Kvartalsrapport Q1 2025

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===== SIDA 1 =====

–*) 
 “The first quarter delivered solid financial results, reflecting strong mo  mentum across 
 both our Streaming and Publishing segments” 
 Highlights 
 Unless otherwise specified, numbers are for Q1 2025 and are compared to Q1 2024 
 ●  Group revenue up 7% to 953 (892) MSEK, and equals 7% at constant exchange rates (CER). 
 ●  Streaming revenue up 6% and  Publishing revenue up  16%. 
 ●  Gross profit up 12% to 423 (378) MSEK, equaling a margin of 44.4% (42.4%). 
 ●  Adjusted EBITDA increased by 44% to 150 (104) MSEK, equaling a margin of 15.7% (11.7%). 
 ●  Items Affecting Comparability (IACs) of -15 (-55) MSEK, fully related to long term incentive programs 
 and not affecting cash flow 
 ●  Net profit for the period amounted to 19 (-23) MSEK. 
 ●  Earnings per share, before and after dilution, amounted to 0.20 (-0.32) SEK 
 ●  The Board of Directors of Storytel Group proposes to the Annual General Meeting a one-off dividend of 
 SEK 1.00 per share. 
 ●  In the quarter, Storytel Group acquired a majority stake in the Swedish publisher Bokfabriken. Following 
 a dialogue with the Swedish Competition Authority (SCA) in February, Storytel has decided to 
 voluntarily give the SCA an opportunity to review the transaction, even though there was no obligation 
 to do so. 
 Financial summary 
 MSEK  Q1 2025  Q1 2024  Change 
 Group Revenue¹  953  892  7% 
 Streaming Revenue²  862  812  6% 
 Publishing Revenue³  283  245  16% 
 Gross profit  423  378  12% 
 Gross margin %  44.4  42.4  2.0p 
 Operating profit  55  -24  n.a 
 Adjusted EBITDA  150  104  44% 
 Adjusted EBITDA margin %  15.7  11.7  4.0p 
 EBITDA  135  51  164% 
 Earnings per share, basic (SEK)  0.20  -0.32  n.a 
 Earnings per share, diluted (SEK)  0.20  -0.32  n.a 
 Cash flow from operations before changes in 
 working capital  88  28  214% 
 Cash flow for the period  -73  -97  -25% 
 Net Interest-Bearing Debt (NIBD)  116  348  -67% 
 NIBD/adjusted EBITDA ratio  0.18  0.99  -82% 
 ¹ The adjustments from segment level to group level are 1) Removing Storytel Norway at 50%, 2) 
 Removing internal publishing revenue from Net Sales and adding internal publishing revenue as 
 cost reduction within Cost of Sales, 3) Costs related to central group overhead functions 4) Adding 
 result from Norway in accordance with the equity method. See Note 5 to the financial statements for 
 additional details. 
 ² Streaming revenue includes 50% of Storytel Norway’s revenue in line with Storytels ownership. 
 ³ Publishing revenue includes both external and group-internal revenue.

===== SIDA 2 =====

CEO Statement 
 “The first quarter delivered solid financial 
 results, reflecting strong momentum across 
 both our Streaming and Publishing 
 segments” 
 As we celebrate 20 years of leading innovation in 
 storytelling, I am pleased to share that Storytel Group 
 has entered 2025 with strong momentum for our first 
 quarter based upon over 2.5 million paying streaming 
 subscribers and a very strong start for our publishing 
 segment. 
 Solid operational performance 
 The first quarter delivered robust financial results, 
 reflecting strong progress across both our Streaming 
 and Publishing segments. The Publishing segment 
 achieved remarkable sales growth, driven by strong performance in both external and internal channels. 
 Combined with continued advancements in Streaming, this highlights the strength of our business model 
 and reinforces our positive outlook for the remainder of the year. 
 Group net sales increased by 7 percent year-over-year to 953 MSEK, with our Publishing segment and the 
 Non-Nordic core region, within the Streaming segment, making a particularly strong contribution to the sales 
 increase. Gross margin increased further in the quarter, supported by a higher share of cost-efficient 
 content. 
 Adjusted EBITDA increased by 44 percent to 150 MSEK in the first quarter, reaching a margin of 15.7 
 percent. The improvement is driven by the increased gross margin, further realization of cost synergies and 
 strong cost discipline. Items Affecting Comparability (IACs) amounted to -15 MSEK in the quarter and solely 
 relates to long term incentive programs (LTIP) not affecting cash flow. Cash flow from operations before 
 changes in working capital more than doubled year-over-year to 88 MSEK in the quarter, driven by the 
 higher profitability. 
 Surpassing 2.5 million subscribers 
 This quarter, Storytel  reached a new milestone  , surpassing  2.5 million paying subscribers and the 
 Streaming segment expanded its subscriber base by 11 percent year-on-year. We have successfully 
 lowered our Subscriber Acquisition Cost (SAC) compared to the same period last year, mainly due to our 
 targeted audience segmentation and a compelling catalogue of titles. 
 Our Non-Nordic Core region  has delivered substantially  strong growth, with revenue increasing by 18 
 percent year-over-year. It was one of the most successful quarters for subscriber acquisition in the region, 
 with 16 percent subscriber growth and slightly higher ARPU. The performance is attributed to significant 
 market expansion and the positive reception of our localized winter promotions. Furthermore, we've 
 observed healthy progress in brand metrics and audiobook awareness throughout the region. 
 Audiobooks.com  also continues to drive healthy growth  and is on track with the Q1 subscriber increase of 
 5 percent year-over-year. During the first quarter, engagement from our US customers reached record high 
 levels, with 3.2 million hours of audiobooks consumed. 
 2

