FULLTEXT DEL 1 AV 1
Kvartalsrapport Q2 2024

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

“Thisquarterdemonstratesagaintheresultsofourprofitablegrowthstrategyexecution,byhavingdeliveredthebestfinancialperformanceinthehistoryofthecompany”
HighlightsUnlessotherwisespeciﬁed, numbersarefor Q22024andarecomparedtoQ22023● Grouprevenueup9%to924(851) MSEK, and8%at constant exchangerates(CER)● Streamingrevenueup8%andPublishingrevenueup16%● AdjustedGrossproﬁt up22%to409(334) MSEK, equalingamarginof 44.2%(39.2%)● AdjustedEBITDAincreasedby178%to128(46) MSEK, equalingamarginof 13.8%(5.4%)● Exceeded2.3millionpaidsubscribersonStorytel, MoﬁboandAudiobooks.com● Internal shareof content streamedreachedrecordlevels
● After theperiod, onJuly23, Storytel announcedtheappointment of Bodil EricssonTorpasnewCEOof Storytel Group, eﬀectiveOctober 1, 2024
Financial summary
MSEK
Q22024 Q22023 Change
Jan-Jun2024
Jan-Jun2023 Change
GroupRevenue
1 
924 851 9% 1,816 1,647 10%StreamingRevenue
2 
834 774 8% 1,646 1,489 11%PublishingRevenue
3 
263 227 16% 508 464 9%AdjustedGrossproﬁt 409 334 22% 794 651 22%Grossproﬁt 411 334 23% 789 651 21%AdjustedOperatingproﬁt 62 -25 n.a. 94 -68 n.a.Operatingproﬁt 47 -29 n.a. 23 -77 n.a.
AdjustedGrossmargin 44.2% 39.2% 5.0p 43.7% 39.5% 4.2pAdjustedEBITDA 128 46 178% 232 85 173%AdjustedEBITDAmargin 13.8% 5.4% 8.4p 12.8% 5.1% 7.6pEBITDA 110 42 165% 161 76 113%Basicanddilutedearningsper share(SEK) 0.38 -0.41 193% 0.06 -1.23 105%Cashﬂowfromoperationsbeforechangesinworkingcapital
106 24 337% 134 42 219%
Net cashﬂow -32 -26 23% -129 -265 -51%Operational cashﬂow 87 1 n.a. 160 2 n.a.Net Interest-BearingDebt (NIBD) 335 368 -9% 335 368 -9%NIBD/adjustedEBITDAratio 0.8 1.9 -58% 0.8 1.9 -58%
3 
Publishingrevenueincludesbothexternal andgroup-internal revenue.
2 
Streamingrevenueincludes50%of Storytel Norway’srevenueinlinewithStorytelsownership.
1 
Theadjustmentsongrouplevel are1) RemovingStorytel Norwayat 50%, 2) Removinginternal publishingrevenuefromNet Salesandaddinginternalpublishingrevenueascost reductionwithinCost of Sales, 3) Costsrelatedtocentral groupoverheadfunctions4) Addingresult fromNorwayinaccordancewiththeequitymethod. SeeNote5totheﬁnancial statementsfor additional details.

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

CEO-statement
“Disciplinedstrategyexecutiondeliveringthebest ﬁnancial performancetodate”I ampleasedtoreport asolidsecondquarter fortheStorytel Group, withﬁnancial resultsthatcontinuetotrackwell relativetoour guidance.Thisquarter demonstratesthat wehavetakenanother leapinthedisciplinedexecutionof ourproﬁtablegrowthstrategybydeliveringthebestﬁnancial performanceinthehistoryof thecompany, withanadjustedEBITDAof 128MSEKandanoperatingproﬁt of 47MSEK.
Wealsoreachedamilestonewithover 2.3millionpaidsubscribersonStorytel, includingMoﬁboandAudiobooks.com. Our paidsubscriber basehasgrownbynearly15%sinceearly2023.Moreover, it ishealthythankstocontinuedhighengagement, lower churn, highCustomerLifetimeValue(CLV) toSubscriber AcquisitionCost (SAC) ratio, andstrongAverageRevenuePer User (ARPU).
Thisquarter, wemadesigniﬁcant changestoourﬁnancial reportingstructureandhavegonefromthreebusinesssegmentstotwo. Wenowreportsegment ﬁnancialsbasedonour twomainbusinessareas‘Streaming’ and‘Publishing’whichalignwithStorytel’shybridbusinessstrategyandorganizational framework, andbetter reﬂect howwemakebusinessdecisionsday-to-day.
Toenhancetransparencyfor bothsegments,Storytel providesincomestatementsonoperatingproﬁt level, excludingitemsaﬀectingcomparability, completedwithabridgetoadjustedEBITDA. Furthermore, for the‘Streaming’ segment, weexpandtheregionalreportingof our keyperformanceindicators.
DeliveringbottomlineproﬁtabilityIt’sveryencouragingthat thegroup’sadjustedEBITDAincreasedby178percent year-over-yearto128MSEKinthesecondquarter, reachingthehighest level inStorytel'shistory, equal toamarginof 13.8percent. TheGroup’soperationalcashﬂowwas87MSEK, representing9.4percent of revenues.
Overall, total grouprevenueincreased9percentto924MSEKwithstreamingrevenuegrowing8percent andpublishingrevenuegrowing16percent. Concurrently, cost of salesincreased
onlymarginallywhileoperatingexpensesdecreasedby5percent.
Thecontinuedrevenuegrowthcoupledwithahigher internal shareof content, andasigniﬁcantlyimprovedcost structureduetothemeasuresimplementedlatelast year andearlythisyear, hasmadeusﬁrmlyproﬁtableandweareproudtodeliver bottomlineproﬁtabilitythisquarter.
Onthestreamingside, revenuegrowthwassupportedbybothNordics, whichgrew5percent onthebackof asolidsubscriber growthof 7percent, aswell asNon-NordicCore, whichgrewfaster inrelativetermswitha20percentrevenuegrowthrateanda21percent growthinsubscribers. Our marketsintheRest of Worldregion(former expansionmarkets), decreasedrevenueswith2percent andsubscriberswith3percent.
Our Publishingsegment demonstratedastrongsecondquarter, markedbyanotableriseindigital sales, bothexternallyandinternally.Revenueincreasedby16percent, withdigitalsalesshowinggrowthof morethan20percent.External salesgrewby13percent.
ContinuedproductandpricinginnovationThisspring, weintroducedseveral innovativeandcustomer-focusedinitiativesintheNordics,designedtoacceleratesubscriber growthandenhanceuser satisfaction.
2

