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Edge19 Apr 2024
The Three Cornerstones of Serial Acquirer Success
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Karnov Group
Karnov Group (KAR) investor relations material
Karnov Group Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary20 Aug, 2026
Executive summary
Core Online Legal business grew 7% in Q2 2026, with Region North up 11% and Region South up 2%, driven by AI product uplifts and strong performance in Denmark, Sweden, and Spain.
New AI-driven workflow solution launched across all markets, receiving strong customer adoption and satisfaction.
France underperformed due to weak non-core offline sales, especially in legal training.
Board is evaluating strategic options, including potential sale or partnerships, with Goldman Sachs as advisor.
User base expanded to over 400,000 and specialist network to 7,000+.
Financial highlights
Net sales in Q2 were SEK 619 million, with organic growth of 2.4% and adjusted EBITA reaching SEK 153 million (margin 25%, up 2 percentage points year-over-year).
Adjusted free cash flow was SEK -14 million, with higher CapEx and increased operating profit.
SEK 159 million allocated to share repurchases in Q2.
Leverage stood at 2.0x adjusted EBITDA LTM, below financial targets.
Online sales accounted for 90% of total Q2 net sales.
Outlook and guidance
Continued upselling of AI and workflow solutions expected to drive growth and increase annual subscription value.
Margin improvement in Spain anticipated to continue; French turnaround depends on recovery in legal training demand.
Cost-saving programs ahead of plan, to be completed by end of 2026.
Board reiterates medium-term targets: 4–6% organic sales growth, adjusted EBITA margin >25%, leverage ratio ≤3.0x.
No specific guidance on future margin levels, but operational leverage expected to support profitability.
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Latest events from Karnov Group
- Approved a SEK 0.45 dividend, LTIP 2020 and a share issuance authorization capped at 10%.KAR
AGM 2020 - Q1 2026 saw 3% organic growth, 29% EBITDA margin, and strong online-driven cash flow.KARQ1 2026
- Q4 saw 4% organic growth, 26% margin, strong cash flow, and a SEK 500m buyback post-divestment.KARQ4 2025
- Q3 saw 4% organic growth, 26.3% margin, and SEK 1 billion EHS divestment for core AI focus.KARQ3 2025
- Q2 net sales up 4% to SEK 649m, 23% margin, strong AI-driven growth in Region North.KARQ2 2025
- Q3 saw robust margin gains, AI launches, and Spain integration, supporting profitable growth.KARQ3 2024
- Q2 saw 3% organic growth, 21.1% margin, and strategic acquisitions fueling AI-driven expansion.KARQ2 2024
- Net sales up 7% to SEK 673m, 26% margin, strong online and AI-driven growth, Region North led.KARQ1 2025
- Q4 margin and sales gains driven by AI, synergies, and acquisitions; leverage at 3.0x.KARQ4 2024
Next Karnov Group earnings date
Q3 202612 Nov, 2026
Karnov Group
Next Karnov Group earnings date
Q3 202612 Nov, 2026
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Frequently asked questions
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.