Kvartalsrapport Q2 2023

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Highlights 
 Q2 Financial Highlights 
 ●  Streaming revenue up 13% from Q2 2022 to 799 (704) MSEK, 15% excluding Russia 
 ●  Group net sales increased by 9% from Q2 2022 to 851 (781) MSEK, 11%  excluding Russia 
 ●  Gross profit of 333 (290) MSEK, equaling a margin of 39.1% (37.2%) 
 ●  EBITDA of 40 (-6) MSEK equaling a margin of 4.6% (-0.7%). Adjusted for items affecting 
 comparability, EBITDA last year amounted to 13 MSEK 
 ●  Basic and diluted earnings per share amounted to -0.41 (-0.80) SEK 
 ●  Cash flow from operations before changes in working capital amounted to  24  (-55) MSEK 
 ●  Operational cash flow amounted to -5 (-49) MSEK 
 Q2 Other Highlights 
 ●  Storytel Awards surpasses the milestone of 200,000 votes – audiobook fan engagement 
 soaring to record levels. 
 ●  Significant multi-year agreement with Bulgaria’s largest telco A1 Bulgaria. The deal 
 makes Storytel part of exclusive selection of premium services on A1 Bulgaria’s platform, 
 reaching more than 4 million potential customers. 
 ●  Storytel acquired the rights to the Finnish bestselling Koskinen crime series. 
 ●  Storytel held a Capital Markets Day and presented mid-term financial targets together 
 with the strategic direction to further strengthen its leading position. 
 ●  Storytel entered into a strategic partnership with ElevenLabs and announced the 
 upcoming launch of a new VoiceSwitcher feature. 
 Highlights after the End of the Quarter 
 ●  Storytel entered into a strategic partnership with Telenor-owned CBB Mobil, a Danish 
 provider of communications and entertainment services, to accelerate growth in Denmark. 
 ●  Storytel launched the first version of its new VoiceSwitcher feature together with 
 ElevenLabs, available in all markets on selected books in the English language. 
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CEO-statement 
 A strong foundation for sustainable and profitable growth 
 In the second quarter of 2023, we saw strong streaming growth through continued execution of 
 our profitable growth strategy, with focus on improving operational and financial performance. 
 The second quarter marked the fifth 
 consecutive quarter of positive Group 
 EBITDA and underlines the improvements 
 that have been made. Storytel Streaming 
 saw extended organic revenue growth, 
 increased ARPU, solid subscriber growth 
 and subscriber engagement as well as 
 stable and healthy churn levels. Our 
 disciplined approach is laying the foundation 
 for continued profitable growth, supported by 
 near-term operational improvements across 
 our business. In the quarter, we 
 demonstrated continued progress through 
 new Partnership agreements, improved 
 Content economics, and the concluded 
 successful implementation of new service 
 tiers and price levels in the Nordics. We 
 have fine-tuned our strategic plan and 
 presented new mid-term financial targets at 
 our Capital Markets Day in Stockholm on 
 June 13. 
 New mid-term financial targets and 
 updated strategic direction 
 At our Capital Markets Day, we provided the 
 market with a detailed update on the Group’s 
 strategic direction and operations, as well as 
 new mid-term financial targets. The Board of 
 Directors has decided on the following 
 mid-term financial targets: 
 Revenue 
 • Total net sales to reach at least 5,000 
 MSEK in 2026 through organic growth 
 • Organic average annual streaming revenue 
 growth of 15 percent 
 EBITDA margin 
 • EBITDA margin of at least 12 percent in 
 2026, with a long-term ambition of 15 
 percent or higher 
 CAPEX 
 • CAPEX of about 5 percent of Group 
 revenue 
 • Positive and significant increase in 
 operational cash flow from 2023 
 The targets are ambitious but attainable and 
 my executive team and I are fully committed 
 to deliver in line with these targets. Jointly, 
 we have set the direction for the company 
 going forward and how we will deliver, step 
 by step, to reach our mid-term financial 
 targets. Storytel is already a well-positioned 
 leader in the fast growing audiobooks 
 industry, and our strategy of operating both 
 D2C Streaming services and leading 
 publishing houses provides us with valuable 
 advantages. We will allocate our resources 
 to markets with the right conditions for 
 success, and by continuously increasing our 
 subscriber base, we will deliver profitable 
 growth over time. 
 Strong revenue growth and improved 
 profitability in the second quarter 
 Streaming revenue excluding Russia 
 increased by 15%, and amounted to 799 
 (693) MSEK, driven by a solid performance 
 in the Nordic region and in most of our 
 growth markets. ARPU grew 12% to 130 
 (116) SEK. Group net sales for the quarter 
 grew 11% excluding Russia and totaled 851 
 (770) MSEK. The gross margin was 39.1% 
 (37.2%), an increase by 1.9 percentage 
 points versus the same quarter last year. 
 The EBITDA margin improved to 4.6%, 
 compared to a margin of 1.6% in Q2 2022, 
 adjusted for items affecting comparability. 
 Cash flow from operations before changes in 
 working capital was 24 (-55) MSEK and 
 operational cash flow amounted to -5 (-49) 
 MSEK. The improvement was derived from 
 our strategic shift to focus on profitable 
 growth. 
 Solid progress for our Partnerships Team 
 Our newly formed Partnerships team is 
 dedicated to bringing more listeners to the 
 platform through partners such as mobile 
 app stores, OEMs, telcos, financial services 
 and e-commerce players. The team 
 delivered solid progress in the quarter with 
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multiple agreements with new partners 
 across different geographies and verticals. 
 In April, we closed a significant multi-year 
 agreement with Bulgaria’s largest telco, A1 
 Bulgaria, a part of the A1 Group that 
 currently has over 26 million users across 
 seven European countries. This agreement 
 allows Storytel Bulgaria access to 4 million 
 potential customers. 
 After the end of the quarter, in July, we 
 entered into a strategic partnership with 
 Telenor-owned CBB Mobil – a Danish 
 provider of communications and 
 entertainment services. The partnership 
 enables Mofibo – part of Storytel and the 
 largest distributor and reading platform for 
 audiobooks and e-books in Denmark – to be 
 part of CBB’s streaming offering and thereby 
 increasing Storytel’s reach in one of our top 
 ten markets. 
 Great Content and personalization driving 
 subscriber growth 
 As a leader in the spoken-word audio 
 entertainment space, our mission is to move 
 the world through story. We are increasingly 
 focused on Content as one of the core pillars 
 of our strategy. With a dedicated global 
 Content team in charge, we aim to bring 
 more and widely appealing content to our 
 audiences, and we are expanding our 
 activities in the areas of Original and 
 exclusive content to attract and retain the 
 most valuable customers with high levels of 
 loyalty, high ARPU, and high lifetime value. 
 In May, we announced the acquisition of the 
 rights to the Finnish bestselling Koskinen 
 crime series, which is a huge success 
 spanning over four decades in Finland. The 
 agreement gives our digital publishing house 
 Storyside the rights to Jokinen’s popular 
 catalog, including a new Koskinen adventure 
 planned for release in the Spring of 2024. 
 In June, we announced an exclusive 
 partnership with the leading AI speech 
 software provider ElevenLabs. The 
 collaboration will include the development of 
 AI voices specifically tailored to our core 
 markets and the production of AI narrated 
 audiobooks. A new VoiceSwitcher feature 
 will allow enhanced personalization of our 
 service, facilitating a truly unique and 
 customized listening experience. The first 
 version of the new VoiceSwitcher was 
 launched in July, available in all markets on 
 selected books in the English language. 
 Near term guidance 
 Our full-year guidance from February 
 remains unchanged with organic streaming 
 revenue growth in line with the previous 
 year, an increased EBITDA margin versus 
 2022, and at least a break-even operational 
 cash flow (EBITDA – operational capex). 
 Finally, I want to take this opportunity to 
 thank the audience and the great interest in 
 Storytel’s Capital Markets Day in June and 
 wish all customers, partners and employees 
 a great end of the summer. 
 Stockholm in August 
 Johannes Larcher, CEO 
