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Karnov Group
Karnov Group (KAR) investor relations material
Karnov Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary11 Feb, 2026
Executive summary
Achieved 4% organic growth in Q4, driven by AI adoption and online sales, with Region North leading at 10% organic online sales growth and strong customer renewals.
Adjusted EBITDA/EBITA margin improved to 26% in Q4, up over 2 percentage points year-over-year, with leverage reduced to 1.3x, reflecting improved profitability and operational efficiency.
AI user base increased fivefold in 2025, with major adoption among legal professionals; AI-powered workflow tools to launch in 2026.
Divestment of EHS completed, generating SEK 1.1 billion in proceeds, strengthening the balance sheet and enabling a SEK 500 million share buyback program.
Board proposes no dividend for 2026, focusing on buybacks and organic AI investments.
Financial highlights
Q4 net sales were SEK 665 million, with organic growth of 3.8% and online sales up 5% in local currency; currency effects and divestments impacted total growth.
Adjusted EBITDA/EBITA for Q4: SEK 172 million (26% margin); full-year adjusted EBITA up 14.9% to SEK 667 million, margin 25.3%.
Adjusted free cash flow in Q4: SEK 239 million; full year SEK 445 million.
Earnings per share (diluted): Q4 SEK 7.79; full year SEK 8.98.
Outlook and guidance
Common AI platform to be rolled out across all geographies by end of Q1 2026, with workflow tools launching in late June 2026.
Monetization of workflow tools likely to be seat-based, with pricing and packaging under review.
Financial targets: 4-6% organic annual growth (medium term), adjusted EBITA margin above 25%, leverage ratio ≤3.0.
Common AI platform's impact on new revenue
Region South's AI adoption vs. North
Long-term capital structure post-divestment
Monetization strategy for AI workflow tools
Karnov's strategy for AI seat compression risk?
North Region growth drivers beyond core legal
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Next Karnov Group earnings date
Q1 20266 May, 2026
Karnov Group
Next Karnov Group earnings date
Q1 20266 May, 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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