Karnov Group AB (publ)
STO:KAR

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Karnov Group AB (publ) Logo
Karnov Group AB (publ)
STO:KAR
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Price: 99.3 SEK 0.3%
Market Cap: 10.7B SEK

Karnov Group AB (publ)
Investor Relations

Karnov Group AB engages in the provision of information in the areas of legal; tax and accounting; and environmental, health and safety. The company is headquartered in Stockholm, Stockholm and currently employs 297 full-time employees. The company went IPO on 2019-04-11. The firm specializes in the areas of legal, tax and accounting, and environmental, health and safety. The company provides a range of products and services through its portfolio of brands to public and private customers, such as different kind of firms, courts, universities, public authorities and municipalities, among others. The company operates across two main segments: Online sales and Offline sales and services. The Online sales segment provides subscription-based digital solutions and support. The Offline sales and services segment publishes and sells printed books and journals and hosts legal training courses.

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Last Earnings Call
Fiscal Period
Q3 2025
Call Date
Nov 12, 2025
AI Summary
Q3 2025

Revenue Growth: Net sales grew to SEK 654 million in Q3, with 4% organic growth and ongoing momentum in AI-supported services.

Margin Expansion: Adjusted EBITA margin improved to 26%, up 4 percentage points from last year, with both Region North and Region South contributing.

AI Traction: Strong uptake and positive customer feedback for AI solutions, with AI sales materially contributing to growth and expected to accelerate.

Segment Performance: Region North saw organic growth of 8.1%, while Region South experienced a slight organic sales decline but improved margins.

Divestitures: The EHS division was divested for approximately SEK 1 billion, and the Spanish training business was also sold, supporting the focus on profitable growth.

Synergy & Cost Savings: Achieved almost EUR 20 million in annual run rate synergies, ahead of the planned EUR 20 million target by end of 2026.

Leverage: Leverage stood at 2.5x EBITA, well below the company’s financial target.

Key Financials
Net Sales
SEK 654 million
Organic Growth
4%
Adjusted EBITA
SEK 172 million
Adjusted EBITA Margin
26%
Leverage
2.5x EBITA
Region North Organic Growth
8.1%
Region North Adjusted EBITA
SEK 158 million
Region North Adjusted EBITA Margin
46.1%
Region South Net Sales Change
Declined by SEK 40 million compared to Q3 last year
Region South Adjusted EBITA Margin
12%
Annual Run Rate Synergies
EUR 19.6 million
Adjusted Free Cash Flow
minus SEK 36 million
Last 12 Months Group Net Sales Growth
5%
Earnings Call Recording
Other Earnings Calls

Management

Mr. Pontus Bodelsson
Group CEO & President
No Bio Available
Mr. Magnus Hansson
Chief Financial Officer
No Bio Available
Jan Ullerup
Group Chief Technology Officer
No Bio Available
Mr. Erik Berggren
Head of Investor Relations & Board Secretary
No Bio Available
Ms. Charlotte Arup
Group Chief Human Resources Officer
No Bio Available
Ms. Anne Nørvang Hansen
Group Head of Content Strategy & Quality
No Bio Available
Ms. Alexandra Åquist
Chief Executive Officer of Region North (Denmark and Sweden)
No Bio Available
Mr. Niels Munk Hansen
Chief Strategic Development Officer
No Bio Available
Jonathan Minzari
Chief Emerging Ventures and M&A Officer
No Bio Available
Guillaume Deroubaix
Chief Executive Officer of Region South (France, Spain, Portugal)
No Bio Available

Contacts

Address
STOCKHOLM
Stockholm
Warfvinges vag 39
Contacts
+46858767000.0
www.karnovgroup.com