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Karnov Group (KAR) investor relations material
Karnov Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
Achieved strong margin improvement in Q3 2025, with adjusted EBITA margin rising over 4 percentage points year-over-year to 26.3%, driven by AI-supported services and positive customer feedback.
Net sales reached SEK 654 million, with organic growth of 4% and continued traction in online and AI-related sales.
Divested EHS division for EUR 92 million (approx. SEK 1 billion), sharpening focus on core AI-supported legal solutions; closing expected in 2025.
Cost-efficiency initiatives generated SEK 217 million in annual run-rate synergies by Q3 end.
Launched new AI-based solutions and began integrating customer legal documents into the AI platform, aiming for a unified workflow suite in 2026.
Financial highlights
Net sales grew to SEK 654 million, up 1% year-over-year, with organic growth of 3.9% and negative currency effects.
Adjusted EBITA/EBITDA for Q3 was SEK 172 million, with margin improving to 26.3% from 22.1% last year.
Leverage reduced to 2.5x EBITDA, below financial targets and down from 3.1x year-over-year.
Adjusted free cash flow was minus SEK 36 million, reflecting seasonal cash flow patterns.
Q3 EBIT was SEK 89 million, profit for the period SEK 43 million, and EPS SEK 0.40.
Outlook and guidance
Preparing to launch a unified AI platform and workflow tools across all markets in the first half of 2026.
Targeting EUR 20 million in cost efficiencies by end of 2026, with annual run-rate synergies of SEK 217 million already achieved.
Continued focus on profitable growth, AI-powered workflow tool development, and rationalising unprofitable products.
Detail KAILA's H1 2026 Region South launch plan
Elaborate on EHS divestment proceeds allocation
How will Region South sustain margin improvement?
What new revenue streams from AI workflow tools?
Elaborate on EHS divestment proceeds allocation.
What drives sustainable margin improvement in Region South?
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Next Karnov Group earnings date
Q4 202518 Feb, 2026
Next Karnov Group earnings date
Q4 202518 Feb, 2026
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Karnov Group AB is a leading provider of information solutions for professionals in the areas of legal, tax and accounting, environmental, and health and safety. The company offers a range of solutions that are used daily by thousands of professionals all over the world. The company's services are characterized as significant sources of legal, economic and practical information on European law. Combining this wealth of information with its unique editorial expertise provides the invaluable support for risk management decisions.
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