Kvartalsrapport Q1 2023

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Highlights  
 
Q1 Financial Highlights 
 
• Streaming revenue up 6% from Q1 2022 to 742 (699) MSEK, 9% excluding Russia 
• Group net sales increased by 7% from Q1 2022 to 796 (747) MSEK, 10% 
excluding Russia 
 
• Gross profit of 316 (288) MSEK, equaling a 39.6 margin (38.6) % 
 
• EBITDA of 30 (-149) MSEK equaling a margin of 3.8 (-19.9) % 
• Basic and diluted earnings per share amounted to -0.81 (-3.43) SEK 
• Cash flow from operations before changes in working capital amounted to  
18 (-135) MSEK  
 
• Operational cash flow amounted to -8 MSEK versus -122 MSEK 
 
Q1 Other Highlights 
• Anna Etzler appointed SVP Operations 
• Oleg Nesterenko appointed Chief Marketing Officer 
• Peter Messner appointed Chief Financial Officer  
• The Finnish audiobook service Suomalainen Plus merges its subscriber base  
with Storytel Finland 
 
Highlights after the End of the Quarter  
 
• Significant multi-year agreement with Bulgaria’s largest telco A1 Bulgaria. The deal makes Story-
tel part of exclusive selection of premium services on A1 Bulgaria’s platform, reaching more than 
4 million potential customers 
 
• Storytel Awards surpasses the milestone of 200,000 votes – audiobook fan  
engagement soaring to record levels 
 
• Storytel announced that the company will hold a Capital Markets Day on  
June 13, 2023

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3 
CEO-statement
Creating the foundation for sustainable and profitable growth 
The first quarter of 2023 saw continued progress in the execution of our profitable growth strategy as 
we extended our focus on improving operational and financial performance over time.   
The first quarter marked the fourth consecutive 
quarter of positive Group EBITDA. Storytel 
Streaming saw continued organic streaming rev-
enue growth, increased ARPU, strong subscriber 
engagement as well as stable churn levels. Lay-
ing the foundation for further profitable growth 
in 2023 and beyond, we continued to drive near-
term operational improvement programs across 
all parts of our business delivering progress with 
renegotiated and new signed Partnerships, im-
proved Content economics, and the introduction 
of new service tiers and price levels in the Nor-
dics. We are now in the final phase of complet-
ing our strategic plan and mid-term financial tar-
gets, which will be presented at our Capital Mar-
kets Day in Stockholm on June 13. 
 
Our financial development 
Streaming revenue excluding Russia increased 
by 9%, and amounted to 742 MSEK, driven by a 
solid performance in the Nordic region. ARPU 
grew with 6% to 121 SEK. Group Net Sales for 
the quarter grew 10% excluding Russia and to-
taled 796 MSEK. The gross margin was 39.6%, an 
increase by 1.0 percentage point versus the 
same quarter last year, and by 2.4 percentage 
points versus Q4 2022. The EBITDA margin im-
proved to 3.8%, compared to a negative margin 
of 4.4% in Q1 2022, adjusted for items affecting 
comparability last year. 
 
Cash flow from operations before changes in 
working capital generated a total of 18 (-135) 
MSEK and operational cash flow amounted to -8 
MSEK versus -122 MSEK last year. The improve-
ment was derived from the strategic shift to fo-
cus on profitable growth. 
 
Unlocking large untapped potential 
As a market leader in the Nordics and several 
other countries, we enjoy strong consumer 
trust, and our reputation is synonymous with 
quality. While we continue to grow our sub-
scriber base, we are increasingly focused on 
attracting and retaining the most valuable cus-
tomers with high levels of loyalty, high ARPU, 
and long lifetime value. 
 
In the context of this shift away from exclusively 
prioritizing growth of our subscriber base to cap-
ture a larger share of the sector’s value, we re-
cently completed the rollout of our new multi-
tiered product offering in Finland, Sweden and 
Denmark. With this, we’ve expanded our ad-
dressable market and provide an attractive op-
tion for every type of listener. Early indications 
from the launch are positive, and we’re encour-
aged by the impact on SAC, ARPU and Churn. 
Unlimited remains the most popular subscrip-
tion among customers in Sweden, Denmark and 
Finland. 
 
Promising start for the new  
Partnerships Team 
In the fourth quarter last year, we announced 
the formation of our new Partnerships team, 
which is dedicated to bringing more listeners 
through partners such as mobile app stores, 
OEMs, telcos, financial services and e-commerce 
players. This quarter saw the successful launch 
of our service on Google CarPlay and Apple 
CarPlay, in line with our target to make Storytel 
available on all relevant audio devices and plat-
forms popular with our customers. 
 
In the first quarter, we announced the agree-
ment with Suomalainen Plus, the audiobook op-
erations of the bookstore chain Suomalainen Kir-
jakauppa, merging its subscriber base with     
Storytel Finland. The agreement strengthens our 
position in the Finnish market. 
  