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Table 1: Key Performance Indicators 
 TSEK  Q2 2022  Q3 2022  Q4 2022  Q1 2023  Q2 2023 
 Streaming Total  1 
 Revenue  704,454  742,426  742,283  742,081  798,881 
 Revenue excl Russia  693,464  732,837  742,374  742,081  798,881 
 Gross profit  278,554  307,463  304,594  317,067  344,949 
 Gross margin  39.5%  41.4%  41.0%  42.7%  43.2% 
 Avg. Paying Subscribers  2,031,000  2,064,000  2,036,000  2,041,000  2,055,000 
 ARPU (SEK/month)  116  120  122  121  130 
 Streaming Nordics  1 
 Revenue  469,390  492,765  498,336  496,630  543,765 
 Gross profit  177,354  189,289  184,767  200,992  227,364 
 Gross margin  37.8%  38.4%  37.1%  40.5%  41.8% 
 Avg. Paying Subscribers  1,078,000  1,129,000  1,132,000  1,125,000  1,122,000 
 ARPU (SEK/month)  145  145  147  147  162 
 Streaming Non-Nordics 
 Revenue  235,064  249,662  243,947  245,451  255,117 
 Revenue excl Russia  224,074  240,073  244,038  245,451  255,117 
 Gross profit  101,190  118,173  119,828  116,075  117,585 
 Gross margin  43.0%  47.3%  49.1%  47.3%  46.1% 
 Avg. Paying Subscribers  953,000  935,000  904,000  916,000  933,000 
 ARPU (SEK/month)  82  89  90  89  91 
 Books 
 Revenue  156,999  147,199  193,069  130,083  128,668 
 Gross profit  78,185  81,916  85,141  68,472  67,525 
 Gross margin  49.8%  55.6%  44.1%  52.6%  52.5% 
 Group total  2 
 Revenue  780,730  805,819  866,663  796,293  851,070 
 Gross profit  290,363  311,907  322,377  315,501  333,183 
 Gross margin  37.2%  38.7%  37.2%  39.6%  39.1% 
 Revenue Growth YoY  Q2 2022  Q3 2022  Q4 2022  Q1 2023  Q2 2023 
 Streaming Total  1 
 Revenue  29.2%  27.3%  22.7%  6.2%  13.4% 
 Revenue excl Russia  31.0%  29.5%  27.0%  9.2%  15.2% 
 Revenue – CER  25.6%  22.0%  16.6%  2.9%  9.8% 
 Streaming Nordics  1 
 Revenue  10.9%  10.2%  8.6%  8.3%  15.8% 
 Revenue – CER  8.5%  6.9%  4.8%  6.8%  13.9% 
 Streaming Non-Nordics 
 Revenue  92.5%  83.7%  67.0%  2.3%  8.5% 
 Revenue excl Russia  111.6%  102.2%  94.5%  11.0%  13.9% 
 Revenue – CER  85.1%  71.7%  53.5%  -4.7%  1.6% 
 Books 
 Revenue  4.7%  -18.3%  -5.5%  -12.9%  -18.0% 
 Revenue – CER  3.6%  -19.4%  -7.0%  -14.6%  -20.0% 
 1  Streaming revenue includes all of Storytel Norway’s revenue. 
 2  In the consolidated accounts, Storytel Norway is  reported in accordance with the equity method. As a result, the Streaming revenue listed in Table 1 is 
 higher than in the consolidated statement of accounts in order to provide a more accurate figure for average revenue per subscriber. Please see Note 5 for 
 additional details. 
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Developments during the second quarter, Group 
 Comparative figures in brackets pertain to the second quarter 2022 
 Net sales 
 Group net sales for the quarter increased by 
 9% from the comparative period to 851.1 
 (780.7) MSEK, and increased by 11% when 
 excluding Russia. The increase is driven by 
 solid growth in the Streaming segment’s top 
 markets, especially the Nordics, while the 
 Books segment’s external sales declined in 
 line with expectations. In the US, 
 Audiobooks.com continued its focus on 
 increased profitability rather than revenue 
 growth. Organic streaming revenue growth, 
 when excluding Audiobooks.com and 
 Russia, was 14% at constant exchange 
 rates in the second quarter. 
 Average paying streaming subscribers 
 increased by 14,000 during the quarter and 
 amounted to 2,055,000 with an average 
 ARPU of 130 (116) SEK. The increase in the 
 subscriber base versus the same quarter 
 last year is explained by growth within the 
 Nordic segment. Net subscriber intake was 
 strong in the latter part of the quarter. 
 Gross profit 
 Cost of sales for the period totaled -517.9 
 (-490.4) MSEK. Gross profit amounted to 
 333.2 (290.4) MSEK, which equals a gross 
 margin of 39.1% (37.2%). The gross margin 
 increased by 1.9 percentage points versus 
 the same quarter last year, and decreased 
 by 0.5 percentage points versus the first 
 quarter of 2023. The improvement was 
 mainly explained by positive development in 
 the streaming business. 
 EBITDA 
 EBITDA for the period totaled 39.6 (-5.7) 
 MSEK, which equals an EBITDA margin of 
 4.6% (-0.7%). Adjusted for items affecting 
 comparability, EBITDA last year amounted to 
 12.8 MSEK. The significant improvement is 
 driven by the strategic shift to focus on 
 profitable growth. 
 Operating profit 
 Operating profit for the quarter totaled 
 -29.4 (-94.5) MSEK. The comparable quarter 
 included items affecting comparability of 
 -45.6 MSEK. The improvement was to a 
 large extent derived from the above outlined 
 strategic shift to focus on profitable growth. 
 Selling and marketing expenses decreased 
 by 17.8% to -218.8 (-266.1) MSEK. The 
 comparable quarter included items affecting 
 comparability totaling -6.1 MSEK. 
 Technology and development expenses 
 totaled -63.9 (-72.1) MSEK, which includes 
 continuous investments in the platform, 
 striving to increase subscriber engagement. 
 The comparable quarter included items 
 affecting comparability totaling -14.1 MSEK. 
 General and administrative expenses totaled 
 -95.6 (-59.6) MSEK. The increase is mainly 
 due to the strategic shift and reorganization 
 of 2022 that resulted in an increased 
 centralization of certain functions and of the 
 management team, as well as effects on 
 accruals in the cost base last year in relation 
 to the reorganization and of long-term 
 incentive programs. The comparable quarter 
 included items affecting comparability 
 totaling -0.8 MSEK. 
 Group total  Q2 2023  Q2 2022 
 Net sales  851.1  780.7 
 Cost of sales  -517.9  -490.4 
 Gross profit  333.2  290.4 
 Selling and marketing 
 expenses  -218.8  -266.1 
 Technology and development 
 expenses  -63.9  -72.1 
 Administrative expenses  -95.6  -59.6 
 Other operating income  13.8  13.5 
 Profit from participations in 
 associates  2.0  -0.5 
 Operating profit/loss  -29.4  -94.5 
 Net financial items  11.4  31.5 
 Profit before tax  –18.0  -62.9 
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Net profit 
 Profit before tax for the period amounted to 
 -18.0 (-62.9) MSEK. 
 Net financial items for the period totaled 11.4 
 (31.5) MSEK  .  The amount includes a 21.5 
 (44.8) MSEK positive FX effect from a USD 
 denominated commitment derived from the 
 acquisition of Audiobooks.com, -10.5 (-9.1) 
 MSEK in net interest costs, and other FX 
 effects from the revaluation of certain 
 balance sheet items. 
 Taxes for the quarter amounted to -12.7 (8.6) 
 MSEK. 
 Net profit for the quarter amounted to 
 -30.7 (-54.4) MSEK. 
 Earnings per share for the period totaled 
 -0.41 (-0.80) SEK, before and after dilution. 
 Cash flow 
 Cash flow from operating activities before 
 changes in working capital was 24.3 
 (-54.7) MSEK, with the improvement driven 
 by the strategic shift to focus on profitable 
 growth. The change in working capital was 
 12,1 (-9.5) MSEK, resulting in cash flow from 
 operating activities of 36.4 (-64.2) MSEK for 
 the quarter. Cash flow from investing 
 activities was -52.2 (-69.8) MSEK. Cash flow 
 from financing activities was -10.4 (139.8) 
 MSEK. Total cash flow for the period was 
 -26.2 (5.8) MSEK. 
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Developments during January–June 2023, Group 
 Comparative figures in brackets pertain to the period January–June 2022 
 Net sales 
 Group net sales for the period increased by 
 8% from the comparative period to 1,647.4 
 (1,527.9) MSEK, and increased by 10% 
 when excluding Russia. The increase is 
 driven by solid growth in the Streaming 
 segment’s top markets, especially the 
 Nordics, while the Books segment’s external 
 sales declined in line with expectations. In 
 the US, Audiobooks.com continued its focus 
 on increased profitability rather than revenue 
 growth. Organic streaming revenue growth, 
 when excluding Audiobooks.com and 
 Russia, was 11% at constant exchange rates 
 in the period. 
 Average paying streaming subscribers 
 increased by over 7,000 during the period 
 and amounted to 2,048,000 with an average 
 ARPU of 125 (115) SEK. The increase in the 
 subscriber base versus the same period last 
 year is explained by growth within the 
 Nordics segment. Net subscriber intake was 
 strong in the latter part of the second 
 quarter. 
 Gross profit 
 Cost of sales for the period totaled -998.7 
 (-949.0) MSEK. Gross profit amounted to 
 648.7 (578.9) MSEK, which equals a gross 
 margin of 39.4% (37.9%). The gross margin 