===== SIDA 3 =====

Overall our further improved marketing efficiency, which focuses on enhancing acquisition quality, boosting 
 subscriber engagement, and optimizing retention and win-back programs, have directly led to a marked 
 decrease in global churn compared to the same period last year. 
 Compelling content driving publishing growth 
 The  Publishing segment had a very strong start  to  the year, with 16 percent year-over-year revenue 
 growth, reaching a total of 283 MSEK in the first quarter. On the Storytel platform, Danish and Swedish 
 crime sensations, Nis Jakob and Mikael Ressem, respectively generated high levels of audience 
 engagement.  Handbok för superhjältar  topped the Swedish  bestseller list in both January and February. 
 Additionally, strong backlist sales from the February bookstore sale in Sweden significantly increased 
 physical sales for the quarter. 
 We proudly recognize authors and narrators by hosting Storytel Awards.  This year, we hosted 
 ceremonies in Stockholm, Helsinki, Copenhagen, Oslo, Reykjavik, and Amsterdam -  honoring the most 
 loved storytellers  by the Storytel audience, continuing  to drive author engagement and celebrate their 
 success. 
 In today's publishing landscape, authors are increasingly aware of the importance of reaching readers 
 through both digital and print formats. Storytel Group is strategically well positioned to facilitate this 
 multi-format growth through seamless integration of streaming and publishing. The acquisition of Mari 
 Jungstedt's catalog and upcoming series perfectly exemplifies this approach. With Norstedts publishing 
 Jungstedt’s print books and Storytel producing audio originals, we’re creating a strong synergy that not only 
 expands her readership but also brings her stories to an even wider audience through audio and ebooks. 
 Looking ahead, we are confident in our strategic investments in premium content, such as acquiring a 
 majority stake in Bokfabriken, a leading Swedish publisher in the audio segment, in late January. The 
 acquisition further strengthens our content offering with a proven catalogue of commercially successful titles 
 that resonate well with the Storytel audience. Additionally, Norstedts förlag will publish Fredrik Backman's 
 forthcoming book,  Mina vänner  . Backman's international  success, with translations into over 40 languages 
 and film adaptations, demonstrates the potential of this authorship. 
 Elevated user experience 
 This past quarter, we introduced a new  in-app reading  experience.  This update delivers a more seamless 
 interaction of the reading and listening experience, a feature we note as particularly valuable to our users 
 and customers in key European markets. 
 Our customers can now enjoy an even more relevant and  intuitive content discovery 
 experience  .Through advancements in our personalization  algorithms, our users are now receiving an even 
 more relevant range of recommendations. This is further supported by expert editorial curation, ensuring our 
 customers can smoothly discover new and captivating content. 
 AI is a core component of our dedication to innovation and user experience. We are continuing to expand 
 our AI narrator options to give users greater choice and control over their listening experience. The Voice 
 Switcher feature, which allows users to seamlessly switch between different AI narrators, has been 
 enthusiastically received and we further scaled this feature across the Nordic markets during the quarter. 
 AI will remain a key focus  for us moving forward,  as we believe it can enhance our service and customer 
 experience, while improving efficiency and bolstering our financial development. 
 Innovative storytelling across all formats 
 Storytel Group’s unique position within the dynamic storytelling ecosystem allows us to connect deeply with 
 a broad spectrum of readers and their diverse lifestyles.  Whether it’s print, audiobooks, or e-books, we’re 
 excited to see these formats flourishing together - and proud to be at the forefront in shaping this dynamic 
 and evolving industry. 
 3

===== SIDA 4 =====

This positive momentum is especially evident within the digital book market, where we see growth 
 opportunities. One of the most promising areas is the rise of non-English speaking markets such as Poland, 
 Turkey and Bulgaria, where there’s still significant potential to reach new book lovers. 
 Storytel Group is strategically positioned to meet the demand for local language content through 
 investments, due to our established presence in ten core markets and a growing multilingual catalog. We 
 have a solid financial position and are well-positioned for both organic and acquisition-driven growth across 
 the Publishing segment and the Streaming segment. Our recent acquisitions have contributed positively to 
 our overall performance. 
 We have recently reviewed our Group-wide strategy for the coming years. We’ll present an updated 
 strategic direction at a  Capital Markets Day on May  15.  Additional information can be found  here  . 
 Looking forward, our focus remains on  enriching more  people's lives with stories  and ensuring everyone 
 can find a story, regardless of format. I am energized by the opportunities ahead and grateful to everyone 
 who has joined and will join us on this journey. Together, we are shaping the future of storytelling and 
 making a positive impact on the world, one story at a time. 
 Bodil Eriksson Torp, CEO 
 4

===== SIDA 5 =====

Group performance 
 Developments Q1 2025 
 Comparative figures in brackets pertain to the 
 first  quarter 2024. Adjusted figures  exclude Items 
 affecting comparability (IACs); see note 7 for 
 further details. 
 Net sales 
 Group net sales for the quarter increased by 7% 
 to 952.9 (891.9) MSEK. The increase was driven 
 by solid growth in both the Streaming and the 
 Publishing segments. 
 The acquisition of Bokfabriken contributed 4 
 MSEK to net sales in the quarter. 
 Currency effects had a minor effect on the 
 growth rate. Group sales growth was 7% at 
 constant exchange rates in the quarter. 
 Gross profit 
 Cost of sales for the period increased to -529.8 
 (-513.4) MSEK and the gross profit increased by 
 12% amounting to 423.1 (378.5) MSEK. 
 The gross profit improvement is driven by a 
 combination of revenue growth and a higher 
 share of cost-efficient content. 
 EBITDA 
 Operating costs decreased 8% to 368.3 (402.1) 
 MSEK compared to the corresponding quarter 
 last year, despite higher sales, due to continued 
 cost discipline. 
 EBITDA increased to 134.6 (50.9) MSEK and the 
 margin to 14.1% (5.7%). The first quarter is 
 seasonally weaker than the fourth quarter, due to 
 the revenue model based on days. During the 
 quarter, Storytel Group recognized Items 
 Affecting Comparability (IACs) of -15.3 (-53.3) 
 MSEK related to the long term incentive 
 programs (LTIP). 
 Adjusted EBITDA for the quarter increased by 
 44% to 149.9 (104.2) MSEK, which equals a 
 margin of 15.7% (11.7%). 
 Operating profit 
 Operating profit  (EBIT)  for the quarter improved 
 to 54.8 (-23.6) MSEK and the margin to 5.8% 
 (-2.6%). The improvement is driven by higher 
 gross profit and lower operating expenses due to 
 reduced staff costs. 
 Selling and marketing expenses increased 7% to 
 -236.8 (-221.6) MSEK. The cost increase was to 
 a large extent driven by customer acquisition 
 initiatives. 
 Technology and development expenses 
 decreased by 32% to -57.5 (-84.6) MSEK, mainly 
 due to IACs of -24.1 MSEK in the comparable 
 quarter and lower personnel costs. 
 General and administrative expenses increased 
 by 4% to -98.5 (-94.4) MSEK. 
 Other operating items increased to 5.2 (4.1) 
 MSEK, mainly due to paid insurance 
 compensation. 
 Net profit 
 Profit before tax for the quarter amounted to 20.8 
 (-14.9) MSEK. Net financial items for the quarter 
 totaled -34.1 (8.7) MSEK. The amount includes 
 -8.4 (-12.2) MSEK of net interest costs, as well as 
 -25.6 (+18.2) MSEK of currency effects, mainly 
 from a USD denominated commitment derived 
 from the acquisition of Audiobooks.com. 
 Taxes for the quarter amounted to -2.1 (-8.3) 
 MSEK. Net profit for the quarter amounted to 
 18.7 (-23.2) MSEK. 
 Earnings per share for the quarter totaled 
 0.20 (-0.32) SEK, before and after dilution. 
 5