In April, we closed a significant multi-year agree-
ment with Bulgaria’s largest telco, A1 Bulgaria, a 
part of the A1 Group that currently has over 26 
million users across seven European countries. 
This agreement allows Storytel Bulgaria access 
to 4 million potential customers.

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4 
The Road to Success requires great  
Content 
Storyside, our internal audiobook publisher, con-
tinues to prove itself as a strong driver of sub-
scriber acquisition. During the quarter, almost 
12% of new Storytel subscribers in Sweden, Den-
mark and Finland selected a Storyside title as 
their first book for listening. We’ve recently 
completed the renegotiation of several of our 
largest content distribution agreements in our 
core markets, improving the cost efficiency of 
these contracts. To further decrease content 
cost is an important lever to grow our EBITDA 
over time.   
 
Near term guidance 
Our full-year guidance from February remains 
unchanged with organic streaming revenue 
growth in line with the previous year (excluding 
Audiobooks.com and Russia), an increased 
EBITDA margin (adjusted for last year’s items af-
fecting comparability) versus 2022 and at least a 
break-even operational cash flow (EBITDA – op-
erational capex). 
 
 
 
 
 
 
 
 
Finally, I want to take this opportunity to wel-
come all of you to Storytel’s Capital Markets 
Day, which will be held on June 13 in Stockholm, 
Sweden. At the event, we will provide an update 
on Storytel’s position and operations as well as 
our strategy and financial targets. 
 
I look forward to seeing you in June. 
 
Stockholm in May 
 
Johannes Larcher, CEO

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5 
Table 1: Key Performance Indicators 
TSEK Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 
Streaming Total1      
Revenue 698,599 704,454 742,426 742,283 742,081 
Revenue excl Russia 679,654 693,464 732,837 742,374 742,081 
Gross profit 283,868 278,554 307,463 304,594 317,067 
Gross margin 40.6% 39.5% 41.4% 41.0% 42.7% 
Avg. Paying Subscribers 2,051,000 2,031,000 2,064,000 2,036,000 2,041,000 
ARPU (SEK/month) 114 116 120 122 121 
      
Streaming Nordics1      
Revenue 458,555 469,390 492,765 498,336 496,630 
Gross profit 165,788 177,354 189,289 184,767 200,992 
Gross margin 36.2% 37.8% 38.4% 37.1% 40.5% 
Avg. Paying Subscribers 1,061,000 1,078,000 1,129,000 1,132,000 1,125,000 
ARPU (SEK/month) 144 145 145 147 147 
      
Streaming Non-Nordics      
Revenue 240,044 235,064 249,662 243,947 245,451 
Revenue excl Russia 221,099 224,074 240,073 244,038 245,451 
Gross profit 118,080 101,190 118,173 119,828 116,075 
Gross margin 49.2% 43.0% 47.3% 49.1% 47.3% 
Avg. Paying Subscribers 990,000 953,000 935,000 904,000 916,000 
ARPU (SEK/month) 81 82 89 90 89 
      
Books      
Revenue 149,305 156,999 147,199 193,069 130,083 
Gross profit 84,399 78,185 81,916 85,141 68,472 
Gross margin 56.5% 49.8% 55.6% 44.1% 52.6% 
      
Group total2      
Revenue 747,170 780,730 805,819 866,663 796,293 
Gross profit 288,498 290,363 311,907 322,377 315,501 
Gross margin 38.6% 37.2% 38.7% 37.2% 39.6% 
 
Revenue Growth YoY Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 
Streaming Total1      
Revenue 35.1% 29.2% 27.3% 22.7% 6.2% 
Revenue excl Russia 35.3% 31.0% 29.5% 27.0% 9.2% 
Revenue – CER 32.6% 25.6% 22.0% 16.6% 2.9% 
      
Streaming Nordics1      
Revenue 14.1% 10.9% 10.2% 8.6% 8.3% 
Revenue – CER 11.0% 8.5% 6.9% 4.8% 6.8% 
      
Streaming Non-Nordics      
Revenue 108.3% 92.5% 83.7% 67.0% 2.3% 
Revenue excl Russia 120.3% 111.6% 102.2% 94.5% 11.0% 
Revenue – CER 107.9% 85.1% 71.7% 53.5% -4.7% 
      
Books      
Revenue 19.3% 4.7% -18.3% -5.5% -12.9% 
Revenue – CER 17.8% 3.6% -19.4% -7.0% -14.6% 
 
1 Storytel Norway is included in the figures @ 100%.  
2 In the consolidated accounts, Norway is reported in accordance with the equity method. As a result, the Streaming revenue lis ted in Table 1 is higher than in the consoli-
dated statement of accounts in order to provide a more accurate figure for average revenue per subscriber. Please see Note 5 for additional details.

