Kvartalsrapport Q1 2026

Automatiskt nyckeltalsindex

Detta är sökträffar och textkontext, inte verifierade eller normaliserade redovisningsvärden.

Fulltext

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

“Subscriber  growth  and  margin  expansion  remained  on  track  in  Q1,  
supporting
 
our
 
2026
 
and
 
mid-term
 
targets.”
 
Q1  Highlights   ●  Net  sales  amounted  to  SEK  979m  (953)  for  the  period.  ●  Net  sales  growth  of  7.9%  in  constant  exchange  rates  (CER).  ●  Streaming  net  sales  growth  of  7.4%  at  CER.  External  Publishing  net  sales  growth  of  9.2%  at  CER.  ●  Adjusted  EBITDA  margin  of  17.0%  (14.1%),  driven  by  improved  profitability  in  both  business  areas.  ●  Operating  profit  increased  61%  from  SEK  55m  to  88m.  ●  Net  profit  amounted  to  SEK  86m  (19),  with  basic  and  diluted  EPS  of  SEK  1.06  (0.20).  ●  Net  debt  amounted  to  SEK  -220m  (116),  reflecting  strong  cash  flow  generation.
●  New  segment  structure  improving  transparency  into  our  international  growth  engine.  ●  Paying  subscribers  amounted  to  2.74m  (2.53),  with  net  additions  of  +72k  in  the  period,  on  track  to  exceed  3m  in  2027.  ●  Nordic  paying  subscribers  amounted  to  1.34m  (1.28),  with  net  additions  of  +11k  in  the  period.  ●  Europe  paying  subscribers  amounted  to  1.06m  (0.94),  surpassing  1m  for  the  first  time,  driven  by  Poland  and  the  Netherlands.  ●  Group  ARPU  (SEK/month)  amounted  to  SEK  113  (120),  decreased  by  5.5%,  with  FX  accounting  for  85%  of  the  decline.  
Outlook  2026   Adjusted  EBITDA  guidance  of  at  least  SEK  870m  for  2026.  
Financial  summary 
MSEK
 Q1  2026
 Q1  2025
 Change
 R12M
 FY  2025  
Net
 
sales
 
979
 
953
 
3%
 
4,049
 4,023  
Net
 
sales
 
growth,
 
%³
 
2.7
 
6.8
 -4.1pp  
-  5.9  
Net
 
sales
 
growth
 
CER,
 
%³
 
7.9
 
7.0
 0.9pp  
-  9.2  
Organic
 
growth
 
CER,
 
%³
 
7.5
 
6.8
 0.7pp  
-  8.3  
Total
 
Segment
 
Streaming
 
Net
 
sales¹
 
877
 
862
 
2%
 
3,533
 3,518  
Total
 
Segment
 
Publishing
 
Net
 
sales²
 
288
 
283
 
2%
 
1,278
 1,274  
Gross
 
profit
 
442
 
423
 
5%
 
1,852
 1,833  
Gross
 
margin
 
%³
 
45.2
 
44.4
 
0.8pp
 
45.7
 45.6  
Adjusted
 
EBITDA³
 
166
 
135
 
24%
 
780
 748  
Adjusted
 
EBITDA
 
margin
 
%³
 
17.0
 
14.1
 
2.9pp
 
19.3
 18.6  
EBITDA
³
 
163
 
135
 
21%
 
776
 747  
EBITDA
 
margin
 
%³
 
16.6
 
14.1
 
2.5pp
 
19.2
 18.6  
Operating
 
profit
 
(EBIT)
 
88
 
55
 
61%
 
456
 423  
EBIT
 
margin
 
%³
 
9.0
 
5.8
 
3.2pp
 
11.3
 10.5  
Net
 
profit
 
86
 
19
 
361%
 
572
 504  
Earnings
 
per
 
share,
 
basic
 
(SEK)
 
1.06
 
0.20
 
430%
 
7.12
 6.26  
Earnings
 
per
 
share,
 
diluted
 
(SEK)
 
1.06
 
0.20
 
428%
 
7.08
 6.22  
Cash
 
flow
 
from
 
operating
 
activities
 
135
 
29
 
367%
 
679
 573  
Net
 
Debt³
 
-220
 
116
 -  
-220
 -136  
Net
 
Debt/adjusted
 
R12
 
EBITDA
 
ratio³
 
-0.28
 
0.18
 -  
-0.28
 -0.18  
End
 
of
 
period
 
subscribers
 
(thousands)
 
2,737
 
2,532
 
8%
 -  2,666  
ARPU
 
(SEK/month)
 
113
 
120
 
-6%
 -  118  
      
¹
 
Streaming
 
net
 
sales
 
includes
 
50%
 
of
 
Storytel
 
Norway’s
 
net
 
sales
 
in
 
line
 
with
 
Storytel’s
 
ownership
 
and
 
differ
 
from
 
IFRS
 
consolidated
 
figures
 
See
 
note
 
5
 
for
 
more
 
details.
 ²  Publishing  net  sales  includes  both  external  and  group-internal  net  sales.See  note  5  Business  Segments   for  more  details.    ³  Alternative  Performance  Measure  (APM).  See  “Alternative  Performance  Measures”  for  definitions,  purpose  and  reconciliation.   
1

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

CEO  Statement   
 "Storytel  Group  entered  2026  with  clear  momentum,  
supported
 
by
 
robust
 
subscriber
 
growth,
 
continued
 
margin
 
expansion,
 
and
 
strong
 
cash
 
flow
 
generation."
 
Our  transition  to  the  Nasdaq  Stockholm  main  market  is  
progressing
 
as
 
planned,
 
a
 
milestone
 
that
 
reflects
 
our
 
maturity
 
as
 
a
 
Group
 
and
 
our
 
commitment
 
to
 
long-term
 
value
 
creation.
 
A  solid  start  to  2026   
We  delivered  a  solid  financial  performance  in  the  first  quarter,  
characterised
 
by
 
steady
 
organic
 
growth
 
and
 
improving
 
profitability.
 
The
 
Group
 
generated
 
an
 
organic
 
net
 
sales
 
growth
 
of
 
7.9%
 
in
 
CER
 
and
 
an
 
adjusted
 
EBITDA
 
margin
 
of
 
17.0%
 
(14.1%)
 
in
 
the
 
quarter.
 
In
 
our
 
Streaming
 
segment,
 
the
 
paying
 
subscriber
 
base
 
increased
 
to
 
2.74m
 
at
 
the
 
end
 
of
 
the
 
period,
 
+72k
 
for
 
the
 
period
 
and
 
+8.1%
 
year-on-year
 
(YoY).
 
At
 
the
 
end
 
of
 
the
 
period
 
we
 
achieved
 
a
 
net
 
cash
 
position
 
of
 
SEK
 
220m
 
(-116).
 
On  a  rolling  twelve-month  (R12M)  basis,  the  Group  continues  
to
 
demonstrate
 
financial
 
strength
 
and
 
operational
 
discipline.
 
Net
 
sales
 
reached
 
SEK
 
4.05bn
 
with
 
an
 
adjusted
 
EBITDA
 
of
 
SEK
 
780m,
 
yielding
 
a
 
solid
 
19.3%
 
margin.
 
This
 
profitability
 
translated
 
into
 
net
 
profit
 
of
 
SEK
 
572m,
 
resulting
 
in
 
an
 
EPS
 
of
 
SEK
 
7.12.
 
Furthermore,
 
our
 
ability
 
to
 
convert
 
earnings
 
into
 
liquidity
 
remains
 
a
 
core
 
strength,
 
with
 
cash
 
flow
 
from
 
operations
 
totalling
 
SEK
 
679m
 
after
 
changes
 
in
 
working
 
capital.
 
 
Robust  subscriber  growth  in  the  Nordics Our  Nordic  Streaming  segment  remained  on  a  positive  trajectory  in  Q1,  with  a  net  intake  of  11,000  
paying
 
subscribers.
 
The
 
Nordic
 
region
 
delivered
 
its
 
highest
 
first-quarter
 
intake
 
since
 
the
 
pandemic.
 
Nearly
 
half
 
(47%)
 
of
 
our
 
Nordic
 
subscriber
 
base
 
has
 
maintained
 
their
 
subscription
 
for
 
over
 
five
 
years,
 
which
 
continues
 
to
 
drive
 
a
 
favourable
 
decline
 
in
 
our
 
churn
 
rate.
 
Outside  the  Nordics,  we  expanded  our  reach  by  adding  61,000  paying  subscribers ,  including  44,000  
within
 
our
 
European
 
footprint.
 
Poland
 
remains
 
our
 
primary
 
engine
 
of
 
growth,
 
complemented
 
by
 
meaningful
 
contributions
 
from
 
Bulgaria,
 
Turkey,
 
and
 
the
 
continued
 
success
 
of
 
our
 
strategic
 
partnerships.
 
By  scaling  AI-augmented  development,  we  have  accelerated  our  pace  of  innovation  to  increase  our  
customer
 
value
 
proposition.
 
In
 
Q1,
 
we
 
launched
 
StoryArt
,
 
a
 
new
 
format
 
integrating
 
immersive
 
visuals
 
into
 
our
 
audiobooks.
 
We
 
expanded
 
Synced
 
Listening
 
and
 
Reading
 
across
 
a
 
significant
 
share
 
of
 
our
 
catalogue
 
in
 
multiple
 
markets.
 
Our
 
product
 
innovations
 
are
 
rooted
 
in
 
our
 
customers'
 
lifestyles.
 
Recent
 
survey
 
data
 
from
 
Storytel
 
Sweden
 
shows
 
that
 
a
 
majority
 
of
 
users
 
listen
 
to
 
audiobooks
 
at
 
bedtime,
 
primarily
 
to
 
relax
 
(85%)
 
or
 
as
 
an
 
aid
 
to
 
fall
 
asleep
 
(65%).
 
To
 
support
 
this
 
habit,
 
we
 
introduced
 
AI-powered
 
recaps
 
to
 
our
 
sleep
 
timer,
 
a
 
feature
 
helping
 
more
 
than
 
300,000
 
book
 
lovers
 
effortlessly
 
pick
 
up
 
where
 
they
 
left
 
off
 
the
 
next
 
morning.
 
Strengthening  our  publishing  portfolio 
Our  Publishing  segment  delivered  continued  growth  in  operating  profit  during  the  quarter,  supported  by  a  
9.2%
 
increase
 
in
 
external
 
sales.
 
Bokfabriken
 
marked
 
its
 
first
 
full
 
year
 
within
 
the
 
Storytel
 
Group,
 
and
 
their
 
performance
 
has
 
surpassed
 
our
 
expectations.
 
They
 
serve
 
as
 
a
 
clear
 
example
 
of
 
how
 
we
 
can
 
generate
 
synergies
 
across
 
our
 
publishing
 
and
 
streaming
 
businesses.
 
2 
INTERIM  REPORT

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

We  have  continued  to  build  on  this  strategy  during  the  quarter.  Gummerus  launched  its  new  digital  
imprint,
 
JUJU,
 
while
 
Norstedts
 
Förlagsgrupp
 
acquired
 
Lavender
 
Lit,
 
a
 
publisher
 
specialising
 
in
 
romance
 
and
 
feelgood
 
fiction.
 
We
 
also
 
strengthened
 
our
 
offering
 
in
 
these
 
popular
 
genres
 
by
 
acquiring
 
the
 
romance
 
and
 
feelgood
 
catalogue
 
of
 
the
 
Danish
 
publisher
 
Palatium
 
through
 
Storyside
.
 
In  Sweden,  Norstedts’  performance  was  driven  by  the  release  of  Handbok  för  superhjältar  11 ,  a  new  series  
from
 
I
 
Just
 
Want
 
To
 
Be
 
Cool,
 
and
 
strong
 
volumes
 
during
 
the
 
annual
 
national
 
book
 
sale.
 
Notably,
 
Sammy
 
Jeridi’s
 
Ibbe
 
Seger
 
series
 
became
 
the
 
most
 
consumed
 
Q1
 
title
 
in
 
the
 
Storyside
 
catalogue,
 
ranking
 
among
 
the
 
top
 
five
 
titles
 
nationally.
 
Bokfabriken
 
pushed
 
creative
 
boundaries
 
with
 
Guldskytten
,
 
Patrick
 
Ekwall's
 
real-time
 
audiobook
 
experience
 
produced
 
during
 
the
 
2026
 
Winter
 
Olympics,
 
with
 
chapters
 
written,
 
narrated,
 
and
 
published
 
daily
 
on
 
Storytel
 
–
 
which
 
further
 
demonstrates
 
the
 
powerful
 
synergies
 
across
 
our
 
Group.
 