===== SIDA 6 =====

Cash flow 
 Cash flow from operations before changes in 
 working capital amounted to 87.8 (28.0) MSEK, 
 where the primary explanation is an improved 
 result. 
 The change in working capital was -58.8 (-27.0) 
 MSEK, resulting in cash flow from operating 
 activities of 29.0 (1.0) MSEK for the quarter. The 
 lower cash flow from working capital is mainly 
 explained by lower accrued royalty costs and 
 lower accounts payable. 
 Cash flow from investing activities was -92.6 
 (-38.4) MSEK, affected by the acquisition of 
 Bokfabriken. Operational Capex was -30.6 
 (-31.1). Cash flow from financing activities was 
 -9.4 (-59.3) MSEK. 
 Total cash flow for the quarter was -72.9 (-96.7) 
 MSEK. 
 6

===== SIDA 7 =====

Segment performance: Streaming 
 The company reports segment financials for its  two  business areas  :  Streaming and Publishing  . 
 The Streaming segment consists of all audiobook and ebook streaming services operated under the 
 brands Storytel, Mofibo and Audiobooks.com. KPIs are presented on a regional level: Nordics (Sweden, 
 Denmark, Norway, Finland, and Iceland), Non-Nordics Core (the Netherlands, Poland, Bulgaria, Turkey, 
 and Audiobooks.com), and Rest of World (all remaining markets). 
 Streaming performance 
 MSEK  Q1 2025  Q1 2024  Change 
 Net sales  862.1  812.3  6% 
 Cost of sales  -493.1  -474.0  4% 
 Gross profit  369.0  338.3  9% 
 Selling and marketing expenses  -225.4  -213.0  6% 
 Technology and development expenses  -52.9  -78.1  -32% 
 Administrative expenses  -31.7  -30.7  3% 
 Other operating items  2.3  2.1  12% 
 Operating profit/loss  61.3  18.5  231% 
 Add back depr.  32.5  31.3  4% 
 EBITDA  93.9  49.8  89% 
 GM %  42.8  41.6  1.2p 
 EBITDA %  10.9  6.1  4.8p 
 In the Streaming segment’s accounts,  net sales  include  50% of Storytel Norway’s revenue in line with Storytels ownership. In 
 the consolidated accounts, Storytel Norway is reported in accordance with the equity method. Internal costs are included in 
 Cost of sales. As a result, the table shows higher  net sales  and costs than in the consolidated accounts.  See Note 5 for 
 additional details. 
 The quarter delivered growth in net sales and 
 profitability continued to improve, due to 
 continued cost discipline. 
 Net sales and gross profit 
 Streaming net sales for the quarter increased by 
 6% from the comparative quarter to 862.1 
 (812.3) MSEK. Currency fluctuations had a minor 
 effect and the growth rate was 6% at constant 
 exchange rates. 
 Non-Nordics Core contributed with particularly 
 strong growth in the Non-Nordic markets where 
 revenues increased 18%. Nordics grew 3% in 
 the quarter and with robust subscriber growth of 
 7%. 
 The growth in segment sales was driven by a 
 higher number of subscribers which increased 
 11% in total. ARPU decreased by 3% in the 
 quarter, in line with expectations. 
 Gross profit development was solid and 
 increased 9% to 369.0 (338.3) MSEK in the 
 quarter. Gross margin increased to 42.8% 
 (41.6%) in the quarter. 
 EBITDA and operating profit 
 EBITDA increased 89% in the quarter to 93.9 
 (49.8) MSEK equaling a margin of 10.9% (6.1%). 
 The improvement is driven by higher gross profit 
 and lower operating expenses. 
 Operating profit increased 231% to 61.3 (18.5) 
 MSEK in the quarter. 
 Business developments 
 Streaming platform paying subscribers surpassed 
 2.5 million during the quarter. The successful launch 
 of new exclusive titles in the Nordics together with 
 market expansion and the positive reception of our 
 localized winter promotions in the Non-Nordic Core 
 contributed to the subscriber growth. 
 Throughout the quarter, the personalization 
 capabilities were strengthened, resulting in 
 improvements to both the breadth and relevance of 
 content recommendations across the platform. This 
 enhancement, combined with a robust editorial 
 curation and engaging promotional environments, 
 has enabled Storytel to deliver its most effective 
 content discovery experience to date. 
 7