 increased by 1.5 percentage point versus 
 the same period last year. The improvement 
 was mainly explained by positive 
 development in the streaming business. 
 EBITDA 
 EBITDA for the period totaled 70.1 (-154.1) 
 MSEK, which equals an EBITDA margin of 
 4.3% (-10.1%). The corresponding period 
 last year contained items affecting 
 comparability of 134.2 MSEK; adjusted for 
 this, the EBITDA last year amounted to -19.9 
 MSEK. The significant improvement is driven 
 by the strategic shift to focus on profitable 
 growth. 
 Operating profit 
 Operating profit for the period totaled 
 -77.4 (-321.4) MSEK. The comparable 
 period included items affecting comparability 
 totaling -179.1 MSEK. The improvement was 
 to a large extent derived from the above 
 outlined strategic shift to focus on profitable 
 growth. 
 Selling and marketing expenses decreased 
 by 24.3% to -424.5 (-560.6) MSEK. The 
 comparable quarter included items affecting 
 comparability totaling -25.6 MSEK. 
 Technology and development expenses 
 totaled -133.4 (-168.5) MSEK, which 
 includes continuous investments in the 
 platform, striving to increase subscriber 
 engagement. The comparable quarter 
 included items affecting comparability 
 totaling -57.4 MSEK. 
 General and administrative expenses totaled 
 -192.7 (-189.3) MSEK. The increase is 
 mainly due to the strategic shift and 
 reorganization of 2022 that resulted in an 
 increased centralization of certain functions 
 and of the management team, as well as 
 effects on accruals in the cost base last year 
 in relation to the reorganization and of 
 long-term incentive programs. The 
 comparable quarter included items affecting 
 comparability totaling -60.5 MSEK. 
 Group total  Q1-Q2 2023  Q1-Q2 2022 
 Net sales  1647.4  1527.9 
 Cost of sales  -998.7  -949.0 
 Gross profit  648.7  578.9 
 Selling and marketing 
 expenses  -424.5  -560.6 
 Technology and development 
 expenses  -133.4  -168.5 
 Administrative expenses  -192.7  -189.3 
 Other operating income  19.1  19.5 
 Profit from participations in 
 associates  5.5  -1.4 
 Operating profit/loss  -77.4  -321.4 
 Net financial items  -4.9  25.1 
 Profit before tax  -82.3  -296.3 
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Net profit 
 Profit before tax for the period amounted to 
 -82.3 (-296.3) MSEK. 
 Net financial items for the period totaled -4.9 
 (25.1) MSEK. The amount includes an 18.1 
 (49.7) MSEK positive FX effect from a USD 
 denominated commitment derived from the 
 acquisition of Audiobooks.com, -23.7 (-38.4) 
 MSEK in net interest costs, and other FX 
 effects from the revaluation of certain 
 balance sheet items. 
 Taxes for the period amounted to -10.2 (9.5) 
 MSEK. 
 Net profit for the period amounted to 
 -92.5 (-286.8) MSEK. 
 Earnings per share for the period totaled 
 -1.23 (-4.22) SEK, before and after dilution. 
 Cash flow 
 Cash flow from operating activities before 
 changes in working capital was 42,1 
 (-189.9) MSEK, with the improvement driven 
 by the strategic shift to focus on profitable 
 growth. The change in working capital was 
 16.0 (35.5) MSEK, resulting in cash flow 
 from operating activities of 58.1 (-154.3) 
 MSEK for the period. Cash flow from 
 investing activities was -100.0 (-1,020.5) 
 MSEK. Cash flow from financing activities 
 was -222.7 (711.5) MSEK. Total cash flow 
 for the period was -264.6 (-463.3) MSEK. 
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Other information 
 Financial position, equity & liquidity 
 (compared to June 30, 2022) 
 At the end of the period, the Group had 
 531.3 (447.9) MSEK in cash and cash 
 equivalents. The equity-to-asset ratio at the 
 end of the period was 52.5% (44.2%). 
 Total equity for the quarter was 2,165.4 
 (1,821.0) MSEK. 
 Non-current liabilities totaled 952.9 (965.2) 
 MSEK. The company has a revolving credit 
 facility (RCF) of 850 MSEK, of which 700 
 MSEK is utilized. Current liabilities amounted 
 to 1,007.7 (1,331.7) MSEK. A bridge loan 
 facility of 500 MSEK utilized in connection 
 with the acquisition of Audiobooks.com has 
 been replaced with a 200 MSEK term loan 
 during the first quarter of 2023. 
 Total available liquidity (cash and cash 
 equivalents and unutilized RCF) totalled 
 681.3 MSEK at the end of the period. 
 Annual General Meeting 2023 
 The AGM resolved, in accordance with the 
 Nomination Committee's proposal, that the 
 Board of Directors shall consist of eight 
 directors and that the number of auditors 
 shall be one registered audit firm. 
 In accordance with the Nomination 
 Committee's proposal, Hans-Holger 
 Albrecht, Lina Brouneus, Lutz Finger, Joakim 
 Rubin and Jonas Tellander were re-elected 
 as Directors of the Board. Adine Grate, 
 Jonas Sjögren and Alexander Lindholm were 
 elected as new directors of the Board. 
 Hans-Holger Albrecht was re-elected as 
 Chairman of the Board of Directors and 
 Jonas Tellander was re-elected as vice 
 Chairman of the Board of Directors. 
 Ernst & Young Aktiebolag was re-elected as 
 the Company auditor. Ernst & Young 
 Aktiebolag has announced that the 
 authorized accountant Johan Holmberg will 
 continue to be the auditor in charge. 
 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 10.5 (8.8) MSEK. Profit before tax 
 amounted to 2.0 (-4.4) MSEK, and profit/loss 
 for the quarter amounted to 2.0 (-4.4) MSEK. 
 Total equity amounted to 4,206.9 (3,817.2) 
 MSEK. The condensed income statement 
 and balance sheet for the Parent Company 
 are presented on page 20. 
 Risks and uncertainty factors 
 The Group is subject to significant risks and 
 uncertainties. As noted in the 2022 Annual 
 Report, these factors include the prevailing 
 economic and business environments in 
 each of the Group’s markets; commercial 
 risks related to expansion into new 
 territories; political and legislative risks 
 related to changes in rules and regulations in 
 the various territories in which the Group 
 operates; exposure to foreign exchange rate 
 movements; changes in the ability to access 
 capital markets; and the emergence of new 
 technologies and competitors. More recently, 
 we have seen inflationary pressures that 
 could affect the purchasing power of our 
 consumers, and thus in the long term also 
 their willingness and ability to remain as 
 subscribers. Furthermore, given the 
 developments in Ukraine, Storytel 
 announced in the first quarter of 2022 its 
 intention to pause its operations in Russia. 
 This has been implemented, and the 
 operations were phased out during the third 
 quarter of 2022. As of June 30, 2023, there 
 is no significant balance sheet exposure 
 related to Russia. 
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Investigation in Turkey 
 In the first quarter, The Turkish Competition 
 Authority notified Storytel Turkey Yayincilik 
 Hizmetleri A.S. (“Storytel Turkey”) that it has 
 opened an investigation into Storytel Turkey 
 on the basis of a complaint from a third party 
 in Turkey. Storytel is cooperating with the 
 Turkish Competition Authority, and it is too 
 early to determine or predict the outcome of 
 the investigation. 
 Significant events after the period 
 In July, Storytel entered into a strategic 
 partnership with CBB Mobil, a Danish 
 provider of communications and 
 entertainment services, to accelerate growth 
 in Denmark. 
 In July, Storytel launched the first version of 
 the new VoiceSwitcher together with 
 ElevenLabs, available in all markets on 
 selected books in the English language. 
 Full-year 2023 guidance 
 Storytel’s full-year 2023 guidance from 
 February remains unchanged: 
 ●  Organic streaming revenue growth in 
 line with previous year (excluding 
 Audiobooks.com and Russia) 
 ●  Increased EBITDA margin 
 (adjusted for items affecting 
 comparability) versus 2022 
 ●  At least a break-even operational 
 cash flow (EBITDA - operational 
 capex). 
 Mid-term financial targets 
 The Board of Directors in Storytel has 
 decided on the following mid-term financial 
 targets: 
 Revenue 
 ●  Total net sales to reach at least 5,000 
 MSEK in 2026 through organic growth 
 ●  Organic average annual streaming 
 revenue growth of 15 percent 
 EBITDA margin 
 ●  EBITDA margin of at least 12 percent 
 in 2026, with a long-term ambition of 
 15 percent or higher 
 CAPEX 
 ●  CAPEX of about 5 percent of Group 
 revenue 
 ●  Positive and significant increase in 
 Operational Cash Flow from 2023 
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===== SIDA 12 =====