Delivering  on  our  roadmap  We  remain  well  on  track  to  deliver  on  our  2026  guidance  and  mid-term  financial  targets  for  2028.  This  year,  
we
 
expect
 
to
 
generate
 
an
 
adjusted
 
EBITDA
 
of
 
at
 
least
 
SEK
 
870m,
 
with
 
a
 
trajectory
 
to
 
cross
 
SEK
 
1.0bn
 
in
 
2027
 
and
 
exceed
 
SEK
 
1.1bn
 
in
 
2028.
 
Our  robust  financial  profile  provides  the  strategic  flexibility  to  pursue  an  active  M&A  agenda  while  
simultaneously
 
enhancing
 
shareholder
 
returns
 
through
 
continued
 
distributions.
 
We
 
are
 
committed
 
to
 
sustaining
 
this
 
positive
 
momentum
 
and
 
successfully
 
executing
 
our
 
transition
 
to
 
the
 
main
 
market
 
during
 
Q2.
 
Our  progress  is  driven  by  the  people  behind  it.  To  our  employees,  thank  you  for  your  commitment  and  craft  
as
 
we
 
shape
 
the
 
future
 
of
 
storytelling
 
together.
 
To
 
our
 
shareholders,
 
thank
 
you
 
for
 
your
 
continued
 
trust
 
and
 
partnership
 
on
 
our
 
storytelling
 
journey.
 
 
Bodil  Eriksson  Torp   
CEO
 
3 
INTERIM  REPORT

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

Group  performance  
 Development  Q1  2026  
Comparative  figures  in  brackets  pertain  to  the  first  quarter  2025.  Adjusted  figures  exclude  Items  Affecting  
Comparability
 
(IACs).
 
See
 
Note
 
7
 
for
 
details.
 
During
 
Q1
 
2026,
 
the
 
Group
 
changed
 
the
 
classification
 
of
 
costs
 
related
 
to
 
its
 
share-based
 
long-term
 
incentive
 
programmes
 
(LTIP).
 
These
 
costs
 
were
 
previously
 
classified
 
as
 
IACs
 
and
 
are
 
now
 
reported
 
as
 
regular
 
operating
 
expenses.
 
The
 
comparative
 
period
 
has
 
been
 
restated
 
accordingly.
 
Net  sales  Group  net  sales  increased  by  2.7%  to  SEK  979.1m  (952.9)  in  the  quarter.  Currency  effects  had  a  material  
negative
 
impact
 
on
 
growth.
 
Sales
 
growth
 
in
 
constant
 
exchange
 
rates
 
(CER)
 
was
 
7.9%,
 
with
 
organic
 
growth
 
at
 
7.5%
 
(CER).
 The  increase  in  net  sales  was  driven  by  continued  growth  in  both  the  Streaming  and  Publishing  business  
areas.
 
The
 
Streaming
 
segments
 
contributed
 
with
 
7.4%
 
CER
 
growth,
 
driven
 
mainly
 
by
 
a
 
higher
 
paying
 
base
 
in
 
both
 
the
 
Nordic
 
and
 
Europe
 
segments.
 
The
 
Publishing
 
segment
 
grew
 
external
 
net
 
sales
 
by
 
9.2%
 
at
 
CER,
 
driven
 
by
 
Bokfabriken
 
and
 
stronger
 
digital
 
external
 
sales.
 
Gross  profit   Cost  of  sales  increased  to  SEK  -537.0m  (-529.8)  and  gross  profit  increased  by  4%  amounting  to  SEK  
442.2m
 
(423.1).
 
The
 
gross
 
margin
 
increased
 
to
 
45.2%
 
(44.4%).
 
4 
INTERIM  REPORT

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

The  gross  margin  improvement  was  primarily  driven  by  the  Publishing  segment,  where  gross  margin  
increased
 
to
 
31.5%
 
(25.6%).
 EBITDA   Reported  EBITDA  increased  by  21%  to  SEK  162.7m  (134.6),  for  an  EBITDA  margin  of  16.6%  (14.1%).  Q1  
2025
 
EBITDA
 
included
 
a
 
non-recurring
 
income
 
of
 
SEK
 
15.0m
 
from
 
the
 
sale
 
of
 
ElevenLabs
 
shares
 
and
 
SEK
 
5.6m
 
in
 
insurance
 
compensation.
 Items  Affecting  Comparability  (IACs)  of  -3.7m  (0),  relating  to  costs  associated  with  the  planned  transfer  of  
listing
 
to
 
the
 
Nasdaq
 
Stockholm
 
main
 
market.
 
Following
 
the
 
reclassification
 
of
 
LTIP
 
costs
 
to
 
regular
 
operating
 
expenses,
 
there
 
were
 
no
 
IACs
 
in
 
the
 
restated
 
Q1
 
2025
 
period.
 
See
 
Note
 
7
 
for
 
details.
 Adjusted  EBITDA  for  the  quarter  increased  by  23.7%  to  SEK  166.5m  (134.6),  for  a  margin  of  17.0%  
(14.1%)
 Operating  expenses  decreased  by  4%  to  SEK  354.1m  (368.8)  compared  to  the  corresponding  quarter  last  
year,
 
due
 
to
 
continued
 
cost
 
discipline
 
across
 
all
 
functional
 
areas.
 
 
Operating  profit   Operating  profit  (EBIT)  for  the  quarter  amounted  to  SEK  88.1m  (54.8)  with  a  margin  of  9.0%  (5.8%).  The  
improvement
 
is
 
driven
 
by
 
higher
 
gross
 
profit
 
and
 
lower
 
operating
 
expenses
 
across
 
all
 
functional
 
areas,
 
partially
 
offset
 
by
 
lower
 
other
 
operating
 
income
 
following
 
the
 
non-recurring
 
ElevenLabs
 
share
 
sale
 
in
 
Q1
 
2025.
 Selling  and  marketing  expenses  decreased  by  5.1%  to  SEK  -224.7m  (-236.8).  The  decrease  reflects  
improved
 
marketing
 
efficiency
 
and
 
lower
 
staff
 
costs.
 Technology  and  development  expenses  decreased  by  17.8%  to  SEK  -47.2m  (-57.5),  mainly  due  to  a  more  
streamlined
 
technology
 
organisation.
 General  and  administrative  expenses  decreased  by  9.9%  to  SEK  -88.7m  (-98.5).  The  improvement  was  
driven
 
by
 
lower
 
staff
 
costs,
 
partially
 
offset
 
by
 
higher
 
external
 
costs.
 
The
 
Q1
 
2026
 
figure
 
includes
 
IAC
 
listing
 
costs
 
of
 
SEK
 
3.7m.
 
Other  operating  items  amounted  to  SEK  2.7m  (20.3).  The  prior  year  included  non-recurring  income  of  SEK  
15.0m
 
from
 
the
 
sale
 
of
 
ElevenLabs
 
shares
 
and
 
SEK
 
5.6m
 
in
 
insurance
 
compensation.
 
The
 
current
 
quarter
 
items
 
consist
 
primarily
 
of
 
FX
 
changes
 
and
 
losses
 
on
 
operating
 
items.
 Net  profit   Profit  before  tax  for  the  quarter  amounted  to  SEK  91.1m  (20.8).  Net  financial  items  totalled  SEK  3.0m  
(-34.1),
 
including
 
SEK
 
-3.6m
 
(-8.4)
 
in
 
net
 
interest
 
expenses,
 
and
 
SEK
 
6.6m
 
(-25.6)
 
from
 
FX
 
effects.
 
The
 
FX
 
impact
 
is
 
primarily
 
due
 
to
 
a
 
positive
 
revaluation
 
of
 
a
 
USD
 
denominated
 
inter-company
 
loan.
 Net  interest  expenses  decreased  compared  to  the  prior  year  quarter,  reflecting  lower  utilisation  of  the  
revolving
 
credit
 
facility
 
following
 
a
 
net
 
repayment
 
of
 
loans
 
amounting
 
to
 
SEK
 
50m
 
in
 
the
 
beginning
 
of
 
2026.
 Taxes  for  the  quarter  amounted  to  SEK  -4.9m  (-2.1)  corresponding  to  an  effective  tax  rate  of  5.4%  (9.9%).   
The
 
increase
 
in
 
tax
 
expense
 
compared
 
to
 
the
 
prior
 
year
 
is
 
explained
 
by
 
the
 
higher
 
pre-tax
 
profit,
 
while
 
the
 
effective
 
tax
 
rate
 
decreased
 
due
 
to
 
geographical
 
mix
 
effects.
  
Net
 
profit
 
for
 
the
 
quarter
 
amounted
 
to
 
SEK
 
86.2m
 
(18.7).
 
Earnings  per  share  for  the  quarter  totalled  SEK  1.06  (0.20)  before  dilution  and  SEK  1.06  (0.20)  after  dilution.  
Cash  flow   Cash  flow  from  operations  before  changes  in  working  capital  amounted  to  SEK  135.0m  (87.8),  primarily  
explained
 
by
 
an
 
improved
 
operating
 
result.
 The  change  in  working  capital  was  SEK  0.5m  (-58.8),  resulting  in  cash  flow  from  operating  activities,  after  
changes
 
in
 
working
 
capital,
 
of
 
SEK
 
135.4m
 
(29.0)
 
in
 
the
 
quarter.
 
The
 
improvement
 
in
 
working
 
capital
 
5 
INTERIM  REPORT

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

compared  to  the  prior  year  is  mainly  explained  by  favourable  movements  in  accounts  receivable  and  
accounts
 
payable.
 Cash  flow  from  investing  activities  was  SEK  -48.0m  (-92.6).  Previous  year  includes  the  acquisition  of  
Bokfabriken
 
explaining
 
the
 
change
 
compared
 
to
 
last
 
year.
 
Cash
 
flow
 
from
 
financing
 
activities
 
was
 
SEK
 
-58.8m
 
(-9.4),
 
reflecting
 
a
 
debt
 
repayment
 
of
 
SEK
 
50.0m,
 
in
 
connection
 
with
 
the
 
refinancing
 
of
 
the
 
Group's
 
credit
 
facility.
 
 Total  cash  flow  for  the  quarter  was  SEK  28.6m  (-72.9).  
Financial  position,  equity  &  liquidity   At  the  end  of  the  period,  the  Group  had  SEK  719.9m  (533.6)  in  cash  and  equivalents.  The  equity-to-assets  
ratio
 
was
 
56.5%
 
(46.9%).
 
Total
 
equity
 
was
 
SEK
 
2,035.8m
 
(1,524.9).
 
Total  non-current  liabilities  amounted  to  SEK  679.5m  (824.6)  and  total  current  liabilities  amounted  to  SEK  
885.7m
 
(903.0).
 
The
 
Group's
 
revolving
 
credit
 
facility
 
was
 
renewed
 
at
 
the
 
beginning
 
of
 
2026
 
and
 
is
 
classified
 
as
 
a
 
non-current
 
liability
 
as
 
of
 
31
 
March
 
2026.
 
As
 
of
 
the
 
reporting
 
date,
 
the
 
Company's
 
unutilised
 
credit
 
facility
 
amounted
 
to
 
SEK
 
600m.
 
The  reported  net  debt  was  SEK  -219.9m  (116.4)  at  the  end  of  the  period  and  the  Net  Debt/Adjusted  
EBITDA
 
ratio
 
improved
 
to
 
-0.28
 
(0.18),
 
primarily
 
reflecting
 
the
 
Group’s
 
strong
 
cash
 
flow
 
generation.
 
Net
 
debt
 
including
 
IFRS
 
16
 
leases
 
amounted
 
to
 
-98.2
 
(181.6)
 
6 
INTERIM  REPORT

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

Business  Area:  Streaming   Effective  from  Q1  2026,  the  Group  has  reorganised  its  segment  reporting  structure.  The  previous  structure  
comprised
 
two
 
reportable
 
segments,
 
Streaming
 
and
 
Publishing,
 
with
 
Streaming
 
KPIs
 
presented
 
on
 
a
 
regional
 
level.
 
The
 
new
 
structure
 
comprises
 
five
 
reportable
 
operating
 
segments:
 
four
 
within
 
Streaming
 
and
 
one
 
Publishing
 
segment,
 
better
 
reflecting
 
how
 
the
 
business
 
is
 
managed
 
and
 
resources
 
are
 
allocated.
 
Comparative
 
figures
 
have
 
been
 
restated
 
accordingly.
 For  a  reconciliation  of  segment  results  to  Group  totals,  see  Note  5.  The  Streaming  segments  consist  of  all  
audiobook
 
and
 
e-book
 
streaming
 
services
 
operated
 
under
 
the
 
brands
 
Storytel,
 
Mofibo
 
and
 Audiobooks.com and  are  divided  into  the  following  segments:  Nordics:  Sweden,  Denmark,  Norway,  Finland,  Iceland  and  Estonia.  Europe:  the  Netherlands,  Belgium,  Germany,  Italy,  Spain,  France,  Poland,  Bulgaria,  Turkey  and  Israel.  Americas:  North  America  (Audiobooks.com)  and  Latin  America.  APAC:  Asia  Pacific  and  Middle  East  operations  (excluding  Israel).  
 