===== SIDA 8 =====

Streaming geographical performance split 
 Streaming subscriber development 
 1  Revenue includes 100% of Storytel Norway’s revenue to provide a more accurate figure for average revenue per subscriber (ARPU). In the Streaming 
 segment’s accounts, revenue includes 50% of Storytel Norway’s revenue in line with Storytels ownership. In the consolidated accounts, Storytel Norway is 
 reported in accordance with the equity method. As a result, the Streaming KPI Table shows higher revenue than in the Streaming segment’s and consolidated 
 accounts. Please see Note 5 for additional details. 
 8 
 TSEK  Q1 2024  Q2 2024  Q3 2024  Q4 2024  Q1 2025 
 All Markets 
 Revenue  1  836,858  868,286  888,882  908,573  898,939 
 Adjusted Gross profit  337,277  350,704  358,490  368,200  374,754 
 Adjusted Gross margin  40.3%  40.4%  40.3%  40.5%  41.7% 
 Avg. Paying Subscribers  2,255,000  2,285,000  2,366,000  2,441,000  2,500,000 
 ARPU (SEK/month)  124  127  125  124  120 
 Nordics 
 Revenue  1  559,172  570,427  585,986  592,008  578,191 
 Adjusted Gross profit  209,998  212,530  217,304  211,919  220,038 
 Adjusted Gross margin  37.6%  37.3%  37.1%  35.8%  38.1% 
 Avg. Paying Subscribers  1,188,000  1,203,000  1,262,000  1,279,000  1,274,000 
 ARPU (SEK/month)  157  158  155  154  151 
 Non-Nordics Core 
 Revenue  235,201  256,608  262,251  273,871  277,309 
 Adjusted Gross profit  112,259  123,632  126,139  140,609  138,849 
 Adjusted Gross margin  47.7%  48.2%  48.1%  51.3%  50.1% 
 Avg. Paying Subscribers  880,000  896,000  915,000  966,000  1,023,000 
 ARPU (SEK/month)  89  95  96  95  90 
 Rest of World 
 Revenue  42,486  41,250  40,644  42,695  43,439 
 Adjusted Gross profit  15,020  14,542  15,047  15,672  15,868 
 Adjusted Gross margin  35.4%  35.3%  37.0%  36.7%  36.5% 
 Avg. Paying Subscribers  187,000  186,000  189,000  196,000  203,000 
 ARPU (SEK/month)  76  74  72  73  71

===== SIDA 9 =====

Segment performance: Publishing 
 The company reports segment financials for its two business areas: Streaming and Publishing. The 
 Publishing segment consists of all publishing houses within Storytel Group: Norstedts Publishing Group, 
 Lind & Co, Gummerus, Bokfabriken, People’s and our global digital audio publisher Storyside. The 
 Publishing segment also includes external sales from content productions. 
 Publishing Performance 
 MSEK  Q1 2025  Q1 2024  Change 
 Net sales  283.4  245.3  16% 
 Cost of sales  -210.8  -188.2  12% 
 Gross profit  72.6  57.1  27% 
 Selling and marketing expenses  -17.3  -14.1  23% 
 Technology and development expenses  -4.6  -6.5  -30% 
 Administrative expenses  -31.9  -27.6  16% 
 Other operating items  2.9  2.0  40% 
 Operating profit/loss  21.7  11.0  97% 
 Add back depr.  44.7  42.7  5% 
 EBITDA  66.4  53.7  24% 
 GM %  25.6  23.3  2.3p 
 EBITDA %  23.4  21.9  1.5p 
 In the Publishing segment  ’s accounts, group-  internal  sales  are  included in net sales. As a result, the  table shows higher  net 
 sales  than in the consolidated accounts. See Note  5 for additional details. 
 The quarter delivered strong growth and 
 improved profitability. Revenue grew due to 
 strong growth in digital sales, while operating 
 expenses grew at a somewhat higher rate than 
 net sales due to higher Selling and marketing 
 expenses. 
 Content from in-house publishers remains a key 
 driver of consumption on Storytel Group’s 
 streaming platforms. Robust physical sales and 
 strong digital sales across all formats driven by 
 strong releases in all territories, further 
 strengthened overall performance in the quarter. 
 Net sales and gross profit 
 Net sales in the quarter increased by 16% to 
 283.4 (245.3) MSEK. 
 Cost of sales grew at a lower rate than net sales, 
 supporting a 27% growth in gross profit in the 
 quarter to 72.6 (57.1) MSEK, corresponding to a 
 gross margin of 25.6% (23.3%). 
 EBITDA and operating profit 
 EBITDA in the quarter improved 24% to 66.4 
 (53.7) MSEK, representing a margin of 23.4% 
 (21.9%) in the quarter. The improvement is 
 mainly driven by higher gross profit. 
 Operating profit increased to 21.7 (11.0) MSEK in 
 the quarter, despite somewhat higher operating 
 expenses. 
 Business developments 
 In January, Storytel Group acquired a majority 
 stake in the Swedish publisher Bokfabriken, 
 reinforcing the company’s strategy to strengthen 
 its portfolio of original content and intellectual 
 property. 
 In March, Norstedts acquired the Swedish 
 bestselling author Mari Jungstedt's upcoming 
 suspense series and backlist catalogue. The 
 agreement also includes the production of 
 several Storytel Originals by Mari Jungstedt, with 
 a planned release from 2026 onwards. 
 9