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

Our newsubscriptionplans, the‘FlexPlan’ and‘Student Forever’, alongwiththelimited‘Premiumfor Life’ campaigninFinland, aretailoredtobetter meet our users' needsandtoenablethemtostayengagedinour worldofstoriesfor evenlonger. Our usersarebothhighlyengagedandloyal, andweaimtorewardtheircommitment withthesenewpackageswhilealsostrengtheningour oﬀer andattractivenesstowardsnewsubscribers.
WiththeFlexPlan, subscriberscanenjoy20hoursof audiobooksper month, withanyunusedhoursautomaticallyrollingover tothenextmonth. Our newStudent Forever planoﬀersstudentsinSweden, Denmark, andFinlandthePremiumsubscriptionat half theprice- for aslongastheymaintaintheir uninterruptedsubscriptionwithus. Similarly, our seasonal‘Premiumfor Life’ campaigninFinlandoﬀeredallnewsubscribersthePremiumsubscriptionathalf theprice. Whileit’sstill earlydays, andweanticipatetoinnovatefurther onproduct andpricing, weareconﬁdent theseinitiativeswilldrivehigher subscriber acquisition, long-termengagement andretentiononour platform.
Additionally, welaunchedapproximately6,000popular podcastsinSweden, without requiringaStorytel subscriptionor consuminghoursfromtime-basedsubscriptions, providingusersaccesstoawiderangeof short formatsalongwithour longformats. Makingthesepodcastsavailableoutsidethepaywall will helpusattractnewsubscriberswhilealsoenhancingtheexperiencefor existingones, encouragingthemtospendmoreof their total listeningtimeonStorytel. Theearlyconsumer responsetothisadditional content hasbeenverypromising.
PublishingexcellencedrivingengagementandlowchurnWecontinuetopleaseour usersanddiﬀerentiateour platformwithexclusiveoriginal contentavailableonlyonStorytel. TheDanishtruecrimetitleMyBrother in75Partswasthesinglelargestdriver of newsignupsinDenmarkduringthequarter. Moreover, DeniseRudberg’sﬁrst StorytelOriginal, Her Last Step, quicklybecamethemostlistened-totitleonStorytel inSwedenfor May.
Thisfollowslast year'sannouncement ofNorstedts' extensivepublishingagreement withRudberg, coveringbothher frontlist andbacklist.
Duringthesecondquarter, our publishinghousesreleasedseveral titlesthat toppedbestseller listsinbothbookstoresandonStorytel. SwedensawnotablesuccesswithDeniseRudberg'sFemtekollusionen, theninthHandbokför superhjältarinstallment byElias&AgnesVåhlund, andthecontinuationof MoaHerngren'sSyskonfejdenseries. InMay, Gummeruspublishedtheir ﬁrstaudiodrama, Sivuraide("Siding"), byprominentFinnishauthor JuhaItkonen. Voicedbythreetopactors, thisaudiodramaset anewbenchmarkintheregion.
Reﬂectingtherelevant content andintuitivelisteningexperienceweoﬀer our subscribers,engagement andretentioninour Streamingsegment continuetodeveloppositively. Duringtheﬁrst half of 2024, thenumber of subscribersconsumingmorethan10hoursper monthexceeded1million, andglobal paidchurnreachedanewall-timelow.
GratefulandoptimisticaboutthefutureAsmytimeasCEOof Storytel Groupwill cometoacloseonSeptember 30, I want totakethisopportunitytoexpressmydeepest gratitudetoour loyal customers, our exceptional team, ourshareholdersandboardof directors, our authorsandpartners. Your support andcollaborationduringmytenurehavebeeninstrumental inthecompany’ssuccess.
Together, wehaveachievedremarkablemilestonesonStorytel’stransformationjourneyandhavemeaningfullyprogressedour missiontoMovetheWorldThroughStory. I amincrediblyproudof what wehavebuilt together andconﬁdent that Storytel isingoodhandsfor thefuturewiththerecent appointment of BodilEricssonTorpasthenewCEO.
JohannesLarcher, CEO
3

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

GroupperformanceAdjustedgroupperformance
DevelopmentsQ22024
Comparativeﬁguresinbracketspertaintothesecondquarter 2023. AdjustedﬁguresexcludeItemsaﬀectingcomparability(IACs); seenote7for further details.
Netsales
Groupnet salesfor thequarter increasedby9%to924.5(851.1) MSEK. TheincreaseisdrivenbysolidsalesgrowthinboththeStreamingandPublishingsegments.
Groupsalesgrowthwas8%at constantexchangeratesintheperiod.
Grossproﬁt
Cost of salesfor theperioddecreasedto-513.9(-517.3) MSEKandgrossproﬁt increasedby23%amountingto410.6(333.7) MSEK.
AdjustedGrossproﬁt increasedby22%amountingto408.5(333.7) MSEK, whichequalsagrossmarginof 44.2%(39.2%), up5.0
percentagepointsfromlast year. Thesigniﬁcantimprovement isdrivenbygrowthinrevenueandareductionof costsasaresult of thecosteﬃciencymeasurescarriedout sinceQ32023.
EBITDA
Operatingcost decreasedfollowingcosteﬃciencymeasurescarriedout sinceQ32023whichsupportedproﬁtability.
EBITDAfor thequarter increased165%to110.3(41.6) MSEK. Duringthequarter, StorytelrecognizedItemsAﬀectingComparability(IACs)of -17.3(-4.2) MSEKthat aﬀectedEBITDA.AdjustedEBITDAfor thequarter increasedby178%andtotaled127.5(45.8) MSEK, whichequalsanadjustedEBITDAmarginof 13.8%(5.4%).
Operatingproﬁt
Operatingproﬁt for thequarter totaled46.7(-29.4) MSEK. Duringthequarter StorytelrecognizedItemsAﬀectingComparability(IACs)of -15.5(-4.2) MSEKintotal.4
MSEK Q22024 Q22023 Change
Jan-Jun2024
Jan-Jun2023
ChangeNet sales 924.5 851.1 9% 1,816.4 1,647.4 10%Cost of sales -516.0 -517.3 -0% -1,022.8 -996.2 3%Adj. Grossproﬁt 408.5 333.7 22% 793.6 651.2 22%
Sellingandmarketingexpenses -215.6 -215.9 -0% -427.6 -422.7 1%Technologyanddevelopment expenses -54.4 -63.9 -15% -114.9 -133.4 -14%Administrativeexpenses -77.4 -85.9 -10% -157.1 -178.7 -12%Other operatingitems -0.9 4.7 n.a. 3.2 10.0 -69%Proﬁt fromparticipationsinassociates 2.1 2.0 6% -3.4 5.5 -163%Adj. Operatingproﬁt/loss 62.3 -25.1 n.a. 93.7 -68.2 n.a.
Addbackdepr. 65.2 71.0 -8% 138.0 153.0 -10%Adj. EBITDA 127.5 45.8 178% 231.7 84.8 173%Adj. GM% 44.2 39.2 5.0p 43.7 39.5 4.2pAdj. EBITDA% 13.8 5.4 8.4p 12.8 5.1 7.6p