Total
 
Streaming
 
performance
 The  streaming  segments  performed  well  in  the  quarter  with  the  number  of  new  subscribers  exceeding  
expectations,
 
however
 
currency
 
effects
 
had
 
a
 
material
 
impact
 
on
 
growth
 
and
 
ARPU.
 
Strict
 
cost
 
discipline
 
and
 
efficiency
 
measures
 
had
 
a
 
positive
 
effect
 
on
 
margins.
  
MSEK
 Q1  2026
 Q1  2025
 Change
 R12  Jan-Dec  2025
 
Net
 
sales
 
877.5
 
862.1
 
2%
 3,533.4  
3,518.0
 
Cost
 
of
 
sales
 
-507.1
 
-493.1
 
3%
 -2,039.5  
-2,025.5
 
Gross
 
profit
 
370.4
 
369.0
 
0%
 1,493.9  
1,492.5
 
Selling
 
and
 
marketing
 
expenses
 
-213.4
 
-225.4
 
-5%
 -811.3  
-823.3
 
Technology
 
and
 
development
 
expenses
 
-41.7
 
-52.9
 
-21%
 -187.1  
-198.3
 
Administrative
 
expenses
 
-23.8
 
-31.7
 
-25%
 -85.2  
-93.1
 
Other
 
operating
 
items
 
0.6
 
2.3
 
-73%
 -3.2  
-1.5
 
Operating
 
profit
 
92.1
 
61.3
 
50%
 407.1  
376.3
 
Add
 
back
 
Depreciation
 
&
 
Amortisation
 
30.4
 
32.5
 
-7%
 126.5  
128.6
 
EBITDA
 
122.5
 
93.9
 
30%
 533.4  
504.8
 
Items
 
affecting
 
comparability
 
(IAC)
 
-
 
-
  -  
-
 
Adjusted
 
EBITDA
 
122.5
 
93.9
 
30%
 533.4  
504.8
 
GM
 
%
 
42.2
 
42.8
 
-0.6pp
 42.3  
42.4
 
EBITDA
 
%
 
14.0
 
10.9
 
3.1pp
 15.1  
14.4
 
Adjusted
 
EBITDA
 
%
 
14.0
 
10.9
 
3.1pp
 15.1  
14.4
  
In  the  Streaming  business  area,  figures  include  50%  of  Storytel  Norway's  net  Sales  in  line  with  Storytel's  ownership.  In  the  
consolidated
 
accounts,
 
Storytel
 
Norway
 
is
 
reported
 
in
 
accordance
 
with
 
the
 
equity
 
method.
 
Figures
 
for
 
the
 
streaming
 
business
 
area
 
differ
 
from
 
IFRS
 
consolidated
 
figures.
 
Internal
 
costs
 
are
 
included
 
in
 
Cost
 
of
 
sales.
 
See
 
Note
 
5
 
for
 
details.
  
Net  sales  and  gross  profit  Total  Streaming  net  Sales  for  the  quarter  increased  by  1.8%  to  SEK  877.5m  (862.1).  The  growth  rate  at  
constant
 
exchange
 
rates
 
(CER)
 
was
 
7.4%.
 
The
 
Europe
 
segment
 
delivered
 
net
 
Sales
 
growth
 
of
 
19.1%
 
in
 
CER.
 
The
 
Nordics
 
segment
 
contributed
 
with
 
a
 
4.5%
 
net
 
Sales
 
growth
 
in
 
CER.
 
 Subscriber  growth  was  8.1%  in  the  quarter,  driven  by  Europe  +12.9%,  the  Americas  +6.3%,  and  the  
Nordics
 
+5.6%.
 
The
 
total
 
Nordic
 
subscriber
 
base
 
was
 
1.346m
 
(1.275)
 
at
 
the
 
end
 
of
 
the
 
period
 
compared
 
7 
INTERIM  REPORT

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

with  1.391m  (1.257)  outside  the  Nordics.  Our  Europe  segment  crossed  the  1m  mark  for  the  first  time,  
reaching
 
1.06m
 
(0.94)
 
at
 
the
 
end
 
of
 
the
 
period.
 Group  ARPU  decreased  by  5.5%  to  SEK  113.3  (120.4),  of  which  SEK  -6.1  relates  to  FX  and  SEK  -1.5  from  
regional
 
mix.
 
The
 
Nordic
 
ARPU
 
decreased
 
by
 
2.5%,
 
while
 
ARPU
 
in
 
the
 
Europe
 
segment
 
decreased
 
by
 
3.4%
 
and
 
ARPU
 
in
 
the
 
Americas
 
segment
 
decreased
 
by
 
16.5%
 
and
 
ARPU
 
in
 
the
 
APAC
 
segment
 
decreased
 
by
 
9.8%.
 Gross  profit  increased  marginally  to  SEK  370.4m  (369.0)  in  the  quarter,  while  the  gross  margin  came  in  at  
42.2%
 
(42.8%).
 In  the  Nordics,  gross  margin  increased  by  1.1pp  to  39.1%  (38.0%),  driven  by  improved  
content
 
cost
 
margins
 
in
 
the
 
region.
 
Gross
 
margin
 
in
 
the
 
Europe
 
segment
 
decreased
 
by
 
3.3pp
 
to
 
39.9%
 
(43.2%),
 
mainly
 
due
 
to
 
lower
 
content
 
cost
 
margins
 
in
 
Poland
 
and
 
the
 
Netherlands.
 
In
 
the
 
Americas
 segment,  gross  margin  decreased  by  2.3pp  to  56.3%  (58.6%),  following  lower  margins  in the  US and  the  regional  mix.  Gross  margin  in  the  APAC  segment  decreased  by  1.4pp  to  34.0%  (35.4%).   
EBITDA  and  operating  profit  EBITDA  increased  by  30.5%  in  the  quarter  to  SEK  122.5m  (93.9).  The  EBITDA  margin  came  in  at  14.0%  
(10.9%),
 
explained
 
by
 
lower
 
operating
 
expenses.
 
EBITDA
 
equals
 
Adjusted
 
EBITDA
 
as
 
there
 
are
 
no
 
items
 
affecting
 
comparability
 
in
 
the
 
period.
 
Operating  profit  increased  by  50.2%  to  SEK  92.1m  (61.3)  in  the  quarter.  
 
Business  developments  In  January,  Storytel  released  StoryArt,  a  new  audiobook  format  that  seamlessly  blends  images  and  visual  
storytelling
 
with
 
narration.
   Synced  Listening  was  further  scaled  during  the  quarter  and  made  available  to  a  large  part  of  the  catalogue  
across
 
markets.
   Improved  AI  workflows  have  enabled  the  Group  engineers  to  work  more  efficiently.  In  the  first  quarter  daily  
code
 
output
 
doubled
 
while
 
maintaining
 
quality
 
standards.
 
This
 
led
 
to
 
enhancements
 
on
 
the
 
streaming
 
platform,
 
including
 
improvements
 
to
 
customer
 
acquisitions
 
flows
 
and
 
to
 
the
 
popular
 
Sleep
 
timer.
 
Several
 
additional
 
product
 
releases
 
are
 
planned
 
for
 
the
 
coming
 
months.
 
 
 
Streaming  subscriber  development   
8 
INTERIM  REPORT

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

Streaming  segments  performance  split    
TSEK Q1  2026 Q1  2025 Change R12M  Jan-Dec  2025 
Nordics       
Net  sales¹  590,127  578,191  2.1%  2,374,837  2,362,901  Gross  profit  230,624  219,452  5.1%  894,523  883,351  Gross  margin  39.1%  38.0%  1.1pp  37.7%  37.4%  
End-of-period  paying  subscribers  1,346,000  1,275,000  5.6%   1,336,000  ARPU ²  (SEK/month)  148  151  -2.5%   151  Europe       
Net  sales  218,775  199,553  9.6%  858,050  838,828  Gross  profit  87,351  86,210  1.3%  355,667  354,526  Gross  margin  39.9%  43.2%  -3.3pp  41.4%  42.3%  
End-of-period  paying  subscribers  1,060,000  939,000  12.9%   1,016,000  ARPU ²  (SEK/month)  70  73  -3.4%   74  Americas       
Net  sales  94,848  109,444  -13.3%  396,031  410,627  Gross  profit  53,402  64,117  -16.7%  228,743  239,458  Gross  margin  56.3%  58.6%  -2.3pp  57.8%  58.3%  
End-of-period  paying  subscribers  255,000  240,000  6.3%   238,000  ARPU ²  (SEK/month)  130  155  -16.5%   143  APAC       
Net  sales  10,463  11,752  -11.0%  42,455  43,744  Gross  profit  3,562  4,162  -14.4%  15,788  16,388  Gross  margin  34.0%  35.4%  -1.4pp  37.2%  37.5%  
End-of-period  paying  subscribers  76,000  78,000  -2.6%   76,000  ARPU ²  (SEK/month)  46  51  -9.8%   47   
¹
 Net  sales
 
includes  100%  of  Storytel  Norway’s  net  sales  to  provide  the  figure  for  average  revenue  per  subscriber  (ARPU).  As  a  
result,
 
the
 
Streaming
 
segments
 
performance
 
split
 
table
 
shows
 
higher
 
net
 
sales
 
than
 
in
 
the
 
business
 
area
 
Streaming
 
and
 
the
 
consolidated
 
accounts.
 
Please
 
see
 
Note
 
5
 
for
 
details.
 
²
 ARPU  is  calculated  based  on  the  average  paying  subscriber  base  over  the  period,  both  for  the  quarter  and  annually.  
 
9 
INTERIM  REPORT

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

Streaming  geographical  performance  split  under  previous  structure  
  
TSEK
   Q1  2026
 Q1  2025
 Change
 R12M  Jan-Dec  2025
  
Nordics
        
Net
 
sales¹
   
590,127
 
578,191
 2.1%  2,374,837  
2,362,901
  
Gross
 
profit
   
230,624
 
219,452
 5.1%  894,523  
883,351
  
Gross
 
margin
   
39.1%
 
38.0%
 1.1pp  37.7%  
37.4%
 
 
End-of-period  
paying
 
subscribers
   
1,346,000
 
1,275,000
 5.6%   
1,336,000
  
ARPU
 
(SEK/month)
   
148
 
151
 -2.5%   
151
 
Non-Nordics
 
Core
         
Net
 
sales
   279,768  
277,309
 0.8%  1,122,595  
1,120,136
  
Gross
 
profit
   128,501  
138,662
 -7.3%  536,151  
546,312
  
Gross
 
margin
   45.9%  
50.0%
 -4.1pp  47.8%  
48.8%
 
 
End-of-period  
paying
 
subscribers
   1,141,000  
1,023,000
 11.5%   
1,062,000
  
ARPU
 
(SEK/month)
   82  
90
 -8.9%   
88
 
Rest
 
of
 
the
 
World
         
Net
 
sales
   
44,318
 
43,439
 2.0%  173,939  
173,060
  
Gross
 
profit
   15,815  
15,827
 -0.1%  64,048  
64,060
  
Gross
 
margin
   35.7%  
36.4%
 -0.7pp  36.8%  
37.0%
 
 
End-of-period  
paying
 
subscribers
   216,000  
203,000
 6.4%   
205,000
  
ARPU
 
(SEK/month)
   68  
71
 -4,2%   
70
  
 
1  Net  sales  includes  100%  of  Storytel  Norway’s  net  sales.  In  the  Streaming  segment’s  accounts,  net  sales  includes  50%  of  Storytel  Norway’s  net  sales  in  line  with  Storytel’s  ownership.  In  the  consolidated  accounts,  Storytel  Norway  is  reported  in  accordance  with  the  equity  method.  As  a  result,  the  Streaming  KPI  Table  shows  higher  net  sales  than  in  the  Streaming  segment’s  and  consolidated  accounts.   
  