===== SIDA 10 =====

Other information 
 Financial position, equity & liquidity 
 (compared to March 31, 2024) 
 At the end of the period, the Group had 533.6 
 (351.8) MSEK in cash and cash equivalents. The 
 equity-to-asset ratio at the end of the period was 
 46.9% (42.9%). 
 Total equity at the end of the period was 1,524.9 
 (1,287.4) MSEK. 
 Total non-current liabilities amounted to 824.6 
 (826.3) MSEK and total current liabilities 
 amounted to 903.0 (890.5) MSEK. 
 Out of the total non-current liabilities, 650 MSEK 
 relate to the utilized part of the 700 MSEK RCF 
 facility. 
 Net interest-bearing debt (NIBD) was 116.4 
 (348.2) MSEK with a NIBD/adjusted EBITDA ratio 
 of 0.18 (0.99) at the end of the period. 
 Full time employees 
 The average number of employees (FTE) during 
 the first quarter was 528. During the first quarter 
 2024, the average number of FTE was 559. 
 Parent company 
 Storytel AB is the Group’s Parent Company and 
 responsible for Group-wide management, 
 administration and financing. 
 Net sales for the Parent Company amounted to 
 4.4 (11.5) MSEK in the quarter, profit before tax 
 amounted to -11.7 (-9.7) MSEK, and net profit 
 amounted to -11.7 (-9.7) MSEK. Total equity 
 amounted to 4,147.8 (4,186.7) MSEK. The 
 condensed income statement and balance sheet 
 for the Parent Company are presented in the 
 financial statements for the Parent Company 
 below. 
 Risks and uncertainty factors 
 The Group is subject to significant risks and 
 uncertainties. The most relevant risk factors are 
 described in the Annual and Sustainability 
 Report 2024 and include operational, strategic, 
 legal & compliance, cyber, and financial risks. 
 Geopolitical concerns including the ongoing war 
 in Ukraine and the situation in the Middle East as 
 well as potential changes in trade policies and 
 tariffs add uncertainty from a global, 
 macroeconomic perspective. Storytel previously 
 announced and phased out its operations in 
 Russia by the third quarter of 2022, and as of 
 March 31, 2025, despite prevailing uncertainties, 
 the group is not aware of any remaining material 
 balance sheet exposure. 
 Significant events during the period 
 On January 9, Storytel Group announced a 
 partnership with Vodafone Turkey, to bring the 
 best audio stories to Vodafone’s 20+ million 
 mobile subscribers. The partnership will 
 strengthen Storytel's position in Turkey, a core 
 market for the company. 
 On January 31, Storytel Group announced that 
 the company has acquired a 70 percent majority 
 stake in Swedish publisher Bokfabriken, one of 
 Sweden's largest general publishing houses. The 
 publisher has a strong presence in both print and 
 digital formats and a proven track record of 
 publishing commercially successful content 
 across various genres. Bokfabriken reported 
 sales of 65.7 MSEK with an operating profit of 
 15.9 MSEK in 2023. Digital releases, 
 encompassing over 500 audiobook titles, 
 accounted for more than 70 percent of the 
 revenues, demonstrating the company’s strong 
 digital focus. The acquisition was fully paid in 
 cash out of Storytel Group’s cash balance, with 
 no further financing needed. Following  a dialogue 
 with the Swedish Competition Authority (SCA) in 
 February, Storytel has decided to voluntarily give 
 the SCA an opportunity to review the transaction, 
 even though there was no obligation to do so. 
 Significant events after the period 
 On April 8, Storytel Group invited investors, 
 analysts and media representatives to the 
 company´s Capital Markets Day 2025. The 
 physical event will start at 14.00 CEST on May 
 15th, 2025 at Storytel Group’s Headquarters, 
 Tryckerigatan 4, Riddarholmen, Stockholm. 
 During the day, CEO Bodil Eriksson Torp and 
 members of the Executive Management Team 
 will provide further insights into our strategic 
 direction, market position and financial outlook. 
 The presentations will be followed by Q&A 
 session. 
 For more information and a full list of 
 announcements, please visit: 
 www.storytelgroup.com/en/newsroom/ 
 10

===== SIDA 11 =====

Number of shares and share capital as 
 of March 31, 2025 
 There were 77,150,803 (77,108,125) registered 
 shares in issuance at the end of the period, 
 divided between 635 Class A shares and 
 77,150,168 Class B shares. Share capital totaled 
 38,575,401.50 (38,554,062.50) SEK as of March 
 31, 2025. 
 The shareholder structure is presented at: 
 https://www.storytelgroup.com/en/investor-relati 
 ons/shareholder-structure/ 
 AGM 2025 
 On April 3, Storytel Group announced a notice to 
 attend the Annual General Meeting on Tuesday 6 
 May 2025 at 10.00 a.m. at the Company's 
 premises at Tryckerigatan 4 in Stockholm. The 
 meeting venue will open at 9:30 a.m. for 
 registration. 
 The Board of Directors has decided that the 
 shareholders shall also be able to exercise their 
 voting rights at the Annual General Meeting by 
 postal voting in accordance with the Company’s 
 Articles of Association. 
 The Board of Directors of Storytel Group 
 proposed a one-off dividend of SEK 1.00 per 
 share to the Annual General Meeting on May 6. 
 The total dividend payment according to the 
 proposal amounts to approximately 77.2 MSEK. 
 Auditor's review 
 This interim report has not been audited or 
 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 
 constituent 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. 
 Financial calendar 
 Annual General Meeting (To be held at Tryckerigatan 4, Stockholm)  May 6, 2025 
 Interim Report January–June 2025  July 29, 2025 
 Interim Report January–September 2025  October 28, 2025 
 Year-End Report January–December 2025  February 10, 2026 
 For more information 
 Niklas Alm, Interim Head of Investor Relations 
 Cell: +46 70 824 40 88 
 Email: niklas.alm@storytel.com, investorrelations@storytel.com 
 Web: www.storytelgroup.com, www.storytel.com 
 Storytel AB (publicly traded) 
 Mailing address: Box 24167, 104 51 Stockholm 
 Office: Tryckerigatan 4, 111 28 Stockholm 
 CIN: 556575-2960 
 11

===== SIDA 12 =====

Signatures and assurance 
 The Board of Directors and the Chief Executive Officer offer their assurance that this interim report provides 
 a true and fair view of the Group’s and the Parent Company’s operations, financial position and operational 
 performance. 
 Stockholm, April 29, 2025 
 Hélène Barnekow  Ulrika Danielsson 
 Chair of the Board  Board member 
 Alexander Lindholm  Jonas Sjögren 
 Board member  Board member 
 Jonas Tellander  Erik Tidén 
 Board member  Board member 
 Filippa Wallestam 
 Board member 
 Bodil Eriksson Torp 
 CEO 
 The information in this report constitutes inside information that Storytel AB (publ) is obliged to disclose in 
 accordance with the EU Market Abuse Regulation (EU nr 596/2014). The information was provided, through 
 the agency of the below contact persons, at 8:00 a.m. CET on April 29, 2025. 
 12