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6 
Developments during the quarter, Group 
Comparative figures pertain to Q1 2022 
Net sales  
Net sales for the period increased by 7% com-
pared to the comparative period and totaled 
796.3 (747.2) MSEK. This increase is primarily 
driven by solid growth in the Streaming segment 
across Storytel’s top markets, especially the Nor-
dic region, while the Books segment saw a de-
crease versus the last quarter due to seasonality. 
Average paying streaming subscribers increased 
by over 5,000 during the quarter and amounted 
to 2,041,000 with an average ARPU of 121 (114) 
SEK. The decrease in the subscriber base versus 
the same quarter last year is explained by an in-
tensified focus on quality and lifetime value.       
Gross profit 
Cost of sales for the period totaled -480.8           
(-458.7) MSEK. Gross profit amounted to 315.5 
(288.5) MSEK, which equals a gross margin of 
39.6% (38.6%). The gross margin increased by 1 
percentage point versus the same quarter last 
year, and by 2.4 percentage points versus the 
fourth quarter of 2022. The improvement was 
mainly explained by positive development from 
the streaming business in the Nordic region.  
EBITDA 
EBITDA for the period totaled 30.5 (-148.5) 
MSEK, which equals an EBITDA margin of 3.8%  
(-19.9%). The first quarter last year contained 
items affecting comparability of 116 MSEK,      
adjusted for this, the EBITDA last year amounted 
to -32.8 MSEK. The significant improvement is 
driven by the strategic shift to focus on profita-
ble growth. 
Operating profit 
Operating profit for the quarter totaled -48.0     
(-226.9) MSEK. The comparable quarter included 
items affecting comparability totaling -133.5 
MSEK. The improvement was to a large extent 
derived from the above outlined strategic shift 
to focus on profitable growth.  
Sales and marketing expenses decreased by 30% 
to -205.7 (-294.5) MSEK. The comparable quar-
ter included items affecting comparability total-
ing -19.5 MSEK.  
Technology and development expenses totaled -
69.5 (-96.3) MSEK, which includes continuous in-
vestments in the platform, striving to increase 
subscriber engagement. The comparable quarter 
included items affecting comparability totaling  
-43.3 MSEK. 
General and administrative expenses totaled       
-97.1 (-129.7) MSEK. The comparable quarter in-
cluded items affecting comparability totaling       
-59.7 MSEK. 
Group total Q1 2023 Q1 2022 
Net sales 796.3 747.2 
Cost of sales -480.8 -458.7 
Gross profit 315.5 288.5 
Selling and marketing  
expenses -205.7 -294.5 
Technology and development ex-
penses -69.5 -96.3 
Administrative expenses -97.1 -129.7 
Other operating income 5.3 6.0 
Profit from participations in asso-
ciates 3.5 -0.9 
Operating profit/loss -48.0 -226.9 
Net financial items  -16.2 -6.4 
Profit before tax -64.3 -233.3

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Net profit  
Profit before tax for the period amounted to       
-64.3 (-233.3) MSEK.  
 
Net financial items for the period totaled -16.2   
(-6.4) MSEK. The amount includes an 
unrealized negative FX effect from a USD de-
nominated commitment derived from the acqui-
sition of Audiobooks.com, amounting to -3.4 
MSEK. Excluding this, the underlying cost has in-
creased due to higher interest rates.  
 
Taxes for the quarter amounted to 2.5 (0.9) 
MSEK. 
 
Net profit for the quarter amounted to  
-61.7 (-232.5) MSEK. 
Earnings per share for the period totaled  
-0.81 (-3.43) SEK, before and after dilution. 
Cash flow 
Cash flow from operating activities before 
changes in working capital was 17.8 (-135.2) 
MSEK, with the improvement driven by the stra-
tegic shift to focus on profitable growth. The 
change in working capital was 3.9 (45.0) MSEK, 
resulting in cash flow from operating activities of 
21.7 (-90.2) MSEK for the period. Cash flow from 
investing activities was -47.8 (-950.7). Cash flow 
from financing activities was -212.3 (571.8) 
MSEK. Total cash flow for the period was -238.4 
(-469.1) MSEK.