Reconciliation  of  Segment  Nordics  to  IFRS
  
TSEK
 Q1  2026
 Q1  2025
 Jan-Dec  2025
  
Nordics
     
Net
 
sales
 
according
 
to
 
segment
 
Nordics
 
590,127
 
578,191
 
2,362,901
  
Segment
 
adjustment
 
for
 
Norway
 
JV
 -87,731  -87,696  -345,205  
 Net  sales  according  to  IFRS  -  Nordics  502,396  490,495  2,017,696  
  
    Gross  profit  according  to  segment  Nordics  230,624  219,452  883,351  
 Segment  adjustment  for  Norway  JV  -23,312  -23,869  -71,422  
 Gross  profit  according  to  IFRS  -  Nordics  207,312  195,583  811,929  
 
The  table  above  presents  the  financial  results  for  the  Nordic  segment  assuming  the  joint  venture  in  Norway  had  been  
accounted
 
for
 
fully
 
in
 
accordance
 
with
 
IFRS
 
in
 
line
 
with
 
the
 
equity
 
method
,
 
excluding
 
current
 
segment
 
adjustments.
 
 
10 
INTERIM  REPORT

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

8-quarter  overview  
TSEK
 Q2  2024
 Q3  2024
 Q4  2024
 Q1  2025
 Q2  2025
 Q3  2025
 Q4  2025
 Q1  2026
 
Nordics
         
Net
 
sales
 
570,427
 
585,986
 
592,008
 
578,191
 
580,334
 
600,504
 
603,872
 
590,127
 
Gross
 
profit
 
213,506
 
216,119
 
212,264
 
219,452
 
218,004
 
219,197
 
226,698
 
230,624
 
Gross
 
margin
 
37.4%
 
36.9%
 
35.9%
 
38.0%
 
37.6%
 
36.5%
 
37.5%
 
39.1%
 
End-of-period
 
paying
 
subscribers
 
1,232,000
 
1,264,000
 
1,278,000
 
1,275,000
 
1,302,000
 
1,331,000
 
1,336,000
 
1,346,000
 
ARPU
 
(SEK/month)
 
158
 
155
 
154
 
151
 
151
 
152
 
151
 
151
 
Europe
         
Net
 
sales
 
180,405
 
187,298
 
195,352
 
199,553
 
199,436
 
211,377
 
228,462
 
218,775
 
Gross
 
profit
 
73,617
 
74,877
 
85,945
 
86,210
 
83,896
 
88,759
 
95,662
 
87,351
 
Gross
 
margin
 
40.8%
 
40.0%
 
44.0%
 
43.2%
 
42.1%
 
42.0%
 
41.9%
 
39.9%
 
End-of-period
 
paying
 
subscribers
 
782,000
 
809,000
 
871,000
 
939,000
 
946,000
 
981,000
 
1,016,000
 
1,060,000
 
ARPU
 
(SEK/month)
 
77
 
77
 
76
 
73
 
70
 
73
 
76
 
70
 
Americas
         
Net
 
sales
 
106,553
 
105,402
 
110,304
 
109,444
 
99,386
 
99,967
 
101,830
 
94,848
 
Gross
 
profit
 
57,660
 
61,912
 
66,472
 
64,117
 
58,021
 
55,874
 
61,445
 
53,402
 
Gross
 
margin
 
54.1%
 
58.7%
 
60.3%
 
58.6%
 
58.4%
 
55.9%
 
60.3%
 
56.3%
 
End-of-period
 
paying
 
subscribers
 
224,000
 
227,000
 
228,000
 
240,000
 
240,000
 
240,000
 
238,000
 
255,000
 
ARPU
 
(SEK/month)
 
159
 
156
 
161
 
155
 
138
 
139
 
141
 
130
 
APAC
         
Net
 
sales
 
10,900
 
10,195
 
10,909
 
11,752
 
10,612
 
10,805
 
10,575
 
10,463
 
Gross
 
profit
 
6,898
 
3,954
 
3,981
 
4,162
 
3,870
 
4,162
 
4,194
 
3,562
 
Gross
 
margin
 
63.3%
 
38.8%
 
36.5%
 
35.4%
 
36.5%
 
38.5%
 
39.7%
 
34.0%
 
End-of-period
 
paying
 
subscribers
 
72,000
 
74,000
 
77,000
 
78,000
 
76,000
 
77,000
 
76,000
 
76,000
 
ARPU
 
(SEK/month)
 
50
 
47
 
48
 
51
 
46
 
47
 
46
 
46
 
 
11 
INTERIM  REPORT

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

Business  Area:  Publishing  The  Publishing  segment  consists  of  all  publishing  houses  within  Storytel  Group:  Norstedts  Förlagsgrupp,  
Lind
 
&
 
Co,
 
Gummerus,
 
Bokfabriken,
 
People's
 
and
 
the
 
global
 
digital
 
audio
 
publisher
 
Storyside,
 
as
 
well
 
as
 
the
 
production
 
and
 
distribution
 
hub
 
Earselect.
 
Publishing  performance  The  Publishing  segment  had  a  solid  start  to  the  year  with  external  net  Sales  growth  of  9.2%  in  CER,  and  
continued
 
profitability
 
improvement.
 
The
 
operating
 
profitability
 
improved
 
both
 
from
 
a
 
higher
 
gross
 
margin
 
and
 
operating
 
leverage.
 
The
 
year-on-year
 
growth
 
in
 
EBITDA
 
was
 
21%,
 
while
 
total
 
opex
 
increased
 
by
 
2.8%.
 
 
 
MSEK
 Q1  2026
 Q1  2025
 Change
 R12M  Jan-Dec  2025
 
Net
 
sales
 
287.8
 
283.4
 
2%
 1,278.3  
1,273.9
 
Cost
 
of
 
sales
 
-197.3
 
-210.8
 
-6%
 -850.8  
-864.3
 
Gross
 
profit
 
90.5
 
72.6
 
25%
 427.5  
409.5
 
Selling
 
and
 
marketing
 
expenses
 
-17.9
 
-17.3
 
4%
 -85.5  
-84.9
 
Technology
 
and
 
development
 
expenses
 
-5.5
 
-4.6
 
21%
 -23.7  
-22.8
 
Administrative
 
expenses
 
-30.9
 
-31.9
 
-3%
 -124.5  
-125.5
 
Other
 
operating
 
items
 
2.0
 
2.9
 
-32%
 10.8  
11.7
 
Operating
 
profit
 
38.2
 
21.7
 
76%
 204.5  
188.0
 
Add
 
back
 
Depreciation
 
&
 
Amortisation
 
42.4
 
44.7
 
-5%
 185.8  
188.1
 
EBITDA
 
80.6
 
66.4
 
21%
 390.3  
376.2
 
Items
 
affecting
 
comparability
 
(IAC)
 
-
 
-
  -  
-
 
Adjusted
 
EBITDA
 
80.6
 
66.4
 
21%
 390.3  
376.2
 
GM
 
%
 
31.5
 
25.6
 
5.8pp
 33.4  
32.2
 
EBITDA
 
%
 
28.0
 
23.4
 
4.6pp
 30.5  
29.5
 
Adjusted
 
EBITDA
 
%
 
28.0
 
23.4
 
4.6pp
 30.5  
29.5
  
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.
 
Segment
 
figures
 
differ
 
from
 
IFRS
 
consolidated
 
figures.
 
See
 
Note
 
5
 
for
 
details.
  
Net  sales  and  gross  profit  Net  sales  in  the  quarter  increased  by  1.6%  to  SEK  287.8m  (283.4)  and  3.9%  at  CER,  with  Bokfabriken  and  
strong
 
digital
 
external
 
sales
 
as
 
the
 
main
 
drivers.
 
Cost  of  sales  decreased  due  to  efficiency  improvements  and  a  higher  share  of  digital  sales,  resulting  in  a  
24.7%
 
growth
 
of
 
gross
 
profit
 
to
 
SEK
 
90.5m
 
(72.6),
 
and
 
a
 
gross
 
margin
 
of
 
31.5%
 
(25.6%).
 EBITDA  and  operating  profit  EBITDA  increased  by  21.3%  in  the  quarter  to  SEK  80.6m  (66.4),  for  a  margin  of  28.0%  (23.4%).  The  
improvement
 
is
 
primarily
 
attributable
 
to
 
the
 
higher
 
gross
 
profit.
 
EBITDA
 
equals
 
Adjusted
 
EBITDA
 
as
 
there
 
are
 
no
 
items
 
affecting
 
comparability
 
in
 
the
 
period.
 
Operating  profit  increased  to  SEK  38.2m  (21.7)  in  the  quarter,  corresponding  to  a  margin  of  13.3%  (7.6%).  
Operating
 
expenses
 
increased
 
by
 
SEK
 
1.5m,
 
roughly
 
in
 
line
 
with
 
the
 
previous
 
year.
 
Business  developments  
In  March  2026,  Norstedts  acquired  Lavender  Lit,  a  niche  publisher  specialising  in  romance  and  feelgood,  
strengthening
 
the
 
Group’s
 
position
 
in
 
a
 
high-growth
 
commercial
 
segment.
 
 
12 
INTERIM  REPORT

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

In  March  2026,  Gummerus  launched  the  new  digital  imprint  JUJU,  that  focuses  on  genre  literature  and  
book
 
series
 
and
 
publishes
 
both
 
Finnish-language
 
and
 
Finnish
 
works
 
as
 
audio
 
and
 
e-books.
 
Other  information  Full-year  2026  guidance  The  Group's  financial  target  for  the  full  year  2026  is  to  organically  achieve  an  adjusted  EBITDA  of  at  least  SEK  
870m.
 
The
 
EBITDA
 
target
 
is
 
in
 
line
 
with
 
the
 
mid-term
 
targets
 
and
 
will
 
be
 
generated
 
by
 
a
 
combination
 
of
 
organic
 
growth
 
and
 
continued
 
satisfactory
 
profitability.
 
The
 
forward-looking
 
statement
 
is
 
based
 
on
 
management's
 
current
 
expectations.
 
Actual
 
results
 
may
 
differ
 
due
 
to
 
changes
 
in
 
economic,
 
market,
 
competitive,
 
regulatory,
 
political,
 
or
 
currency
 
conditions.
 
Mid-term  financial  targets  In  May  2025,  Storytel  Group’s  Board  of  Directors  decided  on  the  below  2028  financial  targets.  
●      Net  sales  CAGR  to  exceed  10%  in  constant  exchange  rates  (CER).  ●      EBITDA  margin  to  exceed  20%.  ●    Net  debt/EBITDA  (R12M)  below  1.5x.  
Market  Development  The  global  audiobook  and  e-book  market  continues  to  grow,  driven  by  the  sustained  shift  from  physical  to  digital  
formats.
 
In
 
Storytel’s
 
core
 
markets
 
across
 
Europe
 
and
 
North
 
America,
 
the
 
number
 
of
 
monthly
 
active
 
audiobook
 
users
 
has
 
nearly
 
doubled
 
between
 
2020
 
and
 
2025,
 
with
 
industry
 
projections
 
pointing
 
to
 
continued
 
strong
 
growth
 
over
 
the
 
coming
 
years.
 
The
 
competitive
 
landscape
 
is
 
evolving,
 
with
 
established
 
players
 
and
 
new
 
entrants
 
investing
 
in
 
digital
 
book
 
offerings.
 
Against
 
this
 
backdrop,
 
Storytel
 
Group
 
is
 
well
 
positioned
 
to
 
capture
 
growth
 
through
 
its
 
leading
 
consumer
 
product,
 
broad
 
catalogue
 
and
 
unique
 
vertically
 
integrated
 
publishing
 
capabilities.
 
For
 
a
 
detailed
 
overview
 
of
 
market
 
trends,
 
competitive
 
dynamics
 
and
 
Storytel’s
 
market
 
positioning,
 
please
 
see
 pages  11–29  of  the 2025  Annual  and  Sustainability  Report. 
Seasonality  Storytel  Group’s  financial  performance  is  subject  to  seasonal  variation  in  both  business  areas.  Within  Streaming,  
subscriber
 
intake
 
and
 
engagement
 
are
 
influenced
 
by
 
factors
 
such
 
as
 
promotional
 
activity,
 
gift
 
subscriptions
 
and
 
seasonal
 
listening
 
patterns,
 
which
 
can
 
result
 
in
 
variation
 
in
 
net
 
additions
 
across
 
quarters.
 
Within
 
Publishing,
 
the
 
fourth
 
quarter
 
is
 
typically
 
the
 
most
 
significant,
 
driven
 
by
 
elevated
 
consumer
 
book-buying
 
activity
 
ahead
 
of
 
the
 
holiday
 
season,
 
while
 
other
 
quarters
 
are
 
seasonally
 
lower.
 
The
 
effect
 
is
 
partially
 
mitigated
 
by
 
the
 
timing
 
of
 
audiobook
 
title
 
releases.
                
 
Sustainability  Storytel  Group  is  committed  to  creating  a  positive  impact  through  the  power  of  stories.  Our  sustainability  work  is  
anchored
 
in
 
three
 
pillars:
 
promoting
 
a
 
diverse
 
and
 
inclusive
 
literary
 
landscape,
 
ensuring
 
responsible
 
business
 
practices
 
across
 
our
 
value
 
chain,
 
and
 
minimising
 
our
 
environmental
 
footprint.
 