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

Adjustedoperatingproﬁt for thequarterincreased348%andtotaled62.3(-25.1) MSEK.
Adjustedsellingandmarketingexpenseswerestableat -215.6(-215.9) MSEK. Marketingeﬃciencycontinuestoimprovebut thecost istoalargeextent drivenbycustomer acquisitioninitiatives. Asapercentageof revenuesmarketingcostscontinuetodecline.
Adjustedtechnologyanddevelopment expensesdecreasedby15%to-54.4(-63.9) MSEKandadjustedgeneral andadministrativeexpensesdecreasedby10%to-77.4(-85.9) MSEK.
Netproﬁt
Proﬁt beforetaxfor thequarter amountedto30.4(-18.0) MSEK. Net ﬁnancial itemsfor thequartertotaled-16.3(11.4) MSEK. Theamount includes-11.7(-10.5) innet interest costs, aswell asFXeﬀectsmainlyfromaUSDdenominatedcommitment derivedfromtheacquisitionofAudiobooks.com.Taxesfor thequarter amountedto1.9(-12.7)MSEK. Net proﬁt for thequarter amountedto32.4(-30.7) MSEK.Earningsper sharefor thequarter totaled0.38(-0.41) SEK, beforeandafter dilution.
Cashﬂow
Cashﬂowfromoperationsbeforechangesinworkingcapital amountedto106.5(24.3) MSEK.Thechangeinworkingcapital was-28.7(12.1)MSEK, resultingincashﬂowfromoperatingactivitiesof 77.8(36.4) MSEKfor thequarter.Changesinworkingcapital wereduetoseasonalityonreceivablesandpayables.Cashﬂowfrominvestingactivitieswas-44.3(-52.2) MSEK, of which-40.2(-44.7) MSEKrelatetoOperational Capex. Cashﬂowfromﬁnancingactivitieswas-65.5(-10.4) MSEKwhichincludesa50MSEKamortizationof thetermloanwhichisnowfullyrepaid.Total cashﬂowfor thequarter was-32.1(-26.2)MSEK.
Development January-June2024ComparativeﬁguresinbracketspertaintotheperiodJanuary-June2023. AdjustedﬁguresexcludeItemsaﬀectingcomparability(IACs); seenote7for further details.
Netsales
Groupnet salesfor theperiodincreasedby10%to1,816.4(1,647.4) MSEK. TheincreaseisdrivenbysolidgrowthbothintheStreamingandPublishingsegments.
Groupsalesgrowthwas10%at constantexchangeratesintheperiod.
Grossproﬁt
Reportedcost of salesfor theperiodincreasedto-1,027.3(-996.2) MSEKandGrossproﬁtamountedto789.1(651.2) MSEK.
Adjustedcost of salesincreasedby3%to-1,022.8(-996.2) MSEKandtheadjustedgrossproﬁt increased22%to793.6(651.2) MSEK. Thisequalsagrossmarginof 43.7%(39.5%), anincreaseby4.2percentagepoints.
EBITDA
EBITDAfor theperiodincreased113%to161.2(75.6) MSEK. Duringtheperiod, StorytelrecognizedItemsAﬀectingComparability(IACs)of -70.6(-9.2) MSEK.
AdjustedEBITDAfor theperiodincreased173%to231.7(84.8) MSEKwhichequalsanEBITDAmarginof 12.8%(5.1%). Thesigniﬁcantimprovement isdrivenbygrowthinrevenueandareductionof costsasaresult of thecosteﬃciencymeasurescarriedout sinceQ32023.
Operatingproﬁt
Operatingproﬁt for theperiodtotaled23.1(-77.4) MSEK. Duringtheperiod, StorytelrecognizedItemsAﬀectingComparability(IACs)of -70.6(9.2) MSEK. Adjustedoperatingproﬁtwas93.7(-68.2) MSEK.
Adjustedsellingandmarketingexpensesincreased1%to-427.6(-422.7) MSEK. Thecostistoalargeextent drivenbycustomeracquisitioninitiatives. Asapercentageofrevenues, marketingexpenseshavedecreasedduetocontinuedmarketingeﬃciency.
5

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

Adjustedtechnologyanddevelopment expensesdecreasedby14%andtotaled-114.9(-133.4)MSEKandadjustedgeneral andadministrativeexpensesdecreased12%andtotaled-157.1(-178.7) MSEK.
Netproﬁt
Proﬁt beforetaxfor theperiodamountedto15.5(-82.3) MSEK. Net ﬁnancial itemsfor theperiodtotaled-7.6(-4.9) MSEK. Theamount includes-23.9(-23.7) MSEKinnet interest costs, and16.8(18.1) MSEKFXeﬀectsmainlyfromaUSDdenominatedcommitment derivedfromtheacquisitionof Audiobooks.com.
Taxesfor theperiodamountedto-6.4(-10.2)MSEK. Net proﬁt for theperiodamountedto9.2(-92.5) MSEK.
Earningsper sharefor theperiodtotaled0.06(-1.23) SEK, beforeandafter dilution.
Cashﬂow
Cashﬂowfromoperatingactivitiesbeforechangesinworkingcapital was134.4(42.1) MSEK.Thechangeinworkingcapital was-55.7(16.0) MSEK, resultingincashﬂowfromoperatingactivitiesof 78.7(58.1) MSEKfor theperiod.Cashﬂowfrominvestingactivitieswas-82.7(-100.0) MSEK, of which-71.3(-83.0) MSEKrelatetoOperational Capex.Cashﬂowfromﬁnancingactivitieswas-124.8(-222.7) MSEK. Thecurrent periodincludestherepayment of a100MSEKtermloan. Thecomparableperiodincludesa500MSEKrepayment of abridgeloananda300MSEKutilizationof arevolvingcredit facility(RCF).Total cashﬂowfor theperiodwas-128.8(-264.6)MSEK.
6

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

Segmentreporting:Streaming
Storytel hastwobusinessareasfor whichit providessegment ﬁnancials: Streaming, andPublishing. TheStreamingsegment consistsof all audiobookandebookstreamingservicesoperatedunder thebrandsStorytel, Moﬁbo, andAudiobooks.com. KPIsarepresentedonaregional level: Nordics(Sweden, Denmark,Norway, Finland, andIceland), Non-NordicsCore(theNetherlands, Poland, Bulgaria, Turkey, andall of theoperationsof Audiobooks.com), andRest of World(all remaining, former expansion, markets).
Streamingperformance
IntheStreamingsegment’saccounts, net salesinclude50%of Storytel Norway’srevenueinlinewithStorytelsownership. Intheconsolidatedaccounts, Storytel Norwayisreportedinaccordancewiththeequitymethod. Internal costsareincludedinCost of sales. Asaresult, thetableshowshigher net salesandcoststhanintheconsolidatedaccounts. SeeNote5foradditional details.
Boththequarter andtheﬁrst half of theyeardeliveredsigniﬁcantlyimprovedproﬁtabilityduetoareductionof expensesonthebackof thecost eﬃciencymeasurescarriedout inQ12024andarecordlevel of net sales.
NetsalesandgrossproﬁtStreamingnet salesfor thequarter increasedby8%fromthecomparativeperiodto834.1(773.9)MSEK. All coremarkets, theNordicsandtheNon-NordicsCorecontributed. GrowthwasparticularlystrongintheNon-NordicsCoremarketswhererevenuesincreasedmorethan20%. Net salesfor theﬁrst half of theyearincreased11%to1,646.4(1,489.2) MSEKwithNon-NordicsCoreexperiencingthefastestgrowthwith18%.
Thegrowthinsaleswasdrivenbyahighernumber of subscriberswhichincreased11%inthequarter andﬁrst half of theyear. ARPUdecreasedby2%inthequarter andwasstableintheﬁrst half of theyear.
Withcost of salesincreasingslower thannetsales, grossproﬁt developedfavorablywitha13%growthto346.8(306.6) MSEKinthequarter, representingagrossproﬁt marginof41.6%. For theﬁrst half of theyear Grossproﬁtgrew16%to686.0(589.7) MSEK.
EBITDAandoperatingproﬁtEBITDAinthequarter increased69%to96.3(57.0) MSEKand74%for theﬁrst half of theyearto182.2(104.5) MSEKrepresentingamarginof11.5%(7.4%) and11.1%(7.0%), respectively.
Operatingproﬁt increased196%to67.5(22.8)MSEKinthequarter and352%to122.1(27.0)MSEKintheﬁrst half of theyear.
Businessdevelopments
Storytel launchedseveral newsubscriptionplansintheNordics, the‘FlexPlan’ and‘StudentForever’, alongwiththelimited‘Premiumfor Life’campaigninFinland.InSweden, Storytel launchedapproximately6,000popular podcasts, without requiringaStorytel subscriptionor consuminghoursfromtime-basedsubscriptions. Thisprovidesusersaccesstoawiderangeof short formatsalongwiththetraditional longformats.Theambitionisthat theseinitiativeswill drivehigher subscriber acquisitionandlower churn.
7
MSEK Q22024 Q22023 Change
Jan-Jun2024
Jan-Jun2023
ChangeNet sales 834.1 773.9 8% 1,646.4 1,489.2 11%Cost of sales -487.3 -467.3 4% -960.4 -899.6 7%Adj. Grossproﬁt 346.8 306.6 13% 686.0 589.7 16%
Sellingandmarketingexpenses -199.0 -196.8 1% -403.5 -385.9 5%Technologyanddevelopment expenses -59.9 -56.2 7% -113.9 -119.8 -5%Administrativeexpenses -15.7 -31.9 –51% -43.9 -61.9 -29%Other operatingitems -4.6 1.1 n.a. -2.6 4.9 n.a.Adj. Operatingproﬁt 67.5 22.8 196% 122.1 27.0 352%
Addbackdepr. 28.8 34.3 -16% 60.1 77.4 -22%Adj. EBITDA 96.3 57.0 69% 182.2 104.5 74%Adj. GM% 41.6 39.6 2.0p 41.7 39.6 2.1pAdj. EBITDA% 11.5 7.4 4.2p 11.1 7.0 4.1p