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Other information  
Financial position, equity & liquidity (com-
pared to March 31, 2022) 
At the end of the period, the Group had 540.4 
(447.6) MSEK in cash and cash equivalents. The 
equity-to-asset ratio at the end of the period 
was 52.1% (42.3%).   
Total equity for the quarter was 2,122.3 
(1,705.7) MSEK. 
Non-current liabilities totaled 991.9 (888.7) 
MSEK. The company has a revolving credit facil-
ity (RCF) of 850 MSEK, of which 700 MSEK is uti-
lized, whereof 100 MSEK has been utilized in Q1, 
2023. Current liabilities amounted to 949.5 
(1,438.1) MSEK. A bridge loan facility of 500 
MSEK utilized in connection with the acquisition 
of Audiobooks.com has been replaced with a 
200 MSEK term loan during the quarter.  
Total available liquidity (cash and cash equiva-
lents and unutilized RCF) totalled 690.4 MSEK at 
the end of the period. 
Parent Company 
Storytel AB is the Group’s Parent Company and 
responsible for Group-wide management, ad-
ministration and financing. 
Net sales for the Parent Company amounted to 
8.8 (5.8) MSEK. Profit before tax amounted to -
5.2 (1.4) MSEK, and profit/loss for the period 
amounted to -5.2 (1.4) MSEK. Total equity 
amounted to 4,204.0 (3,821.6) MSEK. The con-
densed income statement and balance sheet for 
the Parent Company are presented on page 21. 
Investigation in Turkey 
The Turkish Competition Authority has notified 
Storytel Turkey Yayincilik Hizmetleri A.S. (“Story-
tel Turkey”) that it has opened an investigation 
into Storytel Turkey on the basis of a complaint 
from a third party in Turkey. Storytel is cooper-
ating with the Turkish Competition Authority, 
but it is too early to determine or predict the 
outcome of the investigation. 
Risks and uncertainty factors 
The Group is subject to significant risks and un-
certainties. As noted in the 2022 Annual Report, 
these factors include the prevailing economic 
and business environments in each of the 
Group’s markets; commercial risks related to ex-
pansion into new territories; political and legisla-
tive risks related to changes in rules and regula-
tions in the various territories in which the 
Group operates; exposure to foreign exchange 
rate movements; changes in the ability to access 
capital markets; and the emergence of new 
technologies and competitors. More recently, 
we have seen inflationary pressures that could 
affect the purchasing power of our consumers, 
and thus in the long term also their willingness 
and ability to remain as subscribers. Further-
more, given the developments in Ukraine, Story-
tel announced in the first quarter of 2022 its in-
tention to pause its operations in Russia. This 
has been implemented, and the operations were 
phased out during the third quarter of 2022. As 
of March 31, 2022, there is no significant bal-
ance sheet exposure related to Russia.

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9 
Guidance  
Storytel’s full-year guidance from  
February remains unchanged:  
• Organic streaming revenue growth in  
line with previous year  
(excluding Audiobooks.com and Russia) 
 
• Increased EBITDA margin  
(adjusted for items affecting comparability)  
versus 2022  
 
• At least a break-even operational cash flow  
(EBITDA - operational capex).

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10 
Financial Statements Summary 
Group 
Condensed Income Statement 
 
TSEK  Q1 2023 Q1 2022  Q1–Q4 2022 
Net sales  796,293 747,170 3,200,382 
Cost of sales  -480,792 -458,672 -1,987,237 
Gross profit  315,501 288,498 1,213,145 
     
Sales and marketing expenses  -205,725 -294,480 -942,799 
Technology and development expenses  -69,465 -96,342 -322,699 
General and administrative expenses  -97,144 -129,684 -370,020 
Other operating income  5,335 5,958 34,424 
Result from participations in associates  3,450 -869 -1,070 
Operating profit/loss  -48,048 -226,919 -389,019 
     
Net financial items  -16,223 -6,413 5,347 
Profit/loss before taxes  -64,271 -233,332 -383,672 
     
Tax  2,530 876 3,402 
Profit/loss for the period  -61,741 -232,456 -380,270 
 
Profit for the period attributable to:  
 
 
Parent Company shareholder 
 
 
 
 
 
-62,789 
 
 
 
-233,940 
 
 
 
-382,957 
Non-controlling interest  1,048 1,484 2,687 
     
 
Earnings per share, SEK     
Group total, basic  -0.81 -3.43 -5.51 
Group total, diluted  -0.81 -3.43 -5.51 
     
Statement of comprehensive income     
Profit/loss for the period, after tax  -61,741 -232,456 -380,270 
     
Other comprehensive income     
Items that will be reclassified to profit/loss 
(after tax)     
Translation difference  -9,034 17,370 160,132 
Items that will not be reclassified to 
profit/loss (after tax)     
Revaluation of defined-benefit pension 
plans  -3,483 - 106,538 
Revaluation of hedging instruments   - 8,580 8,580 
     
Total other comprehensive income for the 
period, after tax  -12,517 25,950 275,250 
     
Total comprehensive income for the pe-
riod, after tax  -74,258 -206,506 -105,020

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Total comprehensive income for the pe-
riod attributable to:      
Parent Company shareholder  -75,306 -207,990 -107,707 
Non-controlling interest  1,048 1,484 2,687 
 
Group 
Condensed Consolidated Statement of Financial Position 
 
TSEK 3/31/2023 3/31/2022 12/31/2022 
Intangible assets 2,583,751 2,537,076 2,622,416 
Tangible assets 26,981 29,954 28,990 
Right-of-use assets 115,459 122,350 112,355 
Non-current financial assets 75,123 93,642 87,690 
Inventory 103,443 82,968 102,107 
Current receivables 618,497 718,905 658,581 
Cash and cash equivalents 540,432 447,627 776,341 
Total assets 4,063,686 4,032,522 4,388,480 
    
