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Karnov Group (KAR) investor relations material
Karnov Group Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary21 Aug, 2025
Executive summary
Net sales reached SEK 649 million in Q2 2025, up 4% year-over-year, driven by strong online and AI-enabled sales, especially in Region North.
Organic growth accelerated to 5%, with Region North showing robust performance and Region South lagging due to weak offline and training sales.
Adjusted EBITA margin improved to 23% in Q2, up two percentage points year-over-year, reflecting operational leverage and cost synergies.
Divestment of the Spanish training business completed as part of portfolio optimization, expected to improve Group margins.
AI-powered workflow tools are set to launch in autumn, broadening the product offering for legal professionals.
Financial highlights
Q2 net sales: SEK 649 million (up 4.2% year-over-year); organic growth 4.6%, acquired growth 3.6%, currency effect -4.0%.
Adjusted EBITA: SEK 148 million (up 12%), margin 22.8%–23% (up from 21.1%).
Adjusted free cash flow was negative SEK 3 million in Q2, reflecting seasonality and working capital changes.
Leverage ratio at 2.5x EBITDA, below the target of 3.0x, with net debt at SEK 2,041 million.
For H1 2025: net sales SEK 1,322 million (up 5.3%), adjusted EBITA SEK 323 million (up 17.4%).
Outlook and guidance
AI adoption and new workflow solutions are expected to drive further growth, with annual contract structures supporting recurring revenue.
Cost efficiency and synergy initiatives targeting EUR 20 million in savings by 2026, with EUR 18 million already achieved and SEK 201 million annual run-rate synergies by Q2.
Divestment of Spanish training business expected to improve Group margins going forward.
Continued review and optimization of the product portfolio, especially in Region South.
No formal financial forecasts provided; management reiterates focus on cost synergies and AI-driven growth.
How will AI workflow tools benefit customers?
What drove Region North's organic growth?
What's the annual run-rate synergy target for 2026?
How do new AI workflow tools broaden scope?
What offsets Region South margin improvement?
What drives Q2/Q3 cash flow neutrality?
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Next Karnov Group earnings date
Q3 202512 Nov, 2025
Next Karnov Group earnings date
Q3 202512 Nov, 2025
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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.
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