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

Streaminggeographicalperformancesplit
Streamingsubscriberdevelopment
4 
Revenueincludes100%of Storytel Norway’srevenuetoprovideamoreaccurateﬁgurefor averagerevenueper subscriber (ARPU). IntheStreamingsegment’saccounts, revenueincludes50%of Storytel Norway’srevenueinlinewithStorytelsownership. Intheconsolidatedaccounts, Storytel Norwayisreportedinaccordancewiththeequitymethod. Asaresult, theStreamingKPI Tableshowshigher revenuethanintheStreamingsegment’sandconsolidatedaccounts. PleaseseeNote5for additional details. 
8
TSEK Q22023 Q32023 Q42023 Q12024 Q22024
Jan-Jun2023
Jan-Jun2024All MarketsRevenue
4 
798,836 842,407 858,210 836,858 868,286 1,540,962 1,705,144AdjustedGrossproﬁt 309,046 324,479 346,265 337,277 350,704 594,156 687,980AdjustedGrossmargin 38.7% 38.5% 40.3% 40.3% 40.4% 38.6% 40.3%Avg. PayingSubscribers 2,055,000 2,144,000 2,201,000 2,255,000 2,285,000 2,049,000 2,271,000ARPU(SEK/month) 130 131 130 124 127 125 125
NordicsRevenue
4 
543,720 571,625 573,674 559,172 570,427 1,040,348 1,129,599AdjustedGrossproﬁt 191,478 201,695 212,663 209,998 212,530 365,191 422,528AdjustedGrossmargin 35.2% 35.3% 37.1% 37.6% 37.3% 35.1% 37.4%Avg. PayingSubscribers 1,122,000 1,169,000 1,183,000 1,188,000 1,203,000 1,124,000 1,196,000ARPU(SEK/month) 162 163 162 157 158 154 157
Non-NordicsCoreRevenue 212,972 226,582 242,052 235,201 256,608 415,326 491,810AdjustedGrossproﬁt 102,374 106,570 118,718 112,259 123,632 199,007 235,891AdjustedGrossmargin 48.1% 47.0% 49.0% 47.7% 48.2% 47.9% 48.0%Avg. PayingSubscribers 742,000 786,000 829,000 880,000 896,000 730,000 888,000ARPU(SEK/month) 96 96 97 89 95 95 92
Rest of WorldRevenue 42,145 44,200 42,483 42,486 41,250 85,289 83,735AdjustedGrossproﬁt 15,193 16,213 14,883 15,020 14,542 29,959 29,561AdjustedGrossmargin 36.0% 36.7% 35.0% 35.4% 35.3% 35.1% 35.3%Avg. PayingSubscribers 191,000 189,000 189,000 187,000 186,000 195,000 187,000ARPU(SEK/month) 74 78 75 76 74 73 75

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

Segmentperformance:Publishing
Storytel hastwobusinessareasfor whichit providessegment ﬁnancials: Streaming, andPublishing. ThePublishingsegment consistsof all publishinghouseswithinStorytel Group: NorstedtsPublishingGroup,Lind&Co, Gummerus, andPeople’s, aswell asour global digital audiopublisher Storyside. Thepublishingsegment alsoincludesexternal salesfromcontent productions.
PublishingPerformance
InthePublishingsegment’saccounts, group-internal salesareincludedinnet sales. Asaresult, thetableshowshigher netsalesthanintheconsolidatedaccounts. SeeNote5for additional details.
Thequarter andﬁrst half of theyear deliveredsigniﬁcantlyimprovedproﬁtabilityduetoastronggrowthof digital salesandareductionofoperatingexpensesonthebackof thecosteﬃciencymeasurescarriedout sinceQ32023.Our publishinghousesreleasedseveral titlesthattoppedbestseller lists. Asaresult, consumptiononStorytel’sandMoﬁbo’splatformsof titlesfrominternal publishersreachedrecordlevels.At theendof May, followingastrategicdecisiontostreamlineoperations, Storytel BooksdivestedtheFinnishpublisher Aula&Coandrecognizedanimpact of -9.0MSEKontheﬁnancial result asanitemaﬀectingcomparabilityduringthequarter.
NetsalesandgrossproﬁtNet salesinthequarter increasedby16%to262.8(227.2) MSEK. Theincreaseisdrivenbythe20%growthindigital saleswhichwasverystrongfromtheStorytel, MoﬁboandNextoryplatforms.
Similarly, net salesfor theﬁrst half of theyeardevelopedstronglyandincreased9%to508.1(464.1) MSEK. Anewagreement withNextorywasreachedonFebruary1andcameintoeﬀectgraduallyinthelater part of theﬁrst quarter.
Cost of salesgrewsigniﬁcantlyslower thannetsales, supportinganexpansionof thegrossproﬁt inthequarter with97%to82.3(41.7)
MSEK, representingaGrossmarginof 31.3%(18.3%). Intheﬁrst half of theyear Grossproﬁtgrew39%to145.1(104.7) MSEKrepresentingaGrossmarginof 28.5%(22.6%).
EBITDAandoperatingproﬁtEBITDAinthequarter improved211%to60.5(19.5) MSEK, and119%to117.5(53.8) MSEKfortheﬁrst half of theyear, representingamarginof23.0%(8.6%) inthequarter and23.1%(11.6%)duringtheﬁrst half of theyear, respectively.Operatingproﬁt increasedby248%to27.0(-18.3) MSEKand297%to43.1(-21.8) MSEKfortheﬁrst half of theyear.
BusinessdevelopmentsWecontinuetodiﬀerentiateour platformwithexclusiveoriginal content availableonlyonStorytel. TheDanishtruecrimetitleMyBrother in75Partswasthesinglelargest driver of newsignupsinDenmarkandDeniseRudberg’sﬁrstStorytel Original, Her Last Step, wasthemostlistened-totitleonStorytel inSwedenfor May.Our publishinghousesreleasedseveralsuccessful titles, suchasDeniseRudberg'sFemtekollusionenandtheﬁrst Gummerusaudiodrama, Sivuraide, byFinnishauthor JuhaItkonen.
9
MSEK Q22024 Q22023 Change
Jan-Jun2024
Jan-Jun2023
Change
Net sales 262.8 227.2 16% 508.1 464.1 9%Cost of sales -180.5 -185.5 -3% -363.0 -359.4 1%Adj. Grossproﬁt 82.3 41.7 97% 145.1 104.7 39%Sellingandmarketingexpenses -21.1 -25.2 -16% -34.3 -47.9 -28%Technologyanddevelopment expenses -5.0 -7.7 -35% -11.5 -13.6 -16%Administrativeexpenses -32.8 -30.7 7% -62.0 -70.1 -12%Other operatingitems 3.7 3.5 3% 5.7 5.1 12%Adj. Operational proﬁt/loss 27.0 –18.3 n.a. 43.1 -21.8 n.a.Addbackdepr. 33.4 37.7 -11% 74.4 75.6 -2%Adj. EBITDA 60.5 19.5 211% 117.5 53.8 119%Adj. GM% 31.3 18.3 13.0p 28.5 22.6 6.0pAdj. EBITDA% 23.0 8.6 14.4p 23.1 11.6 11.5p