===== SIDA 13 =====

Group financial statements 
 Condensed consolidated interim statements of comprehensive income 
 TSEK  Q1 2025  Q1 2024  Jan-Dec 2024 
 Net sales  952,934  891,886  3,797,976 
 Cost of sales  -529,840  -513,415  -2,098,166 
 Gross profit  423,094  378,470  1,699,810 
 Selling and marketing expenses  -236,781  -221,617  -854,508 
 Technology and development expenses  -57,455  -84,628  -254,974 
 Administrative expenses  -98,529  -94,401  -363,142 
 Other operating items  20,322  4,104  26,006 
 Result from participation in associates  4,187  -5,553  -6,861 
 Operating profit/loss  54,838  -23,624  246,332 
 Net financial items  -34,066  8,722  -10,722 
 Profit/loss before taxes  20,771  -14,902  235,609 
 Tax  -2,067  -8,301  -22,114 
 Profit/loss for the period  18,704  -23,203  213,496 
 Profit for the period attributable to: 
 Parent Company shareholder  15,417  -24,821  196,705 
 Non-controlling interest  3,287  1,618  16,791 
 Earnings per share, SEK 
 Group total, basic  0.20  -0.32  2.55 
 Group total, diluted  0.20  -0.32  2.54 
 Statement of comprehensive income 
 Profit/loss for the period, after tax  18,704  -23,203  213,496 
 Other comprehensive income 
 Items that will be reclassified to profit/loss 
 (after tax) 
 Translation difference  -76,863  40,178  67,589 
 Items that will not be reclassified to profit/loss 
 (after tax) 
 Revaluation of defined-benefit pension plans  -4,889  -7,169  -3,799 
 Total other comprehensive income for the 
 period, after tax 
 -81,752  33,009  63,790 
 Total comprehensive income for the period, 
 after tax 
 -63,048  9,806  277,285 
 Total comprehensive income for the period 
 attributable to: 
 Parent Company shareholder  -66,313  8,188  260,495 
 Non-controlling interest  3,265  1,618  16,791 
 13

===== SIDA 14 =====

Condensed consolidated interim statements of financial position 
 TSEK  31 Mar 2025  31 Mar 2024  31 Dec 2024 
 Goodwill and intangible assets  1,967,954  1,938,595  1,994,356 
 Tangible assets  17,602  16,533  13,610 
 Right-of-use assets  64,471  70,025  70,830 
 Non-current financial assets  71,747  66,004  68,048 
 Inventory  80,558  59,205  53,132 
 Trade receivables  205,937  198,059  220,381 
 Other current receivables  310,587  304,015  345,837 
 Cash and cash equivalents  533,614  351,793  622,954 
 Total assets  3,252,472  3,004,229  3,389,147 
 Equity  1,524,893  1,287,429  1,551,632 
 Non-current liabilities  824,597  826,271  828,766 
 Trade payables  245,025  256,216  292,236 
 Other current liabilities  657,957  634,314  716,514 
 Total equity and liabilities  3,252,472  3,004,229  3,389,147 
 14

===== SIDA 15 =====

Condensed consolidated interim statement of changes in equity 
 31 Mar 2025  Equity attributable to shareholders in parent company 
 TSEK 
 Share 
 capital 
 Oth. cap. 
 contri 
 -butions 
 Translation 
 difference 
 Retained 
 earnings  Total 
 Non- 
 controlling 
 interests 
 Total 
 equity 
 Opening equity as of 1/1/2025  38,575  3,578,102  182,540  -2,322,222  1,476,995  74,636  1,551,632 
 Non-controlling interest from 
 acquisition of Bokfabriken AB  -  -  -  -  -  34,431  34,431 
 Total comprehensive income for the 
 year: 
 Profit for the year  -  -  -  15,417  15,417  3,287  18,704 
 Other total comprehensive income for 
 the year  -  -  -76,841  -4,889  -81,730  -22  -81,752 
 Total comprehensive income for the 
 year 
 -  -  -76,841  10,528  -66,313  3,265  -63,048 
 Transactions with the Group's owners 
 Share-related compensations  -  -  -  1,878  1,878  -  1,878 
 Closing equity as at 3/31/2025  38,575  3,578,102  105,699  -2,309,816  1,412,561  112,332  1,524,893 
 31 Mar 2024  Equity attributable to shareholders in parent company 
 TSEK 
 Share 
 capital 
 Oth. cap. 
 contri 
 -butions 
 Translation 
 difference 
 Retained 
 earnings  Total 
 Non- 
 controlling 
 interests 
 Total 
 equity 
 Opening equity as of 1/1/2024  38,554  3,578,102  114,951  -2,523,769  1,207,838  65,345  1,273,182 
 Total comprehensive income for the 
 year: 
 Profit for the year  -  -  -  -24,821  -24,821  1,618  -23,203 
 Other total comprehensive income for 
 the year  -  -  40,178  -7,169  33,009  -  33,009 
 Total comprehensive income for the 
 year 
 -  -  40,178  -31,990  8,188  1,618  9,806 
 Transactions with the Group's owners 
 Share-related compensations  -  -  -  4,440  4,440  -  4,440 
 Closing equity as at 3/31/2024  38,554  3,578,102  155,129  -2,551,319  1,220,466  66,963  1,287,429 
 15

===== SIDA 16 =====

Condensed consolidated interim statements of cash flows 
 TSEK  Q1 2025  Q1 2024  Jan-Dec 2024 
 Profit/loss after financial items  20,771  -14,902  235,609 
 whereof interest paid/received  -6,720  -12,193  -36,404 
 Adjustments for non-cash items  85,758  46,657  310,766 
 Taxes paid  -18,728  -3,803  -32,032 
 Cash flow from operations before changes 
 in working capital 
 87,801  27,951  514,343 
 Change in inventory  -11,069  926  -5,752 
 Change in operating receivables  47,217  59,356  -9,714 
 Change in operating liabilities  -94,976  -87,265  48,547 
 Change in working capital  -58,828  -26,983  33,081 
 Cash flow from operating activities  28,973  968  547,424 
 Operational Capex  -30,597  -31,096  -142,186 
 Cash flow from other investing activities  -61,960  -7,289  -87,008 
 Cash flow from investing activities  -92,557  -38,385  -229,194 
 External borrowings  -  -  - 
 Repayment of debt  -  -50,000  -100,000 
 Cash flow from other financing activities  -9,350  -9,262  -43,065 
 Cash flow from financing activities  -9,350  -59,262  -143,065 
 Cash flow for the period  -72,935  -96,678  175,165 
 Available funds at the beginning of period  622,954  436,143  436,143 
 Cash flow for the period  -72,935  -96,678  175,165 
 Translation differences in available funds  -16,405  12,328  11,646 
 Available funds at end of period  533,614  351,793  622,954 
 16

