 2025REGION NORTH Q2 2025
Slide 18: Leverage below financial target
Adj. free cash flow, SEKm Leverage below financial target 250 200 ▪ Adjusted free cash flow was SEK -3 m (14) ▪ Typical cash-neutral seasonality 150 ▪ Leverage of 2.5x – below financial target 100 50 14 158 107 210 245 0 -65 -32 REGION-3NORTH -15 -50 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2023 2023 2024 20
Slide 19: Organic growth accelerated to 5% with solid margins improvement
▪ Organic growth accelerated to 5% with solid margins improvement ▪ Progressing well with AI sales in Region North ▪ High customer satisfaction ▪ Still early in the adoption curve ▪ Margins below ambitions in Region South ▪ Weak book and training sales ▪ Divestment of Spanish training business as a
Slide 20: Thank you
Thank you Q&A MMB W ——e—_—e—EeEeEeEEeEeEseoeE OUP
Slide 21: 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