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

Otherinformation
Financialposition,equity&liquidity(comparedtoJune30,2023)At theendof theperiod, theGrouphad314.8(531.3) MSEKincashandcashequivalents. Theequity-to-asset ratioat theendof theperiodwas44.7%(51.8%).Total equityat theendof theperiodwas1,312.6(2,104.2) MSEK.Total non-current liabilitiesamountedto155.6(952.9) MSEKandtotal current liabilitiesamountedto1,466.2(1,007.7) MSEK.Out of thetotal current liabilities, 650MSEKrelatetotheutilizedpart of the750MSEKRCF.Duringtheﬁrst half of theyear, 100MSEKof atermloanwasamortizedandisnowfullyrepaid.Total availableliquidity(cashandcashequivalentsandunutilizedRCF) totalled414.8MSEKat theendof theperiod.Net interest-bearingdebt (NIBD) was335MSEKwithaNIBD/adjustedEBITDAratioof 0.8at theendof thequarter.Theexisting750MSEKRCFexpiresinearlyApril2025, andnegotiationswithﬁnancial institutionshavecommencedtoreﬁnancethefacility.
FulltimeemployeesTheaveragenumber of employees(FTE) duringthesecondquarter was531. Duringthesecondquarter 2023, theaveragenumber of FTEwas655.
AGM2024TheAGMresolved, inaccordancewiththeNominationCommittee'sproposal, that theBoardof Directorsshall consist of eight directorsandthat thenumber of auditorsshall beoneregisteredaudit ﬁrm.InaccordancewiththeNominationCommittee’sproposal, Alexander Lindholm, JoakimRubin,JonasSjögrenandJonasTellander werere-electedasDirectorsof theBoard. HélèneBarnekow, UlrikaDanielsson, FilippaWallestamandErikTidénwereelectedasnewdirectorsoftheBoard. HélèneBarnekowwaselectedasnewChair of theBoardof Directors.
Ernst &YoungAktiebolagwasre-electedasthecompany’sauditor withJohanHolmbergtocontinueasauditor incharge.
ParentcompanyStorytel ABistheGroup’sParent Companyandresponsiblefor Group-widemanagement,administrationandﬁnancing.Net salesfor theParent Companyamountedto13.2(10.5) MSEKinthequarter, proﬁt beforetaxamountedto-4.8(2.0) MSEK, andproﬁt/lossamountedto-4.8(2.0) MSEK. Total equityamountedto4,182.5(4,206.9) MSEK. Thecondensedincomestatement andbalancesheetfor theParent Companyarepresentedintheﬁnancial statementsfor theParent Companybelow.
RisksanduncertaintyfactorsTheGroupissubject tosigniﬁcant risksanduncertainties. Asnotedinthe2023AnnualReport, thesefactorsincludetheprevailingeconomicandbusinessenvironmentsineachoftheGroup’smarkets; political andlegislativerisksrelatedtochangesinrulesandregulationsinthevariousterritoriesinwhichtheGroupoperates; exposuretoforeignexchangeratemovements; changesintheabilitytoaccesscapital markets; andtheemergenceof newtechnologiesandcompetitors. Increasedinﬂationarypressuresandinterest ratescouldaﬀect thepurchasingpower of consumersandthewillingnessandabilitytoremainsubscriberstothegroup’sservices. Furthermore, geopoliticalconcernsaswell astheongoingwar intheUkraineandthewar betweenIsrael andHamasaddsuncertaintyfromaglobal, macroeconomicperspective. Storytel previouslyannouncedandphasedout itsoperationsinRussiabythethirdquarter of 2022, andasof June30, 2024, despiteprevailinguncertainties, thegroupisnot awareofanyremainingmaterial balancesheet exposure.Thegroup’soperationsandexposureinIsrael arenot material.
10

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

Signiﬁcanteventsduringtheperiod
OnApril 24, Storytel announcedtheimplementationof changesinitsreportingofEBITDAandadjustedEBITDA.OnApril 29, Storytel announcedthat JohannesLarcher will stepdownasCEOinthefall of 2024.OnMay31, Storytel divesteditsFinnishpublisher, Aula&Co, andrecognizedanimpactof -9.0MSEKontheﬁnancial result asanitemaﬀectingcomparabilityduringthequarter.OnJune24, Storytel announcedachangeinitsreportingstructureinlinewithitstwomainbusinessareas, ‘Streaming’ and‘Publishing’.Moreinformationabout thesechangesandrestatedﬁnancialscanbefoundat:https://www.storytelgroup.com/en/notiﬁcation-of-changes-in-ebitda-reporting-and-corresponding-guidance-for-2024/Duringthequarter, Storytel decidedtophaseouttheStorytel Reader whilecontinuingtosupportthesoftware.
Signiﬁcanteventsaftertheperiod
OnJuly23, Storytel announcedthat BodilEricssonTorpwasappointednewCEOofStorytel Group, eﬀectiveOctober 1, 2024.
For moreinformationandafull list ofannouncements, pleasevisit:www.storytelgroup.com/en/newsroom/
Full-year2024guidance
Storytel’sfull-year 2024guidanceisasfollows:
● Organicgrouprevenuegrowthof around10percent
● Above13percent EBITDAmargin(adjustedfor itemsaﬀectingcomparability)
● AnOperational CashFlow(adjustedEBITDAlessOperational Capex) above8percent ofrevenues
Mid-termﬁnancialtargets
DuringJanuary2024, theBoardof DirectorsinStorytel decidedonthefollowingmid-termﬁnancial targets:
Revenue● Total net salestoreacharound4,500MSEKin2026throughorganicgrowth.
● Organicaverageannual streamingrevenuegrowthof 10to12percent.
EBITDAmargin● EBITDAmarginabove15percent in2026,withalong-termambitionof 20percent orhigher.
Operational CashFlow● Operational CashFlowabove10percent in2026.
11

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

NumberofsharesandsharecapitalasofJune30,2024Therewere77,128,993(77,108,125) registeredsharesinissuanceat theendof theperiod,dividedbetween635ClassAsharesand77,128,358ClassBshares. Sharecapital totaled38,564,496.50(38,554,062.50) SEKasof June30, 2024.Theshareholder structureispresentedat:https://www.storytelgroup.com/en/investor-relations/shareholder-structure/
Auditor'sreviewThisinterimreport hasnot beenauditedorreviewedbytheauditorsof thecompany.
InformationaboutNasdaqFirstNorthGrowthMarketNasdaqFirst NorthGrowthMarket (“First North”)isanalternativemarketplaceoperatedbytheconstituent exchangesof NasdaqStockholm. Itdoesnot havethesamelegal statusasaregulatedmarketplace. CompaniesquotedonFirst Northaresubject toFirst North’srulesrather thanthelegal requirementsset for tradingonaregulatedmarketplace. Aninvestment inacompanytradingonFirst Northimplieshigherriskthananinvestment inalistedcompany.Companiesmust applytotheexchangeandgainapproval beforetradingonFirst Northmaycommence. ACertiﬁedAdviser guidesthecompanythroughthelistingprocessandensuresthat thecompanycontinuouslysatisﬁesFirst North’sstandards.
FinancialcalendarInterimReport January–September 2024 October 29, 2024Year-EndReport January–December 2024 February12, 2025
Formoreinformation
MattiasFrithiof, Headof Investor RelationsCell: +46765352674Email: mattias.frithiof@storytel.com, investorrelations@storytel.comWeb: www.storytelgroup.com, www.storytel.com
Storytel AB(publiclytraded)Mailingaddress: Box24167, 10451StockholmOﬃce: Tryckerigatan4, 11128StockholmCIN: 556575-2960
12

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

Signaturesandassurance
TheBoardof DirectorsandtheChief ExecutiveOﬃcer oﬀer their assurancethat thisinterimreportprovidesatrueandfair viewof theGroup’sandtheParent Company’soperations, ﬁnancial positionandoperational performance.
Stockholm, July30, 2024
HélèneBarnekow UlrikaDanielssonChair of theBoard Boardmember
Alexander Lindholm JoakimRubinBoardmember Boardmember
JonasSjögren JonasTellanderBoardmember Boardmember
ErikTidén FilippaWallestamBoardmember Boardmember
JohannesLarcherCEO
Theinformationinthisreport constitutesinsideinformationthat Storytel AB(publ) isobligedtodiscloseinaccordancewiththeEUMarket AbuseRegulation(EUnr 596/2014). Theinformationwasprovided,throughtheagencyof thebelowcontact persons, at 8:00a.m. CESTonJuly30, 2024.
13