During
 
the
 
quarter,
 
we
 
continued
 
to
 
advance
 
our
 
sustainability
 
agenda
 
in
 
line
 
with
 
the
 
targets
 
outlined
 
in
 
our
 
Annual
 
and
 
Sustainability
 
Report.
 
For
 
a
 
comprehensive
 
overview
 
of
 
our
 
sustainability
 
strategy,
 
targets
 
and
 
performance,
 
please
 
refer
 
to
 
pages
 
30–51
 
of
 the 2025  Annual  and  Sustainability  Report.  
Significant  events  during  the  period  At  the  beginning  of  2026,  the  Board  of  Directors  concluded  on  a  transfer  of  listing  to  the  Nasdaq  Stockholm  main  
market
 
during
 
2026.
 
 During  the  period  the  Group  renewed  its  loan  facility.  As  a  result,  the  loan  classified  as  a  current  liability  in  the  
balance
 
sheet
 
as
 
of
 
31
 
December
 
2025
 
has
 
been
 
reclassified
 
as
 
a
 
non-current
 
liability.
 On  26  March,  Storytel  Group  announced  that  the  company’s  Nomination  Committee  proposes  the  election  of  
Lars
 
Wingefors
 
as
 
new
 
director
 
of
 
the
 
Board
 
and
 
re-election
 
of
 
Jonas
 
Sjögren,
 
Jonas
 
Tellander,
 
Hélène
 
Barnekow,
 
Ulrika
 
Danielsson,
 
Filippa
 
Wallestam
 
and
 
Erik
 
Tidén.
 
Hélène
 
Barnekow
 
is
 
proposed
 
to
 
be
 
re-elected
 
as
 
the
 
Chair
 
of
 
the
 
Board
 
of
 
Directors.
 
13 
INTERIM  REPORT

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

Significant  events  after  the  period   No  significant  events  have  occurred  after  the  balance  sheet  date.  For  more  information  and  a  full  list  of  announcements,  please  visit: www.storytelgroup.com/en/newsroom/  
Number  of  shares  and  share  capital  There  were  77,307,204  (77,150,803)  registered  shares  in  issuance  at  the  end  of  the  period,  divided  between  635  
Class
 
A
 
shares
 
and
 
77,306,569
 
Class
 
B
 
shares.
 
Share
 
capital
 
totalled
 
SEK
 
38,653,602.0
 
(38,575,401.50)
 
as
 
of
 
31
 
March
 
2026.
 
The  shareholder  structure  is  presented  at:  
https://www.storytelgroup.com/en/investor-relations/shareholder-structure/
  
 
Full  time  employees  The  average  number  of  employees  (FTE)  was  510  for  the  period.  During  the  first  quarter  2025,  the  average  
number
 
of
 
FTEs
 
was
 
528.
 
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  SEK  4.8m  (4.4)  in  the  quarter.  Loss  for  the  period  was  SEK  
-15.8m
 
(-11.7).
 
Total
 
equity
 
amounted
 
to
 
SEK
 
4,057.5m
 
(4,147.8).
 
The
 
condensed
 
income
 
statement
 
and
 
balance
 
sheet
 
for
 
the
 
Parent
 
Company
 
are
 
presented
 
in
 
the
 
financial
 
statements
 
for
 
the
 
Parent
 
Company.
 
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  2025 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.
 
 
Financial  calendar Annual  General  Meeting  5  May,  2026  Interim  Report  January-June  2026  28  July,  2026   Interim  Report  January-September  2026  27  October,  2026  Year-End  Report  January-December  2026  10  February,  2027   
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.
 
14 
INTERIM  REPORT

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

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,  28  April  2026   
 
 
 
Hélène  Barnekow  Chair  of  the  Board   
 Ulrika  Danielsson  Board  member  
Alexander  Lindholm   Board  member   
 Jonas  Sjögren  Board  member  
Jonas  Tellander   Board  member    
 Erik  Tidén  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
 
above
 
contact
 
persons,
 
at
 
8:00
 
a.m.
 
CEST
 
on
 
28
 
April
 
2026.
 
15 
INTERIM  REPORT

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

Group  financial  statements  
Condensed  statement  of  income  
MSEK
 Q1  2026
 Q1  2025
 R12  Jan-Dec  2025
 
Net
 
sales
 
979.1
 
952.9
 4,048.9  
4,022.7
 
Cost
 
of
 
sales
 
-537.0
 
-529.8
 -2,197.3  
-2,190,1
 
Gross
 
profit
 
442.2
 
423.1
 1,851.7  1,832.6  
Selling
 
and
 
marketing
 
expenses
 
-224.7
 
-236.8
 -871.5  
-883.6
 
Technology
 
and
 
development
 
expenses
 
-47.2
 
-57.5
 -210.8  
-221.1
 
Administrative
 
expenses
 
-88.7
 
-98.5
 -325.6  
-335.4
 
Other
 
operating
 
income
 
4.9
 
28.9
 18.9  
42.9
 
Other
 
operating
 
expenses
 
-2.2
 
-8.6
 -10.8  
-17.2
 
Result
 
from
 
participation
 
in
 
associates
 
3.9
 
4.2
 4.2  
4.5
 
Operating
 
profit
 
88.1
 
54.8
 455.9  
422.6
 
Financial
 
income
 
10.4
 
16.9
 12.2  
18.7
 
Financial
 
expenses
 
-7.4
 
-51.0
 -40.6  
-84.2
 
Profit
 
before
 
taxes
 
91.1
 
20.8
 427.4  
357.1
 
Tax
 
-4.9
 
-2.1
 144.1  
146.9
 
Profit
 
for
 
the
 
period
 
86.2
 
18.7
 571.5  
504.0
 
Profit
 
for
 
the
 
period
 
attributable
 
to:
 
    
Parent
 
Company
 
shareholder
 
82.0
 
15.4
 549.6  
483.0
 
Non-controlling
 
interest
 
4.2
 
3.3
 21.9  
21.0
 
Earnings
 
per
 
share,
 
SEK
 
    
Group
 
total,
 
basic
 
1.06
 
0.20
 7.12  
6.26
 
Group
 
total,
 
diluted
 
1.06
 
0.20
 7.08  
6.22
  
Condensed  statement  of  comprehensive  income  
MSEK
 Q1  2026
 Q1  2025
 R12  Jan-Dec  2025
 
Profit
 
for
 
the
 
period,
 
after
 
tax
 
86.2
 
18.7
 571.5  
504.0
 
Other
 
comprehensive
 
income
 
    
Items
 
that
 
will
 
be
 
reclassified
 
to
 
profit
 
(after
 
tax)
 
    
Translation
 
difference
 
24.5
 
-76.9
 -18.3  
-119.7
 
Items
 
that
 
will
 
not
 
be
 
reclassified
 
to
 
profit
 
(after
 
tax)
 
    
Revaluation
 
of
 
defined-benefit
 
pension
 
plans
 
24.6
 
-4.9
 49.1  
19.6
 
Total  other  comprehensive  income  for  the  period,  
after
 
tax
 
49.0
 
-81.8
 30.7  
-100.1
 
Total  comprehensive  income  for  the  period,  after  
tax
 
135.2
 
-63.0
 602.1  
403.9
 
Total  comprehensive  income  for  the  period  
attributable
 
to:
 
    
Parent
 
Company
 
shareholder
 
131.0
 
-66.3
 580.3  
383,0
 
Non-controlling
 
interest
 
4.2
 
3.3
 21.8  
20.9
 
 
16 
INTERIM  REPORT

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

Condensed  consolidated  interim  statement  of  financial  position 
MSEK
 31  Mar  2026
 31  Mar  2025
 31  Dec  2025
 
Goodwill
 
797.5
 
809.0
 
782.7
 
Intangible
 
assets
 
1,042.1
 
1,159.0
 
1,048.2
 
Property,
 
plant
 
and
 
equipment
 
13.9
 
17.6
 
15.2
 
Right-of-use
 
assets
 
122.3
 
64.5
 
130.0
 
Other
 
non-current
 
receivables
 
54.7
 
31.9
 
32.2
 
Participations
 
in
 
associates
 
34.2
 
27.5
 
27.6
 
Deferred
 
tax
 
asset
 
222.0
 
12.4
 
217.4
 
Total
 
non-current
 
assets
 
2,286.7
 
2,121.8
 
2,253.2
 
Inventories
 
84.1
 
80.6
 
72.3
 
Trade
 
receivables
 
190.7
 
206.0
 
219.6
 
Other
 
receivables
 
41.9
 
64.3
 
72.1
 
Prepaid
 
expenses
 
and
 
accrued
 
income
 
277.7
 
246.4
 
266.9
 
Cash
 
and
 
cash
 
equivalents
 
719.9
 
533.6
 
686.4
 
Total
 
current
 
assets
 
1,314.3
 
1,130.7
 
1,317.2
 
TOTAL
 
ASSETS
 
3,601.0
 
3,252.5
 
3,570.4
     
Share
 
capital
 
38.7
 
38.6
 
38.7
 
Other
 
capital
 
contributions
 
3,578.1
 
3,578.1
 
3,578.1
 
Reserves
 
87.3
 
105.7
 
62.9
 
Retained
 
earnings
 
including
 
profit/loss
 
for
 
the
 
year
 
-1,781.3
 
-2,309.8
 
-1,889.1
 
Equity
 
attributable
 
to
 
Parent
 
Company
 
shareholders
 
1,922.8
 
1,412.6
 
1,790.5
 
Non-controlling
 
interests
 
113.0
 
112.3
 
108.8
 
Total
 
equity
 
2,035.8
 
1,524.9
 
1,899.3
 
Liabilities
 
to
 
credit
 
institutions
 
500.0
 
650.0
 
-
 
Lease
 
liabilities
 
82.9
 
26.9
 
90.5
 
Pension
 
provision,
 
net
 
-
 
22.7
 
0.5
 
Deferred
 
tax
 
liability
 
79.4
 
97.7
 
76.7
 
Other
 
long-term
 
liabilities
 
17.3
 
27.3
 
17.2
 
Total
 
non-current
 
liabilities
 
679.5
 
824.6
 
184.9
 
Liabilities
 
to
 
credit
 
institutions
 
-
 
-
 
550.0
 
Lease
 
liabilities
 
38.8
 
38.3
 
38.5
 
Trade
 
payables
 
262.7
 
245.0
 
245.1
 
Current
 
tax
 
liabilities
 
19.4
 
14.5
 
25.9
 
Other
 
current
 
liabilities
 
61.5
 
66.4
 
64.7
 
Accrued
 
expenses
 
and
 
deferred
 
income
 
492.2
 
507.0
 
538.1
 
Short-term
 
provisions
 
11.2
 
31.8
 
23.9
 
Total
 
current
 
liabilities
 
885.7
 
903.0
 
1,486.2
 
TOTAL
 
EQUITY
 
AND
 
LIABILITIES
 
3,601.0
 
3,252.5
 
3,570.4
 
17 
INTERIM  REPORT

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

Condensed  consolidated  interim  statement  of  changes  in  equity  
31  Mar  2026
 Equity  attributable  to  shareholders  in  parent  company
   
MSEK
 
Share  
capital
 
Oth.  cap.  contri  
-butions
 
Translation  
difference
 
Retained  
earnings
 
Total
 
Non-  controlling  
interests
 
Total  
equity
 
Opening
 
equity
 
as
 
of
 
1
 
Jan
 
2026
 
38.7
 
3,578.1
 
62.9
 
-1,889.1
 
1,790.5
 
108.8
 
1,899.3
 
Total  comprehensive  income  for  the  period:  
       
Profit
 
for
 
the
 
period
 
-
 
-
 
-
 
82.0
 
82,0
 
4.2
 
86.2
 Other  total  comprehensive  income  for  
the
 
period
 
-
 
-
 
24.5
 
24.6
 
49.0
 
0.0
 
49.0
 
Total  comprehensive  income  for  the  
period
 
-
 
-
 
24.5
 
106.6
 
131.0
 
4.2
 
135.2
 
Transactions
 
with
 
the
 
Group's
 
owners
        
Share-related
 
compensations
 
-
 
-
 
-
 
1.2
 
1.2
 
-
 
1.2
 
Closing
 
equity
 
as
 
at
 
31
 
Mar
 
2026
 
38.7
 
3,578.1
 
87.3
 
-1,781.3
 
1,922.8
 
113.0
 
2,035.8
         
31  Mar  2025
 Equity  attributable  to  shareholders  in  parent  company
   
MSEK
 
Share  
capital
 
Oth.  cap.  contri  
-butions
 
Translation  
difference
 
Retained  
earnings
 
Total
 
Non-  controlling  
interests
 
Total  
equity
 
Opening
 
equity
 
as
 
of
 
1
 
Jan
 
2025
 
38.6
 
3,578.1
 
182.5
 
-2,322.2
 
1,477.0
 
74.6
 
1,551.6
 
Non-controlling  interest  from  acquisition  of  Bokfabriken  AB  
-
 
-
 
-
 
-
 
-
 
34.4
 
34.4
 
Total  comprehensive  income  for  the  period:  
       
