Karnov Group AB (KAR) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to the Carnove Group Q4 2025 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 fourth quarter and full year 2025. Please go to slide two. I'm Pontus Burusson, 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 Q4, the organic growth was 4%, driven by online sales growth, including AI uplifts. The legal businesses in Region Nord continues to have 10% organic online sales growth. The adjusted EBITDA margin improved to 26%, which is an improvement of two percentage points compared to Q4 previous year. Leverage was 1.3 times well below our financial target. In Q4, we achieved solid margins improvement with continued traction in AI sales. The number of AI users increased by five times in 2025, and the number grew every quarter. We are advancing our positions and we will in 2026 launch our AI-powered workflow tools with seamless integration of proprietary content. Please go to slide four. We ended 2025 on a high note with pleased customers and a successful renewal season in Region North. In Q4, our legal businesses in Region...