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

Groupﬁnancialstatements
Condensedconsolidatedinterimstatementsofcomprehensiveincome
TSEK Q22024 Q22023
Jan-Jun2024
Jan-Jun2023
Jan-Dec2023Net sales 924,488 851,070 1,816,374 1,647,363 3,489,220Cost of sales -513,877 -517,325 -1,027,293 -996,196 -2,241,895Grossproﬁt 410,611 333,745 789,081 651,167 1,247,326Salesandmarketingexpenses -215,577 -215,865 -437,194 -422,742 -845,177Technologyanddevelopment expenses -55,140 -63,879 -139,768 -133,444 -303,017General andadministrativeexpenses -84,222 -90,084 -178,623 -187,895 -869,234Other operatingitems -11,057 4,714 -6,952 10,049 13,147Result fromparticipationsinassociates 2,129 2,016 -3,424 5,466 14,608Operatingproﬁt/loss 46,744 -29,352 23,120 -77,400 -742,348Net ﬁnancial items -16,317 11,370 -7,595 -4,853 -65,122Proﬁt/lossbeforetaxes 30,427 -17,982 15,525 -82,253 -807,470Tax 1,931 -12,748 -6,370 -10,218 -6,053Proﬁt/lossfor theperiod 32,358 -30,730 9,155 -92,471 -813,523
Proﬁt for theperiodattributableto:Parent Companyshareholder 29,220 -31,721 4,399 -94,510 -819,186Non-controllinginterest 3,138 991 4,756 2,039 5,663
Earningsper share, SEKGrouptotal, basic 0.38 -0.41 0.06 -1.23 -10.63Grouptotal, diluted 0.38 -0.41 0.06 -1.23 -10.63
Statement of comprehensiveincome
Proﬁt/lossfor theperiod, after tax 32,358 -30,730 9,155 -92,472 -813,523Other comprehensiveincomeItemsthat will bereclassiﬁedtoproﬁt/loss(after tax)Translationdiﬀerence -7,817 68,286 32,361 59,252 -42,667Itemsthat will not bereclassiﬁedtoproﬁt/loss(after tax)Revaluationof deﬁned-beneﬁt pensionplans
3,275 - -3,894 -3,483 -8,744Adjustment of hyperinﬂationaryeconomies
507 - 507 - 506Total other comprehensiveincomefortheperiod, after tax
-4,035 68,286 28,974 55,769 -50,906
Total comprehensiveincomefor theperiod, after tax
28,323 37,556 38,129 -36,703 -864,429
Total comprehensiveincomefor theperiodattributableto:Parent Companyshareholder 25,185 36,565 33,373 -38,742 -870,092Non-controllinginterest 3,138 991 4,756 2,039 5,663
14

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

Condensedconsolidatedinterimstatementsofﬁnancialposition
TSEK 30Jun2024 30Jun2023 31Dec2023Intangibleassets 1,905,290 2,668,558 1,902,303Tangibleassets 15,558 22,525 17,818Right-of-useassets 62,016 109,913 84,119Non-current ﬁnancial assets 70,045 76,123* 76,376Inventory 56,677 94,645 59,808Tradereceivables 202,875 151,673 193,999Other current receivables 307,130 410,063* 370,086Cashandcashequivalents 314,753 531,326 436,143Total assets 2,934,343 4,064,825* 3,140,651
Equity 1,312,629 2,104,207* 1,273,182Non-current liabilities 155,560 952,885 173,966Tradepayables 243,385 233,998 274,658Other current liabilities 1,222,769 773,735 1,418,844Total equityandliabilities 2,934,343 4,064,825* 3,140,651*Restatedamount, seeNote1
Condensedconsolidatedinterimstatementofchangesinequity
*Restatedamount, seeNote1
15
30Jun2024TSEK Equityattributabletoshareholdersinparent company
Sharecapital
Other capitalcontributi-ons
Translationdiﬀerence
Retainedearnings
Total
Non-controllinginterests
TotalequityOpeningequityasof 1/1/2024
38,554 3,578,102 114,445 -2,523,263 1,207,838 65,345 1,273,182
Proﬁt for theyear
- - - 4,399 4,399 4,756 9,155
Other total comprehensiveincomefor theyear
- - 32,361 -3,388 28,973 - 28,973
Total comprehensiveincomefor theyear
- - 32,361 1,011 33,373 4,756 38,129
TransactionswiththeGroup'sownersDividendtominorityowners
- - - - - -7,500 -7,500
Share-relatedcompensations
- - - 8,818 8,818 - 8,818
Closingequityasat 6/30/2024
38,554 3,578,102 146,806 -2,513,434 1,250,029 62,601 1,312,629
30Jun2023TSEK Equityattributabletoshareholdersinparent company
Sharecapital
Other capitalcontributi-ons
Translationdiﬀerence
Retainedearnings
Total
Non-controllinginterests
TotalequityOpeningequityasof 1/1/2023
38,537 3,578,102 157,112 -1,712,040* 2,061,711* 70,074 2,131,785*
Proﬁt for theyear
- - -94,511 -94,511 2,039 -92,472
Other total comprehensiveincomefor theyear
- - 59,252 -3,483 55,769 55,769
Total comprehensiveincomefor theyear
- - 59,252 -97,994 -38,742 2,039 -36,703
TransactionswiththeGroup'sownersIssueexpenses
- - - -1,074 -1,074 - -1,074
Share-relatedcompensations
- - - 10,200 10,200 - 10,200
Closingequityasat 6/30/2023
38,537 3,578,102 216,364 -1,800,908* 2,032,095* 72,113 2,104,207*

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

Condensedconsolidatedinterimstatementsofcashﬂows
TSEK Q22024 Q22023
Jan-Jun2024
Jan-Jun2023
Jan-Dec2023Proﬁt/lossafter ﬁnancial items 30,427 -17,982 15,525 -82,254 -807,470whereof interest paid -11,712 -15,914 -23,905 -30,352 -55,627Adjustmentsfor non-cashitems 85,266 52,967 131,922 137,212 941,327Taxespaid -9,220 -10,689 -13,023 -12,895 -31,914Cashﬂowfromoperationsbeforechangesinworkingcapital
106,472 24,296 134,423 42,063 101,942
Changeininventory 195 9,395 1,121 8,264 27,656Changeinoperatingreceivables -15,970 14,581 43,386 69,181 60,138Changeinoperatingliabilities -12,932 -11,845 -100,197 -61,408 58,734Changeinworkingcapital -28,707 12,131 -55,690 16,037 146,528Cashﬂowfromoperatingactivities 77,765 36,427 78,733 58,100 248,470
Operational Capex -40,221 -44,677 -71,316 -83,025 -158,075Cashﬂowfromother investingactivities -4,134 -7,490 -11,423 -16,951 -35,224External borrowings - - - 300,000 300,000Repayment of debt -50,000 - -100,000 -500,000 -650,000Cashﬂowfromother ﬁnancingactivities -15,519 -10,429 -24,781 -22,710 -43,698Cashﬂowfor theperiod -32,109 -26,168 -128,787 -264,586 -338,527
Availablefundsat thebeginningof period 351,793 540,432 436,143 776,341 776,341Cashﬂowfor theperiod -32,109 -26,168 -128,787 -264,586 -338,527Translationdiﬀerencesinavailablefunds -4,932 17,062 7,396 19,571 -1,671Availablefundsat endof period 314,753 531,326 314,753 531,326 436,143
16