Profit
 
for
 
the
 
period
 
-
 
-
 
-
 
15.4
 
15.4
 
3.3
 
18.7
 Other  total  comprehensive  income  for  
the
 
period
 
-
 
-
 
-76.8
 
-4.9
 
-81.7
 
-0.0
 
-81.8
 
Total  comprehensive  income  for  the  
period
 
-
 
-
 
-76.8
 
10.5
 
-66.3
 
3,.3
 
-63.0
 
Transactions
 
with
 
the
 
Group's
 
owners
        
Share-related
 
compensations
 
-
 
-
 
-
 
1.9
 
1.9
 
-
 
1.9
 
Closing
 
equity
 
as
 
at
 
31
 
Mar
 
2025
 
38.6
 
3,578.1
 
105.7
 
-2,309.8
 
1,412.6
 
112.3
 
1,524.9
 
  
18 
INTERIM  REPORT

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

Condensed  consolidated  interim  statements  of  cash  flows 
MSEK
 Q1  2026
 Q1  2025
 R12M  Jan-Dec  2025
 
Profit
 
before
 
taxes
 
91.1
 
20,8
 427.4  
357.1
 
whereof
 
interest
 
received
 
2.6
 
2.3
 13.1  
12.8
 
whereof
 
interest
 
paid
 
-6.1
 
-9.0
 -28.9  
-31.8
 
Adjustments
 
for
 
non-cash
 
items
 
53.3
 
85.8
 325.6  
358.1
 
Taxes
 
paid
 
-9.5
 
-18.7
 -58.6  
-67.8
 
Cash  flow  from  operations  before  changes  
in
 
working
 
capital
 
134.9
 
87.8
 694.5  
647.4
 
Change
 
in
 
inventory
 
-11.7
 
-11.1
 -7.4  
-6.8
 
Change
 
in
 
operating
 
receivables
 
43.3
 
47.2
 -12.6  
-8.7
 
Change
 
in
 
operating
 
liabilities
 
-31.2
 
-95.0
 4.5  
-59.3
 
Change
 
in
 
working
 
capital
 
0.5
 
-58.8
 -15.5  
-74.8
      
Cash
 
flow
 
from
 
operating
 
activities
 
135.4
 
29.0
 679.0  
572.6
      
Acquisition
 
of
 
intangible
 
assets
 
-46.2
 
-33.8
 -201.8  
-189.4
 
Acquisition
 
of
 
property.
 
plant
 
and
 
equipment
 
-0.3
 
-0.6
 -4.2  
-4.5
 
Business
 
combinations
 
-
 
-73.2
 -  
-73.2
 
Divestment
 
of
 
financial
 
non-current
 
assets
 
-1.6
 
15.0
 -1.6  
15.0
 
Cash
 
flow
 
from
 
investing
 
activities
 
-48.0
 
-92.6
 -207.5  
-252.1
 
External
 
borrowings
 
555.5
 
-
 555.5  
-
 
Repayment
 
of
 
debt
 
-605.5
 
-
 -705.5  
-100.0
 
Dividends
 
paid
 
-
 
-
 -98.3  
-98.3
 
Cash
 
flow
 
from
 
other
 
financing
 
activities
 
-8.8
 
-9.4
 -36.0  
-36.6
 
Cash
 
flow
 
from
 
financing
 
activities
 
-58.8
 
-9.4
 -284.3  
-234.9
      
Cash
 
flow
 
for
 
the
 
period
 
28.6
 
-72.9
 187.1  
85.6
      Cash  and  cash  equivalents  at  the  beginning  of  
period
 
686.4
 
623.0
 533.6  
623.0
 
Cash
 
flow
 
for
 
the
 
period
 
28.6
 
-72.9
 187.1  
85.6
 
Translation
 
differences
 
in
 
cash
 
and
 
cash
 
equivalents
 
4.9
 
-16.4
 -0.8  
-22.1
 
Cash
 
and
 
cash
 
equivalents
 
at
 
end
 
of
 
period
 
719.9
 
533.6
 719.9  
686.4
 
 
19 
INTERIM  REPORT

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

Notes  to  the  consolidated  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
 
1,500,000
 
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
 
2025
 
and
 
2026
 
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  &  key  ratios  incl.  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
 
analyse
 
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.
 
Note  4  Transactions  with  related  parties  No  significant  changes  in  scope  or  type  of  related  party  transactions  compared  to  the  2025  Annual  and  
Sustainability
 
Report.
 
Transactions
 
with
 
associates,
 
including
 
the
 
Storytel
 
Norway
 
(Storytel
 
AS)
 
joint
 
venture,
 
are
 
conducted
 
on
 
market
 
terms.
 
Net
 
sales
 
from
 
Storytel
 
AS
 
amounted
 
to
 
35.9
 
(25.9)
 
MSEK
 
and
 
expenses
 
to
 
2.9
 
(1.8)
 
MSEK
 
during
 
the
 
period.
 
Receivables
 
from
 
and
 
payables
 
to
 
Storytel
 
AS
 
at
 
the
 
end
 
of
 
the
 
period
 
amounted
 
to
 
11.0
 
(12.7)
 
and
 
1,0
 
(0.2)
 
MSEK
 
respectively.  
20 
INTERIM  REPORT

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

Note  5  Business  segments  The  Group  has  identified  five  operating  segments  based  on  how  the  chief  operating  decision  maker  (CEO)  
monitors
 
performance
 
and
 
allocates
 
resources:
 
four
 
within
 
Streaming
 
(Nordics,
 
Europe,
 
Americas
 
and
 
APAC)
 
and
 
one
 
Publishing
 
segment.
 
The
 
identification
 
of
 
operating
 
segments
 
is
 
based
 
on
 
the
 
Group's
 
internal
 
management
 
reporting
 
structure.
 
For  the  purposes  of  resource  allocation  and  performance  assessment  under  IFRS  8,  Gross  profit  has  been  
identified
 
as
 
the
 
primary
 
measure
 
used
 
by
 
the
 
chief
 
operating
 
decision
 
maker
 
(CEO)
 
to
 
evaluate
 
the
 
streaming
 
segments
 
performance.
 
For
 
the
 
Publishing
 
segment
 
and
 
the
 
sum
 
of
 
the
 
Streaming
 
segments,
 
adjusted
 
EBITDA
 
is
 
the
 
primary
 
measure.
 
Separate
 
balance
 
sheet
 
information
 
is
 
not
 
prepared
 
for
 
the
 
segments
 
and
 
is
 
therefore
 
not
 
reviewed
 
by
 
the
 
CEO.
 
No
 
single
 
external
 
customer
 
accounts
 
for
 
10%
 
or
 
more
 
of
 
the
 
Group’s
 
net
 
sales.
 
The  Nordic  segment  includes  100%  of  the  net  sales  from  the  joint  venture  in  Storytel  AS  (“Storytel  Norway”)  and  
the
 
income
 
and
 
expenses
 
associated
 
with
 
the
 
JV.
 
The
 
sum
 
of
 
Streaming
 
segments
 
include
 
50%
 
of
 
the
 
joint
 
venture
 
to
 
reflect
 
Storytel’s
 
ownership.
 
Storytel
 
AS
 
(“Storytel
 
Norway”)
 
sales
 
and
 
expenses
 
in
 
the
 
Streaming
 
segment
 
are
 
eliminated
 
in
 
the
 
Group-wide
 
items
 
and
 
eliminations
 
column
 
and
 
the
 
net
 
result
 
from
 
the
 
joint
 
venture
 
is
 
reported
 
as
 
Result
 
from
 
participation
 
in
 
associates.
 
Publishing  consists  of  all  publishing  houses  within  the  Storytel  Group.  Both  Publishing  and  Streaming  include  
internal
 
transactions
 
that
 
are
 
eliminated
 
to
 
reach
 
the
 
total
 
group
 
result.
 
These
 
transactions
 
include
 
internal
 
sales
 
between
 
segments,
 
where
 
mainly
 
Publishing
 
reports
 
internal
 
sales
 
to
 
Streaming.
 
 
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.
 
Q1  2026  (MSEK) 
Nordics Europe Americas APAC 
Storytel  Norway  and  license  Net  sales  adj. 
Sum  of  Streaming  segments Publishing 
Group-wide  items  and  eliminations 
Group  total 
Net  sales  590,1  218.8  94.8  10.5  -36.7  877.5  287.8  -186.2  979.1  whereof  external  sales  590.1  218.8  94.8  10.5  -36.7  877.5  152.7  -51.0  979.1  whereof  internal  sales  -  -  -  -  -  -  135.2  -135.2  -  Cost  of  sales  -359.5  -131.4  -41.4  -6.9  32.2  -507.1  -197.3  167.4  -537.0  Gross  profit  230.6  87.4  53.4  3.6  -4.5  370.4  90.5  -18.8  442.2  Selling  and  marketing  expenses       -213.4  -17.9  6.7  -224.7  Technology  and  development  expenses       -41.7  -5.6  -  -47.2  
Administrative  expenses      
 -23.8  -30.9  -34.1  -88.7  Other  operating  income      
 1.3  3.6  -  4.9  Other  operating  cost      
 -0.7  -1.7  0.1  -2.2  Result  from  participation  in  associates       -  -  3.9  3.9  Operating  profit      
 92.1  38.2  -42.2  88.1       
     Adjusted  EBITDA  
     
122.5  80.6  -36.6  166.5  
Depreciation  &  Amortisation       -30.4  -42.4  -1.9  -74.6  Items  affecting  comparability       -  -  
-3.7  -3.7  
Operating  profit      
 92.1  38.3  -42.2  88.1  
Financial  income          10.4  
Financial  expense          -7.4  
Profit  before  taxes          91.1  
21 
INTERIM  REPORT

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

Q1  2025  (MSEK) 
Nordics Europe Americas APAC 
Storytel  Norway  and  license  Net  sales  adj. 
Sum  of  Streaming  segments Publishing 
Group-wide  items  and  eliminations 
Group  total 
Net  sales  578.2  199.6  109.4  11.8  -36.8  862.1  283.4  -192.6  952.9  whereof  external  sales  578.2  199.6  109.4  11.8  -36.8  862.1  141.7  -50.7  952.9  whereof  internal  sales  -  -  -  -  -  -  141.7  -141.7  -  Cost  of  sales  -358.7  -113.3  -45.3  -7.6  31.9  -493.1  -210.8  174.1  -529.8  Gross  profit  219.5  86.2  64.1  4.2  -4.9  369.0  72.6  -18.5  423.1  Selling  and  marketing  expenses       -225.4  -17.3  5.9  -236.8  Technology  and  development  expenses       -52.8  -4.6  -  -57.5  
Administrative  expenses       -31.7  -31.9  -34.9  -98.5  Other  operating  income       9.2  4.6  15.1  28.9  Other  operating  cost       -6.8  -1.8  -  -8.6  Result  from  participation  in  associates       -  -  4.2  4.2  Operating  profit       61.3  21.7  -28.2  54.8            Adjusted  EBITDA  
     93.9  66.4  -25.7  134.6  
Depreciation  &  Amortisation       -32.5  -44.7  -2.5  -79.7  Items  affecting  comparability       -  -  
-  -  
Operating  profit       61.3  21.7  -28.2  54.8  Financial  income          16.9  Financial  expense          -51.0  
Profit  before  taxes          20.8  
Reconciliation  of  Segment  Net  sales  to  Net  sales 
MSEK
 Q1  2026
 Q1  2025
 
Nordics
 
segment
 
net
 
sales
 
590.1
 
578.2
 
Europe
 
segment
 
net
 
sales
 
218.8
 
199.6
 
Americas
 
segment
 
net
 
sales
 
94.8
 
109.4
 
APAC
 
segment
 
net
 
sales
 
10.5
 
11.8
 
Total
 
914.2
 
898.9
 
Elimination
 
of
 
Storytel
 
Norway
 
50%
 
-51.0
 
-50.9
 
License
 
net
 
sales
 
14.3
 
14.0
 
Total
 
Streaming
 
segment
 
Net
 
sales
 
877.5
 
862.1
 
Publishing
 
segment
 
net
 
sales
 
287.8
 
283.4
 
Total
 
segment
 
Net
 
sales
 
1,165.3
 
1,145.5
 
Elimination
 
of
 
inter-segment
 
net
 
sales
 
-135.2
 
-141.7
 
Elimination
 
of
 
Storytel
 
Norway
 
50%
 
-51.0
 
-50.9
 
Net
 
sales
 
979.1
 
952.9
 
22 
INTERIM  REPORT

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

Note  6  Net  sales  from  contracts  with  customers 
Q1  2026  (MSEK)
 Nordics
 Europe
 Americas
 APAC
 
Storytel  Norway  and  license  Net  sales  adj.
 