Equity 2,122,316 1,705,678 2,192,950 
Non-current liabilities 991,883 888,707 866,369 
Current liabilities 949,487 1,438,136 1,329,161 
Total equity and liabilities 4,063,686 4,032,522 4,388,480

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12  
 
Condensed Statement of Changes in Equity 
 
 TSEK Q1 2023 Q1 2022 Q1–Q4 2022 
Opening equity for the period 2,192,950 1,910,603 1,910,603 
Profit/loss for the period -61,741 -232,456 -380,270 
Non-controlling interest  - - -6,449 
Other total comprehensive income for the year:    
Translation difference -9,034 17,370 162,820 
Revaluation of defined-benefit pension plans  -3,483 - 106,538 
Hedge accounting  - 8,580 8,580 
Transfer of cash flow hedge to business  
combinations - 1,451 1,451 
Transactions with owners:    
Share issue -1,074 - 391,068 
Share based incentive programs 4,698 129 -1,391 
    
Closing equity for the period 2,122,316 1,705,678 2,192,950 
 
Group 
Condensed Cash Flow Statement 
 
TSEK Q1 2023 Q1 2022 Q1-Q4 2022 
Profit/loss after financial items -64,271 -233,332 -383,672 
Where of interest paid -14,438 -8,822 -28,761 
Adjustments for non-cash items 84,245 101,010 288,614 
Taxes paid -2,207 -2,853 -22,517 
Cash flow from operations before changes in work-
ing capital 17,767 -135,175 -117,575 
    
Change in working capital 3,905 44,996 17,130 
Cash flow from operating activities 21,672 -90,179 -100,445 
    
Cash flow from investing activities -47,809 -950,680 -1,141,390 
Cash flow from financing activities -212,281 571,758 1,085,350 
Cash flow for the period -238,418 -469,101 -156,485 
    
Available funds at the beginning of period 776,341 905,882 905,882 
Cash flow for the period -238,418 -469,101 -156,485 
Translation differences in available funds 2,509 10,846 26,944 
Available funds at end of period 540,432 447,627 776,341

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13  
 
Note 1 Accounting and Valuation Principles 
This interim report includes the Swedish Parent Company Storytel AB (publ), CIN 556575-2960, and its 
subsidiaries. Storytel is one of the world's largest streaming services for audiobooks and e-books and has 
more than 700,000 titles in the service globally. Our vision is to make the world a more empathetic and 
creative place through fantastic stories that can be shared and appreciated by anyone, anywhere and at 
any time. The Streaming operations within Storytel Group take place under the brands Storytel, Mofibo 
and Audiobooks.com. The publishing business is managed by Storytel Books and the audiobook publisher 
Storyside. Storytel Group is present in over 25 markets. The Parent Company is a limited liability company 
with its registered office in Stockholm, Sweden. The address of the head office is Tryckerigatan 4, 111 28 
Stockholm, Sweden.  
Storytel applies the International Financial Reporting Standards (IFRS) as they have been adopted by the 
EU. This consolidated interim report was prepared in accordance with IAS 34 Interim Financial Reporting, 
recommendation RFR 1 issued by the Swedish Financial Reporting Board, and the Annual Accounts Act 
(1995:1554), where applicable.   
The interim report for the Parent Company was prepared in accordance with Chapter 9 of the Annual Ac-
counts Act (Interim Report) and recommendation RFR 2 issued by the Swedish Financial Reporting Board. 
The same accounting principles, bases for calculation and assessments were applied to the Group and the 
Parent Company as in the most recent annual report. A detailed description of the Group’s other applied 
accounting principles and new and pending standards is included in the most recently published Annual 
Report. During 2022, Turkey was defined as a hyperinflationary economy and as such the Group applies 
IAS 29 related to its entity in Turkey. 
There are no new IFRS standards or amendments of existing IFRS standards during 2023 that have had a 
material impact on the performance and financial position of Storytel. Disclosures pursuant to IAS 34.16A 
are also presented in the financial statements and related notes in the interim disclosures on pages 10-12, 
which is an integral part of this financial statement. 
All amounts in this statement are stated in thousands of Swedish krona (TSEK) unless otherwise specified. 
Differences in rounding may occur.

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14  
 
Note 2 Significant estimates and judgements 
When preparing the financial statements, the company’s management and the Board must make certain 
assessments and assumptions that affect the carrying amounts of asset and liability items and income and 
expense items, respectively, as well as other information provided. The assessments are based on experi-
ences and assumptions that the management and the Board deem to be reasonable given the prevailing 
circumstances. Actual outcome may then differ from these assessments if other conditions arise. The esti-
mates and assumptions are evaluated on an ongoing basis and are not considered to entail any material 
risk of significant adjustments in the reported values of assets and liabilities during subsequent periods. 
Changes in estimates are reported in the period in which the change is made if the change has only af-
fected this period, or in the period in which the change is made and future periods if the change affects 
both the current period and future periods. For other significant estimates and judgements, please refer 
to the most recent annual report.  
 