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

Notestothecondensedconsolidatedinterimﬁnancialstatements
Note1Accountingandvaluationprinciples
Thisinterimreport includestheSwedishParent CompanyStorytel AB(publ), CIN556575-2960, anditssubsidiaries. Storytel isoneof theworld'slargest streamingservicesfor audiobooksande-booksandoﬀersmorethan1,400,000titlesglobally. Our visionistomaketheworldamoreempatheticandcreativeplacethroughfantasticstoriesthat canbesharedandappreciatedbyanyone, anywhereandat anytime.TheStreamingoperationswithinStorytel Grouptakeplaceunder thebrandsStorytel, MoﬁboandAudiobooks.com. ThepublishingbusinessismanagedbyStorytel BooksandtheaudiobookpublisherStoryside. Storytel Groupispresent inover 25markets. TheParent CompanyisalimitedliabilitycompanywithitsregisteredoﬃceinStockholm, Sweden. Theaddressof theheadoﬃceisTryckerigatan4, 11128Stockholm, Sweden.Storytel appliestheInternational Financial ReportingStandards(IFRS) astheyhavebeenadoptedbytheEU. Thisconsolidatedinterimreport waspreparedinaccordancewithIAS34InterimFinancial Reporting,recommendationRFR1issuedbytheSwedishFinancial ReportingBoard, andtheAnnual AccountsAct(1995:1554), whereapplicable.Theinterimreport for theParent CompanywaspreparedinaccordancewithChapter 9of theAnnualAccountsAct (InterimReport) andrecommendationRFR2issuedbytheSwedishFinancial ReportingBoard. Thesameaccountingprinciples, basesfor calculationandassessmentswereappliedtotheGroupandtheParent Companyasinthemost recent annual report. Adetaileddescriptionof theGroup’sotherappliedaccountingprinciplesandnewandpendingstandardsisincludedinthemost recentlypublishedannual report.TherearenonewIFRSstandardsor amendmentsof existingIFRSstandardsduring2023and2024thathavehadamaterial impact ontheperformanceandﬁnancial positionof Storytel. Disclosurespursuant toIAS34.16Aarealsopresentedintheﬁnancial statementsaswell asrelatednotes, andareanintegral partof thisﬁnancial statement.
Duringtheyear 2023, theinterpretationandthepreviouslyappliedaccountingof Storytel'sagreementswithcertainpublishershavebeenreviewed. Thisreviewhasinducedachange, meaningthat anyrelatedcost will nolonger berecognizedbasedonthelengthof Storytel'scustomer contractsbut insteadwill bereportedintheperiodthecost isincurred. Thechangedoesnot aﬀect Storytel'searningsor cashﬂowsover time. Comparativeﬁgureshavebeenrecalculatedasshowninthetablesbelow.
Proﬁt/lossstatement
TSEK
Reported2022
Adjustment
Adjusted2022Net sales 3,200,382 - 3,200,382Cost of sales -1,987,237 - -1,987,237Grossproﬁt -1,213,145 - -1,213,145Operatingexpenses -1,602,164 -11,484 -1,613,648Operatingproﬁt/loss -389,019 -11,484 -400,503Net ﬁnancial items 5,347 - 5,347Proﬁt/lossbeforetaxes -383,672 -11,484 -395,156Tax 3,402 - 3,402Proﬁt/lossfor theperiod -380,270 -11,484 -391,754
17

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

Condensedconsolidatedstatementofﬁnancialposition
TSEK
31Dec2021reported
Adjustment
31Dec2021adjusted
31Dec2022reported
Adjustment
31Dec2022adjustedIntangibleassets 1,063,145 1,063,145 2,622,416 2,622,416Tangibleassets 27,675 27,675 25,985 25,985Right-of-useassets 131,421 131,421 115,360 115,360Non-current ﬁnancial assets 46,114 -4,886 41,228 87,690 82,804Inventory 65,663 65,663 102,107 102,107Current receivables 768,820 -44,795 724,025 658,581 -11,484 602,302Cashandcashequivalents 905,882 905,882 776,341 776,341Total assets 3,008,720 -49,681 2,959,039 4,388,480 -11,484 4,327,314
Equity 1,910,603 -49,681 1,860,922 2,192,950 -11,484 2,131,785Non-current liabilities 246,642 246,642 831,307 831,307Current liabilities 841,475 841,475 1,364,223 1,364,223Total equityandliabilities 3,008,720 -49,681 2,959,039 4,388,480 -11,484 4,327,314
All amountsinthisstatement arestatedinthousandsof Swedishkrona(TSEK) unlessotherwisespeciﬁed.Diﬀerencesinroundingmayoccur.
Note2Significant estimatesandjudgements
Whenpreparingtheﬁnancial statements, thecompany’smanagement andtheBoardmust makecertainassessmentsandassumptionsthat aﬀect thecarryingamountsof asset andliabilityitemsandincomeandexpenseitems, respectively, aswell asother informationprovided. Theassessmentsarebasedonexperiencesandassumptionsthat themanagement andtheBoarddeemtobereasonablegiventheprevailingcircumstances. Actual outcomemaythendiﬀer fromtheseassessmentsif other conditionsarise.Theestimatesandassumptionsareevaluatedonanongoingbasisandarenot consideredtoentail anymaterial riskof signiﬁcant adjustmentsinthereportedvaluesof assetsandliabilitiesduringsubsequentperiods. Changesinestimatesarereportedintheperiodinwhichthechangeismadeif thechangehasonlyaﬀectedthisperiod, or intheperiodinwhichthechangeismadeandfutureperiodsif thechangeaﬀectsboththecurrent periodandfutureperiods. For other signiﬁcant estimatesandjudgements, pleaserefer tothemost recent annual report.
Note3Definitionsandkeyratiosincludingalternativeperformancemeasures
Storytel reportsanumber of diﬀerent itemsandﬁnancial keyratiosinitsconsolidatedﬁnancial statements.Thekeyratiosaimtomakeit easier for investorsandother stakeholderstoanalyzeandunderstandStorytel'soperationsanddevelopment inthesamewaythat thebusinessanditsdevelopment aremonitoredbymanagement. Of thesemeasures, somearedeﬁnedinIFRS, whileothersaredeﬁnedinneither theﬁnancial frameworknor other legislation. For keyratiosthat arenot deﬁnedinIFRS, thisreportpresentstheir purposeandhowtheyrelatetotheﬁnancial statementspresentedinaccordancewithIFRS.For deﬁnitionsof ﬁnancial measuresandkeyratiosused, pleaseseefurther below.
Note4TransactionswithrelatedpartiesIngeneral, therewerenosigniﬁcant changesinthescopeor typeof transactionswithrelatedpartiestotheGroupother thanthosepresentedinthemost recent Annual Report. Anytransactionswithassociatedcompaniestakeplaceonmarket terms.
18

