Sweden's Karnov reports Q4 organic growth of 3.8% on user growth

Karnov AB (publ)

11/02/2026 06:53

Overview

Sweden legal solutions provider's Q4 organic growth was 3.8%, despite overall sales decline

Adjusted EBITA margin improved to 25.9% due to cost savings and product mix

Company plans to increase share buyback program to 10% of shares

Outlook

Karnov plans to expand AI-based legal workflows later this year

Company to increase share buy-back mandate from 5% to 10%

Karnov proposes no dividend for AGM on 7 May 2026

Result Drivers

AI ADOPTION - Strong online sales growth in Region North driven by increased adoption of AI solutions and user growth, especially in the public sector

COST SAVINGS - Improved adjusted EBITA margin attributed to cost-saving initiatives and beneficial product mix

CASH FLOW - Strong cash flow from renewals of annual online subscriptions in Region North

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q4 Adjusted EPS
SEK 7.79
Q4 Net Income
SEK 842 mln
Q4 Adjusted EBITA
SEK 172 mln
Q4 Adjusted EBITA Margin
25.90%
Q4 Organic Growth
3.80%


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

The average consensus recommendation for the professional information services peer group is "buy"

Wall Street's median 12-month price target for Karnov Group AB (publ) is SEK125.00, about 63.6% above its February 10 closing price of SEK76.40

The stock recently traded at 21 times the next 12-month earnings vs. a P/E of 36 three months ago

Press Release: ID:nWkrdNw8W

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)