Note 3 Definitions and key ratios including  
alternative performance measures 
Storytel reports a number of different items and financial key ratios in its consolidated financial state-
ments. The key ratios aim to make it easier for investors and other stakeholders to analyze and under-
stand Storytel's operations and development in the same way that the business and its development are 
monitored by management. Of these measures, some are defined in IFRS, while others are defined in nei-
ther the financial framework nor other legislation. For key ratios that are not defined in IFRS, this report 
presents their purpose and how they relate to the financial statements presented in accordance with 
IFRS. For definitions of financial measures and key ratios used, please see below. 
 
 
Note 4 Transactions with related parties 
In general, there were no significant changes in the scope or type of transactions with related parties to 
the Group other than those presented in the most recent Annual Report. Transactions with associated 
companies take place on market terms.

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15  
 
Note 5 Business segments 
The Group, for accounting and follow-up, has divided its operations into three segments: Streaming Nor-
dics, Streaming Non-Nordics and Books. The division is based partly on the type of business conducted 
(Streaming versus Books) and the geographical division for the streaming business (Nordics versus Non-
Nordics). The acquired company Audiobooks.com is included in the business segment Streaming Non- 
Nordics.  
 
Jan-Mar 2023 Streaming 
Nordics 
Streaming Non-
Nordics Books Total  
segment 
Group-wide 
items and 
eliminations 
Other  
adjustments 
Group to-
tal 
Revenue from external 
customers 
 
496,630 
 
245,451 
 
130,083 
 
872,163 
 
-90,555 
 
14,684 
 
796,293 
Internal revenue - - 48,062 48,062 -48,062 - - 
Cost of sales -295,638 -129,375 -109,672 -534,685 58,305 -4,411 -480,792 
Gross profit 200,992 116,075 68,472 385,540 -80,312 10,273 315,501 
 
The costs listed under Gross profit are not allocated to segments but are reported for the Group as a 
whole. Internal revenue for the Books segment that relates to sales from streaming is already included as 
a cost reduction in the segment reporting for the Streaming segments. Revenue and Cost of sales from 
Storytel AS are included in the Streaming Nordics segment. These are subsequently eliminated in the col-
umn Group-wide items and eliminations, and the license fee from Storytel AS is also added back.

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16  
 
Group total Jan-Mar 2023 
Gross profit 315,501 
Selling and marketing expenses -205,725 
Technology and development expenses -69,465 
Administrative expenses -97,144 
Other operating income 5,335 
Profit from participations in associates 3,450 
Operating profit/loss -48,048 
Net financial items -16,223 
Profit/loss before tax -64,271 
 
 
The costs listed under Gross profit are not allocated to segments but are reported for the Group as a 
whole. Internal revenue for the Books segment, which relates to sales from streaming, is already included 
as a cost reduction in the segment reporting for the Streaming segments. Revenue and Cost of sales for 
Storytel AS are included in the Streaming Nordics segment. These are subsequently eliminated in the col-
umn for Group-wide items and eliminations, and the license fee from Storytel AS is also added back. 
 
Group total Jan-Mar 2022 
Gross profit 288,498 
Selling and marketing expenses -294,480 
Technology and development expenses -96,342 
Administrative expenses -129,684 
Other operating income 5,958 
Profit from participations in associates -869 
Operating profit/loss -226,919 
Net financial items -6,413 
Profit/loss before tax -233,332 
Jan-Mar 2022 Streaming 
Nordics 
Streaming Non-
Nordics Books Total  
segment 
Group-wide 
items and 
eliminations 
Other  
adjustments 
Group to-
tal 
Revenue from  
external customers 458,555 240,044 149,305 847,904 -87,603 -13,131 747,170 
Internal revenue - - 38,108 38,108 - 38,108 - - 
Cost of sales -292,767 -121,964 -103,014 -517,745 66,884 -7,811 -458,672 
Gross profit 165,788 118,080 84,399 368,267 -58,827 -20,942 288,498

===== SIDA 17 =====

17  
 
Note 6 Revenue from contracts with customers 
Jan-Mar 2023 Books Streaming Other Group total  
Type of product or service     
Revenue from subscriptions of streaming service - 651,526 - 651,526 
Revenue from publishing activities 130,083 - - 130,083 
Other - - 14,684 14,684 
Revenue from contracts with customers 130,083 651,526 14,684 796,293 
 
 
 
  
Jan-Mar 2022 Books Streaming Other Group total  
Type of product or service     
Revenue from subscriptions of streaming service - 591,630 - 591,630 
Revenue from publishing activities 149,305 - - 149,305 
Other - - 6,235 6,235 
Revenue from contracts with customers 149,305 591,630 6,235 747,170