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

Notes to the condensed consolidated interim 
 financial statements 
 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 
 offers more than 1,400,000 titles globally with a presence in over 25 markets. 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 are carried out 
 under the brands Storytel, Mofibo and Audiobooks.com. The publishing business is managed by Storytel 
 Books and the audiobook publisher Storyside. The Parent Company is a limited liability company with its 
 registered office in Stockholm, Sweden. The head office is at 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 
 Accounts 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. 
 There are no new IFRS standards or amendments of existing IFRS standards during 2023 and 2024 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 as well as related notes, and are an integral part 
 of this financial statement. 
 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 
 experiences 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 estimates and assumptions are evaluated on an ongoing basis and changes in estimates are 
 reported in the period in which the change is made if the change has only affected 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 statements. 
 The key ratios aim to make it easier for investors and other stakeholders to analyze and understand 
 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 
 neither 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 further below. 
 17

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

Note 4 Transactions with related parties 
 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. Any transactions with associated companies 
 take place on market terms. 
 Note 5 Business segments 
 The Group reports segment financials for its two business areas: Streaming, and Publishing. Streaming 
 consists of all streaming services operated under the brands Storytel, Mofibo, and Audiobooks.com. The 
 segment includes 50% of the joint venture in Storytel AS (“Storytel Norway”) income and expenses, to 
 represent a fair picture of its contribution to the Streaming segment. Publishing consists of all publishing 
 houses within the Storytel Group. Costs related to central group overhead functions (such as Finance, HR, 
 Legal etc.) and other group-wide items and eliminations are reported separately to bridge the segment 
 financials to total group result. 
 Both segments include internal transactions that are eliminated to reach the total group result. These 
 transactions include internal sales between the segments, where mainly the Publishing segment reports 
 internal sales to the Streaming segment. Furthermore, Storytel AS (“Storytel Norway”) sales and expenses 
 in the Streaming segment are eliminated in the Group-wide items and elimination column and the net result 
 from the joint venture is reported as Result from participation in associates. 
 Q1 2025 (TSEK)  Streaming  Publishing  Group-wide items 
 and eliminations  Group total 
 Net sales  862,106  283,411  -192,583  952,934 
 whereof external sales  862,106  141,689  -50,862  952,934 
 Cost of sales  -493,090  -210,809  174,059  -529,840 
 Gross profit  369,016  72,602  -18,524  423,094 
 Selling and marketing expenses  -225,399  -17,321  5,940  -236,781 
 Technology and development expenses  -52,883  -4,572  0  -57,455 
 Administrative expenses  -31,722  -31,890  -34,918  -98,529 
 Other operating items  2,337  2,860  15,126  20,322 
 Result from participation in associates  -  -  4,187  4,187 
 Operating profit/loss  61,348  21,679  -28,189  54,838 
 Adj. Operating profit/loss  69,295  22,973  -22,088  70,181 
 Add back depr.  32,530  44,711  2,483  79,725 
 EBITDA  93,879  66,390  -25,706  134,562 
 Adj. EBITDA  101,826  67,684  -19,604  149,906 
 18

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

Q1 2024 (TSEK)  Streaming  Publishing  Group-wide items 
 and eliminations  Group total 
 Net sales  812,292  245,330  -165,735  891,886 
 whereof external sales  812,292  128,540  -48,946  891,886 
 Cost of sales  -474,020  -188,180  148,785  -513,415 
 Gross profit  338,272  57,150  -16,952  378,470 
 Selling and marketing expenses  -213,033  -14,081  5,497  -221,617 
 Technology and development expenses  -78,080  -6,548  0  -84,628 
 Administrative expenses  -30,727  -27,584  -36,090  -94,401 
 Other operating items  2,077  2,043  -15  4,104 
 Result from participation in associates  -  -  -5,553  -5,553 
 Operating profit/loss  18,509  10,980  -53,113  -23,624 
 Adj. Operating profit/loss  54,589  16,012  -39,210  31,391 
 Add back depr.  31,264  42,711  563  74,539 
 EBITDA  49,773  53,691  -52,550  50,914 
 Adj. EBITDA  85,854  56,993  -38,647  104,200 
 Note 6 Revenue from contracts with customers 
 Q1 2025 (TSEK)  Streaming  Publishing  Group total 
 Type of product or service 
 Revenue from subscriptions of streaming service  797,215  -  797,215 
 Revenue from publishing activities  -  141,689  141,689 
 Other  14,029  -  14,029 
 Revenue from contracts with customers  811,244  141,689  952,934 
 Q1 2024 (TSEK)  Streaming  Publishing  Group total 
 Type of product or service 
 Revenue from subscriptions of streaming service  738,965  -  738,965 
 Revenue from publishing activities  -  128,540  128,540 
 Other  24,380  -  24,380 
 Revenue from contracts with customers  763,345  128,540  891,886 
 19

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

Note 7 Items affecting comparability (IACs) 
 Items affecting comparability (IACs) include items of a significant character that distort comparisons over 
 time, such as costs related to acquisitions, divestments, and market exits; restructuring costs; significant 
 impairments and write-downs; as well as expenses, or reversals of expenses, arising from the group’s 
 share-based incentive schemes. 
 During Q1 2025, IACs of -15.3 MSEK relate relate to the Group’s share-based incentive schemes. 
 TSEK  Q1 2025  Q1 2024 
 Share-based incentive schemes  -15,343  -9,949 
 Divestment/Discontinued operations  -  -567 
 Organizational changes  -  -44,499 
 EBIT  -15,343  -55,015 
 Add back depr.  -  1,730 
 EBITDA  -15,343  -53,286 
 Items affecting comparability (IACs) effect on the P&L 
 TSEK  Q1 2025  Q1 2024 
 Cost of sales  -318  -6,580 
 Selling and marketing expenses  -2,564  -9,596 
 Technology and development expenses  -1,987  -24,092 
 Administrative expenses  -10,474  -14,746 
 Operating profit/loss  -15,343  -55,015 
 Add back depr.  -  1,730 
 EBITDA  -15,343  -53,286 
 20