Group Financial Statements 
 Condensed Consolidated Interim Statements of Comprehensive Income 
 TSEK  Q2 2023  Q2 2022  Q1-Q2 2023  Q1-Q2 2022  Q1–Q4 2022 
 Net sales  851,070  780,730  1,647,363  1,527,900  3,200,382 
 Cost of sales  -517,887  –490,367  -998,679  -949,039  -1,987,237 
 Gross profit  333,183  290,363  648,684  578,861  1,213,145 
 Sales and marketing expenses  -218,815  -266,148  -424,540  -560,628  -942,799 
 Technology and development expenses  -63,938  -72,111  -133,403  -168,453  -322,699 
 General and administrative expenses  -95,558  -59,570  -192,702  -189,254  -370,020 
 Other operating income  13,760  13,494  19,095  19,452  34,424 
 Result from participations in associates  2,016  -500  5,466  -1,369  -1,070 
 Operating profit/loss  -29,352  -94,472  -77,400  -321,391  -389,019 
 Net financial items  11,370  31,538  -4,854  25,125  5,347 
 Profit/loss before taxes  -17,982  -62,933  -82,254  -296,265  -383,672 
 Tax  -12,748  8,584  -10,219  9,460  3,402 
 Profit/loss for the period  -30,730  -54,350  -92,472  -286,806  -380,270 
 Profit for the period attributable to: 
 Parent Company shareholder  -31,721  -54,356  -94,511  -288,296  -382,957 
 Non-controlling interest  991  6  2,039  1,490  2,687 
 Earnings per share, SEK 
 Group total, basic  -0.41  -0.80  -1.23  -4.22  -5.51 
 Group total, diluted  -0.41  -0.80  -1.23  -4.22  -5.51 
 Statement of comprehensive income 
 Profit/loss for the period, after tax  -30,730  -54,350  -92,472  -286,806  -380,270 
 Other comprehensive income 
 Items that will be reclassified to 
 profit/loss (after tax) 
 Translation difference  68,286  112,201  59,252  129,571  162,821 
 Items that will not be reclassified to 
 profit/loss (after tax) 
 Revaluation of defined-benefit pension 
 plans  -  59,361  -3,483  59,361  106,538 
 Revaluation of hedging instruments  -  -  -  8,580  10,031 
 Total other comprehensive income 
 for the period, after tax  68,286  171,562  55,769  197,512  279,389 
 Total comprehensive income for the 
 period, after tax  37,556  117,213  -36,703  -89,293  -100,881 
 12