===== SIDA 18 =====

18  
 
Note 7 Financial instruments 
Valuation hierarchy  
The levels of the valuation hierarchy are described as follows:  
Level 1 – Listed prices (unadjusted) in active markets for identical assets and liabilities.  
Level 2 – Observable input data for the asset or liability other than quoted prices included in Level 1,       
either directly (i.e., price quotations) or indirectly (i.e., derived from price quotations).   
Level 3 - Asset or liability input data that is not based on observable market data (i.e., non-observable in-
put data).  
Acquisition option  
Storytel's acquisition option refers to the future acquisition of the remaining 10,2 % shares in Earselect 
AB, which will result in an additional transferred consideration of 8,237 TSEK, after the consideration paid 
in the quarter, see note 8. The acquisition option is reported at fair value in the statement of financial po-
sition, measured in accordance with IFRS 9 and categorized in accordance with Level 3 of the IFRS 13 fair 
value hierarchy. Since the price of the option is not dependent on any conditions beyond the time aspect, 
and since the discounting effect attributable to the time value at the time of acquisition was insignificant, 
no discounting has taken place, and the carrying amount is considered to correspond to the fair value of 
the acquisition option.  
Contingent consideration  
The contingent consideration related to the acquisition of Aula is reported at fair value in accordance with 
Level 3 of the valuation hierarchy. The fair value is estimated by using a valuation model that discounts 
the present value of expected outgoing cash flows by a risk-adjusted discount rate. Expected cash flows 
are determined using probable scenarios based on expected financial outcome and future financial fore-
casts. The most significant input factors used to measure fair value are the risk-adjusted discount rate of 
12.6% and the forecast future development of profitability, growth in net sales, and the level of digital 
sales. Given that the contingent additional consideration at the balance sheet date can amount to at the 
most TSEK 761 no changes in input factors are judged to result in any material impact on the fair value of 
the item in the balance sheet or income. During the period, unrealized gains or losses for the contingent 
consideration held as at the balance sheet date are not material. This amount is included in other operat-
ing expenses in the consolidated statement of income. The discounting effect is recognized in net financial 
income.   
 
 
Financial liabilities valued at fair value Jan-Mar 2023 Jan-Mar 2022 Jan-Dec 2022 
Opening balance  13,124 23,095 23,095 
Consideration paid -4,275 - - 
Change in value recognized in profit/loss - - 48 
Change in value recognized in OCI - financial derivative - -8,580 -8,580 
Transfer of cash flow hedge to business combinations - -1,451 -1,451 
Closing balance  8,849 13,064 13,124

===== SIDA 19 =====

19  
 
Other receivables and liabilities  
For current receivables and liabilities, such as accounts receivable and trade payables, and for non-current 
liabilities with variable interest rates, the carrying amount is considered to be a good approximation of 
the fair value.

===== SIDA 20 =====

20  
 
Note 8 Business combinations 
The purchase price allocation for Audiobooks.com, acquired in January 2022, has now been finalied. No 
adjustment has been made in the period.  
A consideration for Storytel’s acquisition option in Earselect has been paid during the quarter with 4,275 
TSEK.

===== SIDA 21 =====

21  
 
Parent Company 
Condensed Income Statement 
 
TSEK Q1 2023 Q1 2022 Q1-Q4 2022 
Net sales 8,820 5,845 43,096 
Cost of revenue - - - 
Gross profit 8,820 5,845 43,096 
    
    
Administrative expenses -8,000 -13,384 -54,223 
Other operating income - - 224 
Profit from participation in group  
company - - 15,608 
Operating profit 820 -7,539 4,705 
    
    
Net financial items -5,999 8,919 -5,258 
Profit/loss before taxes -5,179 1,380 -553 
    
    
Tax - - -1,437 
Profit/loss for period -5,179 1,380 -1,990 
    
Parent Company´s condensed  
statement of comprehensive income  
 
Profit for the period 
Other comprehensive income, after tax 
 
-5,179 1,380 -1,990 
 
Total comprehensive income for  
the period 
 
-5,179 1,380 -1,990 
 
Condensed Balance Sheet 
 
TSEK 31 Mar 2023 31 Mar 2022 31 Dec 2022 
Non-current financial assets 4,848,935 4,048,445 4,848,935 
Current receivables 211,143 655,918 228,412 
Cash and cash equivalents  197,432 82,001 365,813 
Total assets 5,257,510 4,786,364 5,443,160 
    
    
Equity  4,203,990 3,821,603 4,210,537 
Non-current liabilities 748,416 447,933 598,416 
Current liabilities 305,104 516,828 634,207 
Total equity and liabilities 5,257,510 4,786,364 5,443,160