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

Note 8 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 
 input data). 
 Acquisition option 
 During Q1 2025 Storytel acquired the remaining 6.7 % shares in Earselect AB, which resulted in an 
 additional transferred consideration of 4,045 TSEK. 
 Financial liabilities valued at fair value (TSEK)  Q1 2025  Q1 2024 
 Opening balance  4,045  8,634 
 Consideration paid  -4,045  -4,067 
 Closing balance  -  4,567 
 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  . 
 21

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

Note 9 Business combinations 
 A consideration of 4,067 TSEK for Storytel’s acquisition option in Earselect was paid during the period. 
 Storytel obtained a remaining 6.7% ownership and owned at the end of the period 100% of Earselect. 
 On January 31, Storytel Group announced that the company has acquired a 70 percent majority stake in 
 Swedish publisher Bokfabriken, one of Sweden's largest general publishing houses. The purchase price 
 allocation according to IFRS 3 – Business Combinations has not yet been finalized, but a preliminary 
 summary of acquired assets and assumed liabilities as of the acquisition date is based on the following 
 assessment: 
 MSEK 
 Intangible assets  58.5 
 Right-of-use assets  1.9 
 Inventories  16.9 
 Cash and cash equivalents  7.4 
 Trade receivables and other receivables  10.2 
 Trade payables and other payables  -15.7 
 Lease liabilities  -1.9 
 Deferred tax liability  -12 
 Net identifiable assets  65.3 
 Goodwill  49.7 
 Purchase price at 100% of net identifiable assets  115 
 Acquired shares  70% 
 Purchase price  80.6 
 Net sales from Bokfabriken amounted to 10.4 MSEK since the acquisition date, of which external sales 
 recognized in the Group’s statement of comprehensive income totaled 4.3 MSEK. The impact on operating 
 profit was -0.9 MSEK during the period. 
 Note 10 Net interest-bearing debt (NIBD) 
 Net Interest-Bearing Debt (NIBD) is defined as total interest-bearing liabilities (excluding lease and 
 pensions liabilities) plus dividend payables, less cash and cash equivalents and interest-bearing assets. 
 TSEK  31 Mar 2025  31 Mar 2024  31 Dec 2024 
 Interest-bearing liabilities within Current liabilities  -  50,000  - 
 Interest-bearing liabilities within Non-current liabilities  650,000  650,000  650,000 
 Cash and cash equivalents  533,614  351,793  622,954 
 Total Net Interest-Bearing Debt (NIBD)  116,386  348,207  27,046 
 22

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

Condensed parent company interim statements of comprehensive income 
 TSEK  Q1 2025  Q1 2024  Jan-Dec 2024 
 Net sales  4,435  11,500  46,043 
 Gross profit  4,435  11,500  46,043 
 Selling, marketing and administrative expenses  -13,375  -14,918  -59,672 
 Other operating items  2,066  -15  -42 
 Operating profit/loss  -6,874  -3,434  -13,670 
 Net financial items  -4,777  -6,292  -22,639 
 Profit/loss before taxes  -11,651  -9,726  -36,309 
 Tax  -  -  - 
 Profit/loss for the period  -11,651  -9,726  -36,309 
 Parent Company´s condensed 
 statement of comprehensive income 
 Profit for the period  -11,651  -9,726  -36,309 
 Total comprehensive income for 
 the period  -11,651  -9,726  -36,309 
 Condensed parent company interim statements of financial position 
 TSEK  31 Mar 2025  31 Mar 2024  31 Dec 2024 
 Non-current financial assets  4,621,088  4,916,244  4,634,422 
 Current receivables  286,321  153,812  201,721 
 Cash and cash equivalents  194,608  31,665  286,060 
 Total assets  5,102,016  5,101,721  5,122,203 
 Equity  4,147,815  4,186,693  4,159,382 
 Non-current liabilities  650,000  650,000  650,000 
 Current liabilities  304,201  265,028  312,822 
 Total equity and liabilities  5,102,016  5,101,721  5,122,203 
 23

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

Definitions and key ratios including alternative 
 performance measures 
 24 
 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 growth rate, 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 %, Gross margin  Gross profit as a percentage of net sales. 
 Operating profit (EBIT)  Profit before interest and tax. 
 Operating margin (EBIT margin)  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 (including 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 subscribers during the period. 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. 
 Revenue (Streaming Segment)  Sales from audiobook and e-book streaming services on all Storytel platforms, 
 considering 50% of Storytel Norway’s revenue in line with Storytels ownership. 
 Revenue (Streaming KPI)  ARPU times (Avg.) Paying Subscribers. See also footnote 4 on page 8. 
 Revenue (Publishing Segment) 
 Physical books and digital sales from all publishing houses in the group, including 
 group-internal revenue from Storytel. For the consolidated group accounts, internal 
 publishing revenue is eliminated. See also footnote 1 on page 1. 
 Items affecting 
 comparability (IAC) 
 IACs include items of a significant character that distort comparisons over time, such 
 as costs related to acquisitions, divestments, and market exits; restructuring costs; 
 significant impairments and write-downs; expenses, or reversals of expenses, arising 
 from the group’s share-based incentive schemes. 
 Adjusted cost of sales, gross 
 profit, expenses, EBITDA, and 
 operating profit 
 Adjusted key figures - cost of sales, gross profit, expenses, EBITDA, and operating 
 profit - reflect the underlying key figure when excluding items affecting comparability. 
 Operational Capex  Investments into product & tech and audiobook productions. 
 Operational Cash Flow  Adjusted EBITDA less Operational Capex. 
 Net Interest-Bearing Debt (NIBD) 
 Net Interest-Bearing Debt (NIBD) is defined as total interest-bearing liabilities 
 (excluding lease liabilities) plus dividend payables, less cash and cash equivalents 
 and interest-bearing assets. 
 NIBD/adjusted EBITDA ratio  NIBD divided by adjusted EBITDA for the last twelve months.