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

Total comprehensive income for the 
 period attributable to: 
 Parent Company shareholder  36,565  117,206  -38,742  -90,784  -103,568 
 Non-controlling interest  991  6  2,039  1,490  2,687 
 Condensed Consolidated Interim Statements of Financial Position 
 TSEK  30 Jun 2023  30 Jun 2022  31 Dec 2022 
 Intangible assets  2,668,558  2,633,552  2,622,416 
 Tangible assets  22,525  30,310  25,985 
 Right-of-use assets  109,913  118,723  115,360 
 Non-current financial assets  81,009  104,540  87,690 
 Inventory  94,645  106,816  102,107 
 Current receivables  618,015  676,068  658,581 
 Cash and cash equivalents  531,326  447,866  776,341 
 Total assets  4,125,990  4,117,873  4,388,480 
 Equity  2,165,372  1,821,033  2,192,950 
 Non-current liabilities  952,885  965,163  831,307 
 Current liabilities  1,007,733  1,331,677  1,364,223 
 Total equity and liabilities  4,125,990  4,117,873  4,388,480 
 Condensed Consolidated Interim Statement of Changes in Equity 
 TSEK  Q1-Q2 2023  Q1-Q2 2022  Q1–Q4 2022 
 Opening equity for the period  2,192,950  1,910,603  1,910,603 
 Profit/loss for the period  -94,511  -286,806  -380,270 
 Non-controlling interest  2,039  2,412  -6,449 
 Other total comprehensive income for the year: 
 Translation difference  59,252  129,571  162,821 
 Revaluation of defined-benefit pension plans  -3,483  59,361  106,538 
 Hedge accounting  -  8,580  8,580 
 Transfer of cash flow hedge to business 
 combinations  -  1,451  1,451 
 Transactions with owners: 
 Share issue  -1,074  -  391,068 
 Share based incentive programs  10,200  -4,139  -1,391 
 Closing equity for the period  2,165,372  1,821,033  2,192,950 
 13