Sum  of  Streaming  segments
 Publishing
 Total
 
Type
 
of
 
product
 
or
 
service
         Net  sales  from  subscriptions  
of
 
streaming
 
service
 
590.1
 
218.8
 
94.8
 
10.5
 
-51.0
 
863.2
 
-
 
863.2
 Net  sales  from  publishing  
activities
 
-
 
-
 
-
 
-
 
-
 
-
 
152.7
 
152.7
 Net  sales  from  invoiced  
licenses
 
-
 
-
 
-
 
-
 
14.3
 
14.3
 
-
 
14.3
 
Net
 
sales
 
590.1
 
218.8
 
94.8
 
10.5
 
-36.7
 
877.5
 
152.7
 
1,030.1
 whereof  services  transferred  
over
 
time
 
590.1
 
218.8
 
94.8
 
10.5
 
-36.7
 
877.5
 
-
 
877.5
 whereof  goods  transferred  at  
a
 
point
 
in
 
time
 
-
 
-
 
-
 
-
 
-
 
-
 
152.7
 
152.7
          
Q1  2025  (MSEK)
 Nordics
 Europe
 Americas
 APAC
 
Storytel  Norway  and  license  Net  sales  adj.
 
Sum  of  Streaming  segments
 Publishing
 Total
 
Type
 
of
 
product
 
or
 
service
         Net  sales  from  subscriptions  
of
 
streaming
 
service
 
578.2
 
199.6
 
109.4
 
11.8
 
-50.9
 
848.1
 
-
 
848.1
 Net  sales  from  publishing  
activities
 
-
 
-
 
-
 
-
 
-
 
-
 
141.7
 
141.7
 Net  sales  from  invoiced  
licenses
 
-
 
-
 
-
 
-
 
14.0
 
14.0
 
-
 
14.0
 
Net
 
sales
 
578.2
 
199.6
 
109.4
 
11.8
 
-36.8
 
862.1
 
141.7
 
1,003.8
 whereof  services  transferred  
over
 
time
 
578.2
 
199.6
 
109.4
 
11.8
 
-36.8
 
862.1
 
-
 
862.1
 whereof  goods  transferred  at  
a
 
point
 
in
 
time
 
-
 
-
 
-
 
-
 
-
 
-
 
141.7
 
141.7
  
 
23 
INTERIM  REPORT

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

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.
 
During  2026,  IACs  of  SEK  -3.7m  relate  to  list  change.  
MSEK
 Q1  2026
 Q1  2025
 R12M  Jan-Dec  2025
 
List
 
change
 
-3.7
 
-
 -4.1  
-0.4
 
Operating
 
profit
 
-3.7
 
-
 -4.1  
-0.4
 
Add
 
back
 
depr.
 
-
 
-
 
-
 
-
 
EBITDA
 
-3.7
 
-
 -4.1  
-0.4
  
Items  affecting  comparability  (IACs)  effect  on  the  P&L  
MSEK
 Q1  2026
 Q1  2025
 R12M  Jan-Dec  2025
 
Administrative
 
expenses
 
-3.7
 
-
 -4.1  
-0.4
 
Operating
 
profit
 
-3.7
 
-
 -4.1  
-0.4
 
Add
 
back
 
depr.
 
-
 
-
 -  
-
 
EBITDA
 
-3.7
 
-
 -4.1  
-0.4
  
 
24 
INTERIM  REPORT

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

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).
 
 
There  were  no  financial  assets  or  liabilities  measured  at  fair  value  as  at  31  March  2026  or  31  March  2025.  
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.
 
Note  9  Business  combinations  
In  March  2026,  the  Group,  through  its  subsidiary  Norstedts  Förlagsgrupp,  acquired  Lavender  Lit,  a  
publisher
 
specialising
 
in
 
romance
 
and
 
feelgood
 
fiction.
 
The
 
acquisition
 
strengthens
 
Norstedts'
 
position
 
in
 
a
 
fast-growing
 
segment
 
of
 
the
 
Swedish
 
book
 
market.
 
The  acquisition  is  accounted  for  under  IFRS  3  and  consolidated  from  the  acquisition  date.  As  the  purchase  
price
 
allocation
 
is
 
preliminary
 
and
 
the
 
acquisition
 
is
 
not
 
material
 
to
 
the
 
Group,
 
detailed
 
IFRS
 
3
 
disclosures
 
are
 
not
 
provided
 
in
 
this
 
report.
 
Full
 
disclosures
 
will
 
be
 
presented
 
in
 
the
 
2026
 
Annual
 
Report.
 
Note  10  Net  debt   
Net  Debt  is  defined  as  total  interest-bearing  liabilities  (excluding  lease  and  pension  liabilities)  plus  dividend  
payables,
 
less
 
cash
 
and
 
cash
 
equivalents
 
and
 
interest-bearing
 
assets.
  
MSEK
 31  Mar  2026
 31  Mar  2025
 31  Dec  2025
 
Interest-bearing
 
liabilities
 
within
 
Current
 
liabilities
 
-
 
-
 
550.0
 
Interest-bearing
 
liabilities
 
within
 
Non-current
 
liabilities
 
500.0
 
650.0
 
-
 
Cash
 
and
 
cash
 
equivalents
 
719.9
 
533.6
 
686.4
 
Total
 
Net
 
Debt
 
 
-219.9
 
116.4
 
-136.4
 
25 
INTERIM  REPORT

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

Parent  company’s  income  statement  
 
MSEK
 Q1  2026
 Q1  2025
 Jan-Dec  2025
 
Net
 
sales
 
4.8
 
4.4
 
22.7
 
Gross
 
profit
 
4,.8
 
4.4
 
22.7
 
Selling,
 
marketing
 
and
 
administrative
 
expenses
 
-13.7
 
-13.4
 
-49.1
 
Other
 
operating
 
gains
 
-
 
2.1
 
2.0
 
Other
 
operating
 
losses
 
-0.1
 
-
 
-
 
Operating
 
profit/loss
 
-8.9
 
-6.9
 
-24.3
 
Other
 
interest
 
income
 
and
 
similar
 
profit/loss
 
items
 
0.4
 
8.6
 
24.0
 
Interest
 
expense
 
and
 
similar
 
profit/loss
 
items
 
-7.3
 
-13.4
 
-42.0
 
Appropriations
 
-
 
-
 
29.5
 
Profit/loss
 
before
 
taxes
 
-15.8
 
-11.7
 
-12.9
 
Tax
 
-
 
-
 
-
 
Profit/loss
 
for
 
the
 
period
 
-15.8
 
-11.7
 
-12.9
 
 
Parent  Company’s  condensed  statement  of  comprehensive  income  
 
MSEK
 Q1  2026
 Q1  2025
 Jan-Dec  2025
 
Parent  Company´s  condensed  statement  of  comprehensive  income  
   
Profit
 
for
 
the
 
period
 
-15.8
 
-11.7
 
-12.9
 
Total  comprehensive  income  for  the  period  
-15.8
 
-11.7
 
-12.9
 
 Condensed  parent  company  interim  statement  of  financial  position   
MSEK
 31  Mar  2026
 31  Mar  2025
 31  Dec  2025
 
Total
 
non-current
 
assets
 
4,627.1
 
4,621.1
 
4,627.1
 
Current
 
receivables
 
65.6
 
286.3
 
31.5
 
Cash
 
and
 
cash
 
equivalents
 
374.5
 
194.6
 
384.3
 
Total
 
current
 
assets
 
440.1
 
480.9
 
415.8
 
Total
 
assets
 
5,067.2
 
5,102.0
 
5,042.9
 
Equity
 
4,057.5
 
4,147.8
 
4,072.7
 
Non-current
 
liabilities
 
500.0
 
650.0
 
-
 
Current
 
liabilities
 
509.8
 
304.2
 
970.2
 
Total
 
equity
 
and
 
liabilities
 
5,067.2
 
5,102.0
 
5,042.9
 
26 
INTERIM  REPORT

===== SIDA 27 =====

8-quarter  overview  
 
 Q2  2024  Q3  2024  Q4  2024  Q1  2025  Q2  2025  Q3  2025  Q4  2025  Q1  2026  Net  sales  (MSEK)  924  954  1,028  953  958  1,013  1,098  979  Net  sales  growth,  %  9  7  9  7  4  6  7  3  Net  sales  growth  CER,  %  8  8  8  7  8  9  12  8  Gross  margin,  %  44.4  45.5  46.4  44.4  45.3  45.4  47.0  45.2  
Adjusted  EBITDA  (MSEK)  121  177  192  135  161  232  220  166  Adjusted  EBITDA  margin,  %  13.1  18.6  18.7  14.1  16.8  22.9  20.1  17.0  
EBITDA  (MSEK)  110  161  223  135  161  232  220  163  EBITDA  margin,  %  11.9  16.8  21.7  14.1  16.8  22.9  20.0  16.6  
Operating  profit  (MSEK)  47  87  136  55  82  152  134  88  EBIT  margin,  %  5.1  9.2  13.2  5.8  8.6  15.0  12.2  9.0  
Net  profit  (MSEK)  32  55  149  19  47  138  300  86  EPS,  diluted  (SEK)  0.38  0.67  1.82  0.20  0.54  1.69  3.78  1.06           Equity  per  share  (SEK)  16.21  16.38  19.14  18.31  17.62  19.21  23.16  24.87  Return  on  equity,  %  (R12M)  -45  -45  16  19  20  25  34  37  Equity-to-assets  ratio,  %  44.7  43.9  45.8  46.9  46.1  49.7  53.2  56.5           
Cash  flow  from  operating  activities  (MSEK)  
78  193  272  29  155  158  231  135  
Cash  flow  from  operating  activities  per  share  (SEK)  
1.01  2.50  3.52  0.38  2.01  2.05  2.98  1.75  
         
Avg.  paying  subs  (thousands)  2,285  2,366  2,441  2,500  2,546  2,602  2,650  2,690  End-of-period  subs  (thousands)  2,310  2,375  2,454  2,532  2,564  2,628  2,666  2,737  
ARPU  (SEK/month)  127  125  124  120  116  118  119  113  ARPU  CER  (SEK/month)  128  130  125  121  122  122  126  119           
Net  Debt  (MSEK)  335  202  27  116  115  23  -136  -220  Net  Debt/adjusted  EBITDA  R12M  0.78  0.40  0.05  0.18  0.17  0.03  -0.18  -0.28           
Share  price,  end  (SEK)  55.05  52.40  68.80  95.00  93.75  81.30  83.80  83.90  Dividend  per  share  (SEK)    1.00     1.50   
27 
INTERIM  REPORT

===== SIDA 28 =====

Alternative  performance  measures  To  support  Group  Management  and  other  stakeholders  in  analysing  the  Group's  financial  performance,  
Storytel
 
reports
 
certain
 
performance
 
measures
 
that
 
are
 
not
 
defined
 
under
 
IFRS.
 
Group
 
Management
 
believes
 
that
 
this
 
information
 
facilitates
 
analysis
 
of
 
the
 
Group's
 
performance.
 
The
 
Storytel
 
Group
 
primarily
 
uses
 
the
 
following
 
alternative
 
performance
 
measures
 
(see
 
also
 
Definitions
 
for
 
a
 
full
 
list
 
of
 
measures):
 
●  Net  sales  growth  at  constant  exchange  rates  (CER)  and  Organic  growth  ●  Gross  margin  %  ●  EBITDA,  and  EBITDA  margin  %   ●  Adjusted  EBITDA  and  Adjusted  EBITDA  margin  %  ●  Operating  profit  (EBIT)  margin  %  ●  Items  Affecting  Comparability  (IACs)  ●  Net  Debt  and  Net  Debt/adjusted  R12  EBITDA  ratio  ●  Net  debt  including  lease  liabilities  ●  Operational  Capex  and  Operational  Cash  Flow  ●  ARPU  
Net  sales  growth  at  CER  and  Organic  growth  Storytel  generates  a  significant  share  of  its  net  sales  in  currencies  other  than  the  reporting  currency  
(Swedish
 
kronor,
 
SEK),
 
and
 
exchange
 
rates
 
have
 
historically
 
been
 
relatively
 
volatile.
 