===== SIDA 22 =====

22  
 
Number of shares and share capital as of March 31, 2023 
There were 77,073,120 (68,281,911) registered shares in issuance at the end of the period, divided be-
tween 635 Class A shares and 77,072,485 Class B shares. Share capital totaled 38,536,560 (34,140,956) 
SEK as of Dec 31, 2022. There were 73,002,135 registered shares on average in Q4 2022 divided between 
635 Class A shares and 73,001,500 Class B shares. The shareholder structure is presented at investors.sto-
rytel.com.  
Auditor's review 
This Q1 report has not been reviewed by the auditors of the company. 
Information about Nasdaq First North Growth Market 
Nasdaq First North Growth Market (“First North”) is an alternative marketplace operated by the constitu-
ent exchanges of Nasdaq Stockholm. It does not have the same legal status as a regulated marketplace. 
Companies quoted on First North are subject to First North’s rules rather than the legal requirements set 
for trading on a regulated marketplace. An investment in a company trading on First North implies higher 
risk than an investment in a listed company. Companies must apply to the exchange and gain approval 
before trading on First North may commence. A Certified Adviser guides the company through the listing 
process and ensures that the company continuously satisfies First North’s standards. Information about 
Nasdaq First North Growth Market. 
 
Financial calendar 
Annual General Meeting 2023  May 4, 2023 
Capital Markets Day  June 13, 2023 
Interim Report January–June 2023 August 1, 2023 
Interim Report January–September 2023 October 31, 2023 
Year-End Report January–December 2023 February 15, 2024

===== SIDA 23 =====

23  
 
Definitions and key ratios including alternative  
performance measures 
Net sales Operating main income, invoiced costs, incidental revenue and revenue 
adjustments. 
Net sales growth rate, % Net sales for the current year divided by the previous year’s net sales. 
Net sales growth rate, %, 
CER 
Net sales for the current year divided by the previous year’s net sales 
where the current year’s net sales are calculated at the exchange rates 
prevailing in the previous year. 
Gross profit Profit after cost of sales.  
Gross profit % Operating profit as a percentage of net sales. 
Gross margin Operating profit as a percentage of net sales.  
Operating profit (EBIT) Profit before interest and tax. 
Operating margin (EBIT mar-
gin) 
Operating profit as a percentage of net sales.  
Profit/loss before taxes Profit after financial income and expenses, before tax. 
Profit margin (%) Profit after tax as a percentage of net sales. 
Equity-to-assets ratio (%) Adjusted equity (equity and untaxed reserves less deferred tax, includ-
ing non-controlling interests) as a percentage of the balance sheet total. 
Equity The net assets of the business, i.e., the difference between assets and 
liabilities, including non-controlling interests. 
Balance sheet total The company’s total assets. 
FTE Full-Time Equivalents. 
Number of employees Average number of employees during the financial year. 
ARPU Average Revenue Per User (subscriber) per month. 
Average paying  
subscribers 
The average number of paying Storytel subscribers during the quarter. 
For Family subscriptions, each standard stream (not so-called Kids 
Mode) is considered one paying subscriber. 
CER Constant Exchange Rates. 
EBITDA Earnings before interest, taxes, depreciation and amortization. 
EBITDA margin EBITDA as percentage of Net Sales. 
Equity-to-asset ratio Adjusted equity (equity including non-controlling interest and untaxed 
reserves less deferred tax) as a percentage of the balance sheet total. 
Revenue – Books  
(Table 1) 
Physical books and digital sales through channels other than Storytel. 
Internal revenue from Storytel has been eliminated. All publishing

===== SIDA 24 =====

24  
 
houses in the Group, both those located in Sweden and those located 
internationally, are included.  
Revenue – Streaming        
(Table 1) 
ARPU * Paying Subscribers. 
Items affecting  
comparability (IAC) 
Items affecting comparability include certain items of a significant char-
acter that distort comparisons over time. These have been defined as: 
• Costs in connection with acquisitions 
• Restructuring costs 
• Costs related to operationalizing the pause and eventual wind 
down in Russia

===== SIDA 25 =====

25  
 
This information is information that Storytel AB (publ) is obliged to make public pursuant to the EU Mar-
ket Abuse Regulation. The information was submitted for publication at 8:00 a.m. CEST on May 3, 2023. 
 
Stockholm, May 3, 2023 
Johannes Larcher 
CEO

===== SIDA 26 =====

26  
 
Contacts 
Storytel AB (publicly traded) 
 
• Mailing address: Box 24167, 104 51 Stockholm 
• Office: Tryckerigatan 4/Norra Riddarholmshamnen 1, 111 28 Stockholm 
• CIN: 556575-2960 
• Email: investorrelations@storytel.com 
• Website: www.storytel.com, https://investors.storytel.com 
 
For more information, please contact: 
Niklas Alm, Head of Investor Relations 
Cell: +46 70 824 40 88 
Email: niklas.alm@storytel.com 
 
Dan Panas, Senior Director Corporate Communications 
Cell: +46 70 186 52 90 
Email: dan.panas@storytel.com