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

Condensed Consolidated Interim Statements of Cash Flows 
 TSEK  Q2 2023  Q2 2022  Q1-Q2 2023  Q1-Q2 2022  Q1-Q4 2022 
 Profit/loss after financial items  -17,982  -62,933  -82,254  -296,265  -383,672 
 Where of interest paid  -15,914  -8,693  -30,352  -17,515  -28,761 
 Adjustments for non-cash items  52,967  13,487  137,212  114,497  288,614 
 Taxes paid  -10,689  -5,259  -12,895  -8,112  -22,517 
 Cash flow from operations before changes 
 in working capital  24,296  -54,706  42,063  -189,881  -117,575 
 Change in working capital  12,131  -9,452  16,037  35,544  17,130 
 Cash flow from operating activities  36,427  -64,158  58,100  -154,3337  -100,445 
 Cash flow from investing activities  -52,167  -69,831  -99,976  -1,020,511  -1,141,390 
 Cash flow from financing activities  -10,429  139,765  -222,710  711,523  1,085,350 
 Cash flow for the period  -26,168  5,776  -264,586  -463,325  -156,485 
 Available funds at the beginning of period  540,432  447,628  776,341  905,882  905,882 
 Cash flow for the period  -26,168  5,776  -264,586  -463,325  -156,485 
 Translation differences in available funds  17,062  -5,538  19,571  5,309  26,944 
 Available funds at end of period  531,326  447,866  531,326  447,866  776,341 
 14

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

Notes to the Condensed Consolidated Interim 
 Financial Statements 
 Note 1 Accounting and Valuation Principles 
 This interim report includes the Swedish Parent Company Storytel AB (publ), CIN 556575-2960, 
 and its subsidiaries. Storytel is one of the world's largest streaming services for audiobooks and 
 e-books and has more than 700,000 titles in the service globally. Our vision is to make the world 
 a more empathetic and creative place through fantastic stories that can be shared and 
 appreciated by anyone, anywhere and at any time. The Streaming operations within Storytel 
 Group take place under the brands Storytel, Mofibo and Audiobooks.com. The publishing 
 business is managed by Storytel Books and the audiobook publisher Storyside. Storytel Group is 
 present in over 25 markets. The Parent Company is a limited liability company with its registered 
 office in Stockholm, Sweden. The address of the head office is Tryckerigatan 4, 111 28 
 Stockholm, Sweden. 
 Storytel applies the International Financial Reporting Standards (IFRS) as they have been 
 adopted by the EU. This consolidated interim report was prepared in accordance with IAS 34 
 Interim Financial Reporting, recommendation RFR 1 issued by the Swedish Financial Reporting 
 Board, and the Annual Accounts Act (1995:1554), where applicable. 
 The interim report for the Parent Company was prepared in accordance with Chapter 9 of the 
 Annual 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. During 2022, Turkey 
 was defined as a hyperinflationary economy and as such the Group applies IAS 29 related to its 
 entity in Turkey. 
 There are no new IFRS standards or amendments of existing IFRS standards during 2023 that 
 have had a material impact on the performance and financial position of Storytel. Disclosures 
 pursuant to IAS 34.16A are also presented in the financial statements as well as related notes, 
 and are an integral part of this financial statement. 
 All amounts in this statement are stated in thousands of Swedish krona (TSEK) unless otherwise 
 specified. Differences in rounding may occur. 
 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 are not considered to entail any material risk of significant adjustments in the 
 reported values of assets and liabilities during subsequent periods. Changes in estimates are 
 reported in the period in which the change is made if the change has only 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 
 15

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

the most recent annual report. 
 Note 3 Definitions and key ratios including alternative performance measures 
 Storytel reports a number of different items and financial key ratios in its consolidated financial 
 statements. The key ratios aim to make it easier for investors and other stakeholders to analyze 
 and understand Storytel's operations and development in the same way that the business and its 
 development are monitored by management. Of these measures, some are defined in IFRS, 
 while others are defined in neither the financial framework nor other legislation. For key ratios that 
 are not defined in IFRS, this report presents their purpose and how they relate to the financial 
 statements presented in accordance with IFRS. For definitions of financial measures and key 
 ratios used, please see below. 
 Note 4 Transactions with related parties 
 In general, there were no significant changes in the scope or type of transactions with related 
 parties to the Group other than those presented in the most recent Annual Report. Transactions 
 with associated companies take place on market terms. 
 Note 5 Business segments 
 The Group has divided its operations into three segments: Streaming Nordics, Streaming 
 Non-Nordics (which includes Audiobooks.com) and Books. The division is based partly on the 
 type of business conducted (Streaming versus Books) and the geographical division for the 
 streaming business (Nordics versus Non-Nordics). 
 Apr-Jun 2023  Streaming 
 Nordics 
 Streaming 
 Non-Nordics  Books  Total 
 segment 
 Group-wide 
 items and 
 eliminations 
 Other 
 adjustments 
 Group 
 total 
 Revenue from 
 external customers  543,765  255,117  128,668  927,549  -92,655  16,176  851,070 
 Internal revenue  -  -  53,621  53,621  -53,621  -  - 
 Cost of sales  -316,400  -137,532  -114,764  -568,697  61,374  -10,564  -517,887 
 Gross profit  227,364  117,585  67,525  412,474  -84,903  5,612  333,183 
 Jan-Jun 2023  Streaming 
 Nordics 
 Streaming 
 Non-Nordics  Books  Total 
 segment 
 Group-wide 
 items and 
 eliminations 
 Other 
 adjustments 
 Group 
 total 
 Revenue from 
 external customers  1,040,395  500,568  258,751  1,799,713  -183,210  30,860  1,647,363 
 Internal revenue  -  -  101,683  101,683  -101,683  -  - 
 Cost of sales  -612,038  -266,908  -224,436  -1,103,382  119,678  -14,975  -998,679 
 Gross profit  428,356  233,660  135,997  798,013  -165,215  15,885  648,684 
 The costs listed under Gross profit are not allocated to segments but are reported for the Group 
 as a whole. Internal revenue for the Books segment that relates to sales from streaming is 
 already included as a cost reduction in the segment reporting for the Streaming segments. 
 Revenue and Cost of sales from Storytel AS are included in the Streaming Nordics segment. 
 16

