Karnov Group AB (KAR) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to the Karnov Group Q2 2026 report presentation. For the first part of the presentation, participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing pound key 5 on their telephone keypad. If you are listening to the presentation via webcast, you can ask written questions using the form below. Now, I will hand the conference over to CEO Pontus Bodelsson and CFO Magnus Hansen. Please go ahead. Welcome everyone to Kano Group's earnings conference, where we will present the outcome of the second quarter of 2026. Please go to slide two. I am Pontus Boleson, president and CEO of the company. With me, I have our CFO, Magnus Hansson, and our head of investor relations, Erik Berger. Magnus and I will present the outcome of the quarter using a few slides, and then we'll open up for questions. With that said, let's get started with the presentation. Please go to slide three. In the second quarter, the core online legal growth was 7% and the adjusted EBITDA margin improved to 25%. Growth is driven mainly by AI uplifts across all geographies. The financial performance is strong in Denmark, Sweden and Spain, where Canov is the market leading provider of legal content. The financial performance in France, where Canov is number three, is below expectations due to weak non-core offline sales. The organic growth was 2% driven by online legal. Online legal grew 11% in Region North, consistent with previous quarters. The corresponding number in Region South was 2%, continuing the positive trend from Q1. Leverage was 2.0 times well below our financial target. The increased leverage compared to Q1 is due to our buyback program. During Q2, we have repurchased shares for 159 million SEK. Please go to slide fou...