The
 
Group
 
has
 
also
 
completed
 
a
 
number
 
of
 
acquisitions.
 
To
 
give
 
a
 
clearer
 
picture
 
of
 
underlying
 
performance,
 
sales
 
growth
 
is
 
therefore
 
presented
 
on
 
an
 
exchange
 
rate
 
adjusted
 
basis,
 
which
 
removes
 
the
 
impact
 
of
 
currency
 
fluctuations,
 
and
 
as
 
organic
 
growth,
 
which
 
additionally
 
excludes
 
the
 
effects
 
of
 
acquisitions
 
to
 
show
 
the
 
underlying
 
growth
 
from
 
existing
 
operations.
 
 
MSEK  Q1  2026  Q1  2025  Q1  2024  
Jan-Dec  2025  
Jan-Dec  2024  Recognised  net  sales  979.1  952.9  891.9  4,022.7  3,798.0  Exchange  rate  effects   -49.0  -1.3  -  -123.5  -  
Recognised  Net  sales  at  CER  1,028.1  954.2  891.9  4,146.2  3,798.0  Net  sales,  acquisitions/divestments   8.0  4.0  2.5  36.5  4.9  
Organic  Net  sales  1,020.1  950.2  889.4  4,109.7  3,793.1        Net  sales  growth  CER,  %   7.9  7.0  -  9.2  -  Organic  growth,  %   7.5  6.8  -  8.3  -  
Gross  Margin  %  Gross  Profit  as  a  percentage  of  net  sales.  Gross  profit  is  calculated  as  net  sales  less  cost  of  sales.  
Management
 
uses
 
this
 
measure
 
to
 
evaluate
 
the
 
underlying
 
profitability
 
of
 
the
 
company's
 
core
 
products
 
and
 
services.
 
It
 
provides
 
investors
 
with
 
valuable
 
insights
 
into
 
the
 
company's
 
pricing
 
strategy,
 
production
 
efficiency,
 
and
 
direct
 
cost
 
control
 
before
 
accounting
 
for
 
operating
 
expenses.
 
MSEK  Q1  2026  Q1  2025  R12M  Jan-Dec  2025  Net  sales  979.1  952.9  4,048.9  4,022.7  Cost  of  Sales  -537.0  -529.8  -2,197.3  -2,190.1  
Gross  Profit  442.1  423.1  1,851.7  1,832.6  Net  sales  979.1  952.9  4,048.9  4,022.7  
Gross  Margin  %  45.2  44.4  45.7  45.6  
28 
INTERIM  REPORT

===== SIDA 29 =====

EBITDA,  Adjusted  EBITDA,  EBITDA  margin,  %   and  Adjusted  EBITDA  margin,  %   Storytel's  internal  monitoring  of  operating  activities  is  focused  on  the  operating  result  that  is  created  within  
the
 
business
 
and
 
can
 
be
 
impacted
 
by
 
local
 
operating
 
activities.
 
For
 
this
 
reason
 
Storytel
 
has
 
chosen
 
to
 
focus
 
on
 
earnings
 
before
 
interest,
 
taxes,
 
depreciation
 
and
 
amortisation
 
(EBITDA),
 
excluding
 
items
 
affecting
 
comparability.
 
This
 
measure
 
is
 
referred
 
to
 
as
 
Adjusted
 
EBITDA.
 
The
 
Adjusted
 
EBITDA
 
margin
 
expresses
 
Adjusted
 
EBITDA
 
as
 
a
 
percentage
 
of
 
net
 
sales.
 
MSEK  Q1  2026  Q1  2025  R12M  Jan-Dec  2025  Operating  profit  (EBIT)  88.1  54.8  455.9  422.6  Add  back:  Depreciation  &  amortisation  74.6  79.7  319.7  324.8  
EBITDA  162.7  134.6  775.6  747.4  Add  back:  Items  Affecting  Comparability  3.7  -  4.1  0.4  
Adjusted  EBITDA  166.5  134.6  779.7  747.8      Calculation  of  EBITDA  margin,  %         
EBITDA  162.7  134.6  775.6  747.4  Net  sales  979.1  952.9  4,048.9  4,022.7  
EBITDA  margin,  %  16.6  14.1  19.2  18.6      Calculation  of  Adjusted  EBITDA  margin,  %         
Adjusted  EBITDA  166.5  134.6  779.7  747.8  Net  sales  979.1  952.9  4,048.9  4,022.7  
Adjusted  EBITDA  margin,  %  17.0  14.1  19.3  18.6  
Operating  Profit  (EBIT)  Margin  %  Operating  profit  (EBIT)  as  a  percentage  of  net  sales.  Operating  profit  (EBIT)  represents  earnings  before  
interest
 
and
 
taxes.
 
This
 
measure
 
is
 
highly
 
relevant
 
for
 
investors
 
as
 
it
 
facilitates
 
the
 
comparison
 
of
 
operational
 
performance
 
over
 
time
 
and
 
against
 
peers
 
with
 
varying
 
capital
 
structures.
 
MSEK  Q1  2026  Q1  2025  R12M  Jan-Dec  2025  Net  sales  979.1  952.9  4,048.9  4,022.7  Operating  profit  (EBIT)  88.1  54.8  455.9  422.6  
Operating  profit  (EBIT)  Margin  %  9.0  5.8  11.3  10.5  
Items  Affecting  Comparability  (IACs)   Items  affecting  comparability  are  reported  events  and  transactions  whose  effects  on  profit  and  loss  are  
important
 
to
 
note
 
when
 
the
 
period's
 
results
 
are
 
compared
 
with
 
previous
 
periods.
 
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.
 
See  Note  7  for  details.  
  
29 
INTERIM  REPORT

===== SIDA 30 =====

Net  Debt,  Net  Debt  incl.  Lease  liabilities  and  Net  Debt/Adjusted  R12  EBITDA   Net  Debt  is  an  important  concept  for  understanding  the  Group's  financing  structure  and  leverage.  Net  Debt  
is
 
the
 
net
 
of
 
interest-bearing
 
liabilities
 
and
 
assets,
 
and
 
is
 
used
 
together
 
with
 
equity
 
to
 
finance
 
the
 
Group's
 
capital
 
employed.
 
The
 
financial
 
leverage
 
is
 
measured
 
by
 
calculating
 
Net
 
Debt
 
as
 
a
 
percentage
 
of
 
Adjusted
 
EBITDA
 
on
 
a
 
rolling
 
twelve-month
 
basis.
 
MSEK  31  Mar  2026  31  Mar  2025  31  Dec  2025  Interest-bearing  liabilities  (current)  -  -  550.0  Interest-bearing  liabilities  (non-current)  500.0  650.0  -  
Total  loans  payable  500.0  650.0  550.0  Cash  and  cash  equivalents  -719.9  -533.6  -686.4  
Net  Debt  -219.9  116.2  -136.4  Lease  liabilities  (IFRS  16)  121.7  65.2  129.0  
Net  Debt  incl.  lease  liabilities  -98.2  181.4  -7.4         Adjusted  EBITDA,  R12M  779.7  665.1  747.8  
Net  Debt/Adjusted  R12  EBITDA  (times)  -0.28  0.18  -0.18  
R12M  Cash  flow  from  operations  before  changes  in  Working  Capital   R12M  Cash  Flow  from  Operations  before  Changes  in  Working  Capital  reflects  the  company’s  underlying  
operational
 
cash
 
generation
 
over
 
the
 
last
 
twelve
 
months,
 
excluding
 
the
 
impact
 
of
 
fluctuations
 
in
 
working
 
capital.
 
This
 
metric
 
provides
 
a
 
clearer
 
view
 
of
 
the
 
sustainability
 
and
 
efficiency
 
of
 
core
 
business
 
activities
 
by
 
isolating
 
cash
 
earnings
 
from
 
operational
 
performance,
 
without
 
the
 
timing
 
effects
 
of
 
receivables,
 
payables,
 
and
 
inventory
 
movements.
 
 
MSEK  Q1  2026  Q1  2025  Jan-Dec  2025   R12M  R12M  R12M  Profit  after  financial  items  427.4  271.3  357.1  Adjustments  for  non-cash  items  325.6  345.8  358.1  Taxes  paid  -58.6  -40.7  -67.8  
Cash  flow  from  operations  before  changes  in  Working  Capital  694.5  570.1  647.4  
 
Equity  ratio,  %   The  equity  ratio  is  a  measure  that  shows  the  ratio  of  equity  financing  in  relation  to  the  company's  total  
assets.
 
The
 
measure
 
is
 
used
 
as
 
an
 
indication
 
of
 
financial
 
strength
 
and
 
resilience
 
to
 
losses.
 
MSEK  31  Mar  2026  31  Mar  2025  31  Dec  2025  Equity  2,035.8  1,524.9  1,899.3  Total  assets  3,601.0  3,252.5  3,570.4  
Equity  ratio,  %  56.5  46.9  53.2  
 
30 
INTERIM  REPORT

===== SIDA 31 =====

Return  on  equity   Return  on  equity  is  an  important  concept  for  understanding  a  company's  return  on  the  capital  that  
shareholders
 
have
 
injected
 
and
 
earned.
 
The
 
return
 
is
 
calculated
 
as
 
net
 
profit
 
for
 
the
 
rolling
 
twelve-month
 
period
 
in
 
relation
 
to
 
average
 
equity
 
for
 
the
 
period.
 
MSEK  Q1  2026  Q1  2025  Jan-Dec  2025    R12M  R12M  R12M  Net  profit  for  the  period,  R12M  571.5  255.4  504.0  Equity  (average)  1,546.3  1,349.7  1,479.3  
Return  on  equity,  %  37.0  18.9  34.1  
 
ARPU   Average  Revenue  Per  User  (ARPU)  per  month  is  a  key  metric  for  the  Streaming  business  area.  ARPU  is  
calculated
 
as
 
streaming
 
net
 
sales
 
divided
 
by
 
average
 
paying
 
subscribers
 
for
 
the
 
period,
 
divided
 
by
 
the
 
number
 
of
 
months
 
in
 
the
 
period.
 
For
 
the
 
Nordic
 
segment,
 
net
 
sales
 
includes
 
100%
 
of
 
Storytel
 
Norway's
 
net
 
sales
 
to
 
provide
 
a
 
more
 
accurate
 
ARPU
 
figure.
 
In
 
the
 
Streaming
 
Business
 
area,
 
net
 
sales
 
includes
 
50%
 
of
 
Storytel
 
Norway
 
in
 
line
 
with
 
Storytel's
 
ownership. 
31 
INTERIM  REPORT

===== SIDA 32 =====

About  Storytel  Storytel  is  one  of  the  world’s  largest  streaming  platforms  for  audiobooks  and  e-books,  with  a  presence  in  
over
 
25
 
markets
 
and
 
a
 
catalogue
 
of
 
more
 
than
 
1.5
 
million
 
titles.
 
The
 
company’s
 
vision
 
is
 
to
 
make
 
the
 
world
 
a
 
more
 
empathetic
 
and
 
creative
 
place
 
through
 
stories
 
that
 
can
 
be
 
shared
 
and
 
appreciated
 
by
 
anyone,
 
anywhere
 
and
 
at
 
any
 
time.
 
Business  idea  Storytel  enriches  people’s  lives  by  providing  access  to  a  broad  and  diverse  catalogue  of  audiobooks,  
e-books
 
and
 
podcasts
 
through
 
an
 
affordable
 
subscription
 
model.
 
By
 
combining
 
world-class
 
technology
 
with
 
deep
 
publishing
 
expertise,
 
Storytel
 
connects
 
authors
 
with
 
audiences
 
at
 
scale.
 
Business  model  Storytel  operates  through  two  integrated  business  areas.  The  Streaming  business  area  generates  net  sales  
primarily
 
through
 
consumer
 
subscriptions
 
(D2C)
 
and
 
B2B
 
partnerships,
 
operating
 
under
 
the
 
brands
 
Storytel,
 
Mofibo
 
and
 
Audiobooks.com.
 
The
 
Publishing
 
business
 
area
 
comprises
 
Norstedts
 
Förlagsgrupp,
 
Lind
 
&
 
Co,
 
Gummerus,
 
Bokfabriken,
 
People’s
 
and
 
the
 
digital
 
audio
 
publisher
 
Storyside,
 
generating
 
net
 
sales
 
from
 
both
 
external
 
sales
 
of
 
physical
 
and
 
digital
 
books
 
and
 
internal
 
content
 
supply
 
to
 
the
 
Streaming
 
platform.
 
This
 
vertically
 
integrated
 
model
 
provides
 
competitive
 
advantages
 
in
 
content
 
sourcing,
 
cost
 
efficiency
 
and
 
speed-to-market.
 
  
32 
INTERIM  REPORT