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

These are subsequently eliminated in the column “Group-wide items and eliminations”, and the 
 license fee from Storytel AS is also added back. 
 Group total  Apr-Jun 2023  Jan-Jun 2023 
 Gross profit  333,183  648,684 
 Selling and marketing 
 expenses  -218,815  -424,540 
 Technology and development 
 expenses  -63,938  -133,403 
 Administrative expenses  -95,558  -192,702 
 Other operating income  13,760  19,095 
 Profit from participations in 
 associates  2,016  5,466 
 Operating profit/loss  -29,352  -77,400 
 Net financial items  11,370  -4,854 
 Profit before tax  -17,982  -82,253 
 Apr-Jun 2022  Streaming 
 Nordics 
 Streaming 
 Non-Nordics  Books  Total 
 segment 
 Group-wide 
 items and 
 eliminations 
 Other 
 adjustments 
 Group 
 total 
 Revenue from 
 external customers  469,390  235,064  156,999  861,453  -87,441  6,717  780,730 
 Internal revenue  39,322  39,322  -39,322 
 Cost of sales  -292,036  -133,874  -118,136  -544,045  61,140  -7,462  -490,367 
 Gross profit  177,354  101,190  78,185  356,730  -65,622  -745  290,363 
 Jan-Jun 2022  Streaming 
 Nordics 
 Streaming 
 Non-Nordics  Books  Total 
 segment 
 Group-wide 
 items and 
 eliminations 
 Other 
 adjustments 
 Group 
 total 
 Revenue from 
 external customers  927,945  475,108  306,304  1,709,357  -175,043  -6,414  1,527,900 
 Internal revenue  77,430  77,430  -77,430 
 Cost of sales  -584,803  -255,838  -221,149  -1,061,790  128,024  -15,273  -949,039 
 Gross profit  343,142  219,270  162,584  647,567  -124,449  -21,687  578,861 
 Group total  Apr-Jun 2022  Jan-Jun 2022 
 Gross profit  290,363  578,861 
 Selling and marketing 
 expenses  -266,148  -560,628 
 Technology and development 
 expenses  -72,111  -168,453 
 Administrative expenses  -59,570  -189,254 
 Other operating income  13,494  19,452 
 Profit from participations in 
 associates  -500  -1,369 
 Operating profit/loss  -94,472  -321,391 
 Net financial items  31,538  25,125 
 Profit before tax  -62,933  -296,265 
 17

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

Note 6 Revenue from contracts with customers 
 Apr-Jun 2023  Books  Streaming  Other  Group total 
 Type of product or service 
 Revenue from subscriptions of streaming service  -  706,226  -  706,226 
 Revenue from publishing activities  128,668  -  -  128,668 
 Other  -  -  16,176  16,176 
 Revenue from contracts with customers  128,668  706,226  16,176  851,070 
 Jan-Jun 2023  Books  Streaming  Other  Group total 
 Type of product or service 
 Revenue from subscriptions of streaming service  -  1,357,752  -  1,357,752 
 Revenue from publishing activities  258,751  -  -  258,751 
 Other  -  -  30,860  30,860 
 Revenue from contracts with customers  258,751  1,357,752  30,860  1,647,363 
 Apr-Jun 2022  Books  Streaming  Other  Group total 
 Type of product or service 
 Revenue from subscriptions of streaming service  -  617,013  -  617,013 
 Revenue from publishing activities  156,999  -  -  156,999 
 Other  -  -  6,717  6,717 
 Revenue from contracts with customers  156,999  617,013  6,717  780,730 
 Jan-Jun 2022  Books  Streaming  Other  Group total 
 Type of product or service 
 Revenue from subscriptions of streaming service  -  1,208,644  -  1,208,644 
 Revenue from publishing activities  306,304  -  -  306,304 
 Other  -  -  12,952  12,952 
 Revenue from contracts with customers  306,304  1,208.644  12,952  1,527,900 
 Note 7 Financial instruments 
 Valuation hierarchy 
 The levels of the valuation hierarchy are described as follows: 
 Level 1 – Listed prices (unadjusted) in active markets for identical assets and liabilities. 
 Level 2 – Observable input data for the asset or liability other than quoted prices included in Level 
 1, either directly (i.e., price quotations) or indirectly (i.e., derived from price quotations). 
 Level 3 - Asset or liability input data that is not based on observable market data (i.e., 
 non-observable input data). 
 18

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

Acquisition option 
 Storytel's acquisition option (put/call option) refers to the future acquisition of the remaining  13.3 
 % shares in Earselect AB, which will result in an additional transferred consideration of  8,237 
 TSEK,  after the consideration paid in the  first quarter,  see note 8.  The acquisition option is 
 reported at fair value in the statement of financial position, measured in accordance with IFRS 9 
 and categorized in accordance with Level 3 of the IFRS 13 fair value hierarchy. Since the price of 
 the option is not dependent on any conditions beyond the time aspect, and since the discounting 
 effect attributable to the time value at the time of acquisition was insignificant, no discounting has 
 taken place, and the carrying amount is considered to correspond to the fair value of the 
 acquisition option. 
 Contingent consideration 
 The contingent consideration related to the acquisition of Aula is reported at fair value in 
 accordance with Level 3 of the valuation hierarchy. The fair value is estimated by using a 
 valuation model that discounts the present value of expected outgoing cash flows by a 
 risk-adjusted discount rate. Expected cash flows are determined using probable scenarios based 
 on expected financial outcome and future financial forecasts. The most significant input factors 
 used to measure fair value are the risk-adjusted discount rate of  12.6% and the forecast future 
 development of profitability, growth in net sales, and the level of digital sales. Given that the 
 contingent additional consideration at the balance sheet date can amount to  at the most TSEK 
 761, no changes in input factors are judged to result in any material impact on the fair value of 
 the item in the balance sheet or income. During the period, unrealized gains or losses for the 
 contingent consideration held as at the balance sheet date are not material. This amount is 
 included in other operating expenses in the consolidated statement of income. The discounting 
 effect is recognized in net financial income. 
 Financial liabilities valued at fair value  Q1-Q2  2023  Q1-Q2 2022  Q1-Q4 2022 
 Opening balance  13,124  23,095  23,095 
 Consideration paid  -4,275  -  - 
 Change in value recognized in profit/loss  -  -  48 
 Change in value recognized in OCI - financial derivative  -  -8,580  -8,580 
 Transfer of cash flow hedge to business combinations  -  -1,451  -1,451 
 Closing balance  8,849  13,064  13,124 
 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 8 Business combinations 
 The purchase price allocation for Audiobooks.com, acquired in January 2022, was closed in 2022 
 and remains unchanged compared to as presented in the annual report for 2022. 
 A consideration of 4,275 TSEK for Storytel’s acquisition option in Earselect was paid during the 
 quarter. Storytel obtained a further 6.83% ownership and owned at the end of the period 86.7% of 
 Earselect. 
 19

