FULLTEXT DEL 1 AV 1
Kvartalsrapport Q1 2026
===== 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