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

Condensed Parent Company Interim Statements of Comprehensive Income 
 TSEK  Q2 2023  Q2 2022  Q1-Q2 2023  Q1-Q2 2022  Q1-Q4 2022 
 Net sales  10,522  8,810  19,342  14,655  43,096 
 Cost of revenue  -  -  -  -  - 
 Gross profit  10,522  8,810  19,342  14,655  43,096 
 Administrative expenses  -8,309  -6,420  -16,310  -19,804  -54,223 
 Other operating income  46  -  46  -  224 
 Profit from participation in group 
 company  -  -  -  -  15,608 
 Operating profit  2,258  2,390  3,078  -5,149  4,705 
 Net financial items  -294  -6,752  -6,294  2,167  -5,258 
 Profit/loss before taxes  1,964  -4,361  -3,216  -2,981  -553 
 Tax  -  -  -  -  -1,437 
 Profit/loss for period  1,964  -4,361  -3,216  -2,981  -1,990 
 Parent Company´s condensed 
 statement of comprehensive income 
 Profit for the period 
 Other comprehensive income, after tax 
 1,964  -4,361  -3,216  -2,981  -1,990 
 Total comprehensive income for 
 the period  1,964  -4,361  -3,216  -2,981  -1,990 
 Condensed Parent Company Interim Statements of Financial Position 
 TSEK  30 Jun 2023  30 Jun 2022  31 Dec 2022 
 Non-current financial assets  4,848,935  4,605,945  4,848,936 
 Current receivables  287,260  226,380  228,412 
 Cash and cash equivalents   98,607  135,514  365,813 
 Total assets  5,234,802  4,967,839  5,443,161 
 Equity   4,206,933  3,817,198  4,210,538 
 Non-current liabilities  698,838  597,932  598,416 
 Current liabilities  329,031  552,709  634,207 
 Total equity and liabilities  5,234,802  4,967,839  5,443,161 
 20

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

Number of shares and share capital as of June 30, 2023 
 There were 77,073,120 (68,281,911) registered shares in issuance at the end of the period, 
 divided between 635 Class A shares and 77,072,485 Class B shares. Share capital totaled 
 38,536,560 (34,140,956) SEK as of June 30, 2023. The shareholder structure is presented at 
 investors.storytel.com. 
 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. Information about Nasdaq First North 
 Growth Market. 
 Financial calendar 
 Interim Report January–September 2023  October 31,  2023 
 Year-End Report January–December 2023  February 15,  2024 
 21

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

Definitions and key ratios including alternative 
 performance measures 
 Net sales  Operating main income, invoiced costs, incidental revenue and revenue 
 adjustments. 
 Net sales growth rate, %  Net sales for the current year divided by the previous year’s net sales. 
 Net sales growth rate, %, CER 
 Net sales for the current year divided by the previous year’s net sales where the 
 current year’s net sales are calculated at the exchange rates prevailing in the 
 previous year. 
 Gross profit  Profit after cost of sales. 
 Gross profit %  Operating profit as a percentage of net sales. 
 Gross margin  Operating profit as a percentage of net sales. 
 Operating profit (EBIT)  Profit before interest and tax. 
 Operating margin (EBIT margin)  Operating profit as a percentage of net sales. 
 Profit/loss before taxes  Profit after financial income and expenses, before tax. 
 Profit margin (%)  Profit after tax as a percentage of net sales. 
 Equity-to-assets ratio (%) 
 Adjusted equity (equity and untaxed reserves less deferred tax, including 
 non-controlling interests) as a percentage of the balance sheet total. 
 Equity  The net assets of the business, i.e., the difference between assets and liabilities, 
 including non-controlling interests. 
 Balance sheet total  The company’s total assets. 
 FTE  Full-Time Equivalents. 
 Number of employees  Average number of employees during the financial year. 
 ARPU  Average Revenue Per User (subscriber) per month. 
 Average paying 
 subscribers 
 The average number of paying Storytel subscribers during the quarter. For Family 
 subscriptions, each standard stream (not so-called Kids Mode) is considered one 
 paying subscriber. 
 CER  Constant Exchange Rates. 
 EBITDA  Earnings before interest, taxes, depreciation and amortization. 
 EBITDA margin  EBITDA as percentage of Net Sales. 
 Equity-to-asset ratio  Adjusted equity (equity including non-controlling interest and untaxed reserves 
 less deferred tax) as a percentage of the balance sheet total. 
 Revenue – Books 
 (Table 1) 
 Physical books and digital sales through channels other than Storytel. Internal 
 revenue from Storytel has been eliminated. All publishing houses in the Group, 
 both those located in Sweden and those located internationally, are included. 
 Revenue – Streaming (Table 1)  ARPU * Paying Subscribers. 
 Items affecting 
 comparability (IAC) 
 Items affecting comparability include certain items of a significant character that 
 distort comparisons over time. These have been defined as: 
 ●  Costs in connection with acquisitions 
 ●  Restructuring costs 
 ●  Costs related to operationalizing the pause and eventual wind down in 
 Russia 
 22

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

This information is information that Storytel AB (publ) is obliged to make public pursuant to the 
 EU Market Abuse Regulation. The information was submitted for publication at 8:00 a.m. CEST 
 on August 1, 2023. 
 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, August 1, 2023 
 Hans-Holger Albrecht  Jonas Tellander 
 Chair of the Board  Vice Chair of the Board 
 Adine Grate  Lina Brouneus 
 Board member  Board member 
 Lutz Finger  Jonas Sjögren 
 Board member  Board member 
 Alexander Lindholm  Joakim Rubin 
 Board member  Board member 
 Johannes Larcher 
 CEO 
 23

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

Contacts 
 Storytel AB (publicly traded) 
 ●  Mailing address: Box 24167, 104 51 Stockholm 
 ●  Office: Tryckerigatan 4/Norra Riddarholmshamnen 1, 111 28 Stockholm 
 ●  CIN: 556575-2960 
 ●  Email: investorrelations@storytel.com 
 ●  Website: www.storytel.com, https://investors.storytel.com 
 For further information, please contact: 
 Niklas Alm, Interim Head of Investor Relations 
 Cell: +46 70 824 40 88 
 Email: niklas.alm@storytel.com 
 24