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

Note5BusinesssegmentsTheGroupreportssegment ﬁnancialsfor itstwobusinessareas: Streaming, andPublishing. Streamingconsistsof all streamingservicesoperatedunder thebrandsStorytel, Moﬁbo, andAudiobooks.com. Thesegment includes50%of thejoint ventureinStorytel AS(“Storytel Norway”) incomeandexpenses, torepresent afair pictureof itscontributiontotheStreamingsegment. Publishingconsistsof all publishinghouseswithintheStortel Group. Costsrelatedtocentral groupoverheadfunctions(suchasFinance, HR,Legal etc.) andother group-wideitemsandeliminationsarereportedseparatelytobridgethesegmentﬁnancialstototal groupresult.Bothsegmentsincludeinternal transactionsthat areeliminatedtoreachthetotal groupresult. Thesetransactionsincludeinternal salesbetweenthesegments, wheremainlythePublishingsegment reportsinternal salestotheStreamingsegment. Furthermore, Storytel AS(“Storytel Norway”) salesandexpensesintheStreamingsegment areeliminatedintheGroup-wideitemsandeliminationcolumnandthenet resultfromthejoint ventureisreportedasResult fromparticipationinassociates.
Q22024(TSEK) Streaming Publishing
Group-wideitemsandeliminations
Grouptotal
Net sales
834,078 262,768 -172,358 924,488Whereof external sales
834,078 140,962 -50,552 924,488Cost of sales
-486,349 -179,381 151,853 -513,877Grossproﬁt
347,729 83,387 -20,505 410,611Adj. grossproﬁt
346,753 82,284 -20,505 408,532
Sellingandmarketing
-199,901 -20,179 4,503 -215,577Technologyanddevelopment
-60,667 -4,963 10,490 -55,140Administrativeexpenses
-17,145 -35,381 -31,696 -84,222Other operatingitems
-4,641 3,679 -10,095 -11,057Result fromparticipationinassociates
- - 2,129 2,129Operatingproﬁt / loss
65,375 26,543 -45,174 46,744Adj. operatingproﬁt / loss
67,483 27,044 -32,240 62,287
Addbackdepreciation
28,836 31,690 2,984 63,510EBITDA
94,211 58,233 -42,190 110,254Adj. EBITDA
96,319 60,463 -29,256 127,526
Q22023(TSEK) Streaming Publishing
Group-wideitemsandeliminations
Grouptotal
Net sales
773,938 227,215 -150,083 851,070Whereof external sales
773,938 124,262 -47,130 851,070Cost of sales
-467,331 -185,539 135,545 -517,325Grossproﬁt
306,607 41,676 -14,538 333,745Adj. grossproﬁt
306,607 41,676 -14,538 333,745
Sellingandmarketing
-196,818 -25,156 6,109 -215,865Technologyanddevelopment
-56,202 -7,677 - -63,879Administrativeexpenses
-31,921 -30,654 -27,509 -90,084Other operatingitems
1,119 3,540 55 4,714Result fromparticipationinassociates
- - 2,016 2,016Operatingproﬁt / loss
22,785 -18,272 -33,866 -29,352Adj. operatingproﬁt / loss
22,785 -18,272 -29,658 -25,144
Addbackdepreciation
34,263 37,739 -1,011 70,991EBITDA
57,048 19,468 -34,877 41,638Adj. EBITDA
57,048 19,468 -30,669 45,846
19

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

Jan-Jun2024(TSEK) Streaming Publishing
Group-wideitemsandeliminations
Grouptotal
Net sales
1,646,370 508,098 -338,094 1,816,374Whereof external sales
1,646,370 269,502 -99,498 1,816,374Cost of sales
-960,369 -367,561 300,637 -1,027,293Grossproﬁt
686,001 140,537 -37,457 789,081Adj. grossproﬁt
685,984 145,055 -37,457 793,582
Sellingandmarketing
-412,935 -34,260 10,001 -437,194Technologyanddevelopment
-138,748 -11,510 10,490 -139,768Administrativeexpenses
-47,871 -62,965 -67,786 -178,623Other operatingitems
-2,564 5,722 -10,110 -6,952Result fromparticipationinassociates
- - -3,424 -3,424Operatingproﬁt / loss
83,883 37,523 -98,287 23,120Adj. operatingproﬁt / loss
122,072 43,055 -71,450 93,678
Addbackdepreciation
60,100 74,402 3,547 138,049EBITDA
143,984 111,925 -94,740 161,168Adj. EBITDA
182,172 117,457 -67,903 231,726
Jan-Jun2023(TSEK) Streaming Publishing
Group-wideitemsandeliminations
Grouptotal
Net sales
1,489,235 464,075 -305,947 1,647,363Whereof external sales
1,489,235 251,445 -93,317 1,647,363Cost of sales
-899,554 -359,386 262,743 -996,196Grossproﬁt
589,681 104,689 -43,204 651,167Adj. grossproﬁt
589,681 104,689 -43,204 651,167
Sellingandmarketing
-385,879 -47,873 11,009 -422,742Technologyanddevelopment
-119,794 -13,650 - -133,444Administrativeexpenses
-61,859 -70,081 -55,955 -187,895Other operatingitems
4,886 5,108 55 10,049Result fromparticipationinassociates
- - 5,466 5,466Operatingproﬁt / loss
27,035 -21,807 -82,628 -77,400Adj. operatingproﬁt / loss
27,035 -21,807 -73,391 -68,163
Addbackdepreciation
77,415 75,559 4 152,978EBITDA
104,450 53,752 -82,624 75,578Adj. EBITDA
104,450 53,752 -73,387 84,815
Note6Revenuefromcontractswithcustomers
Q22024(TSEK) Streaming Publishing Grouptotal
Typeof product or serviceRevenuefromsubscriptionsof streamingservice 767,182 - 767,182Revenuefrompublishingactivities - 140,962 140,962Other 16,344 - 16,344Revenuefromcontractswithcustomers 783,526 140,962 924,488
Q22023(TSEK) Streaming Publishing Grouptotal
Typeof product or serviceRevenuefromsubscriptionsof streamingservice 706,226 - 706,226Revenuefrompublishingactivities - 124,262 124,262Other 20,582 - 20,582
20

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

Revenuefromcontractswithcustomers 726,808 124,262 851,070
Jan-Jun2024(TSEK) Streaming Publishing Grouptotal
Typeof product or serviceRevenuefromsubscriptionsof streamingservice 1,506,148 - 1,506,148Revenuefrompublishingactivities - 269,502 269,502Other 40,724 - 40,724Revenuefromcontractswithcustomers 1,546,872 269,502 1,816,374
Jan-Jun2023(TSEK) Streaming Publishing Grouptotal
Typeof product or serviceRevenuefromsubscriptionsof streamingservice 1,357,752 - 1,357,752Revenuefrompublishingactivities - 251,445 251,445Other 38,165 - 38,165Revenuefromcontractswithcustomers 1,395,918 251,445 1,647,363
Note7Itemsaffectingcomparability(IACs)
Itemsaﬀectingcomparability(IACs) includeitemsof asigniﬁcant character that distort comparisonsovertime, suchascostsrelatedtoacquisitions, divestments, andmarket exits; restructuringcosts; signiﬁcantimpairmentsandwrite-downs; aswell asexpenses, or reversalsof expenses, arisingfromthegroup’sshare-basedincentiveschemes.DuringQ22024, IACstotaling-9.0MSEKrelatetothedivestment of theFinnishpublisher Aula&Co, IACstotaling-6.4MSEKrelatetothegroup’sshare-basedincentiveschemes, andIACstotaling1.7MSEKrelatetoanadjustment of anIACfor depreciationdoneinQ12024. Duringthecomparableperiod, IACstotaling-4.2MSEKrelatetothegroup’sshare-basedincentiveschemes.Duringtheﬁrst sixmonthsof theyear, IACstotaling-9.6MSEKrelatetothedivestment of theFinnishpublisher Aula&Co, IACstotaling-16.3MSEKrelatetothegroup’sshare-basedincentiveschemes, andIACstotaling-44.5MSEKrelatetorestructuringchargesfromorganizational changes. Duringthecomparableperiod, IACstotaling-9.2MSEKrelatetothegroup’sshare-basedincentiveschemes.
TSEK Q22024 Q22023
Jan-Jun2024
Jan-Jun2023
Jan-Dec2023Share-basedincentiveschemes -6,378 -4,208 -16,327 -9,237 -20,330Acquisitions/Divestments -9,047 - -9,613 - -9,000Organizational changes - - -44,499 - -21,899Writedowns - - - - -631,741Changesinaccountingpolicies - - - - -8,932Other -118 - -118 - -EBIT -15,543 -4,208 -70,558 -9,237 -691,902Addbackdepreciation -1,730 - - - 573,162EBITDA -17,272 -4,208 -70,558 -9,237 -118,741
21

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

Note8Financial instruments
ValuationhierarchyThelevelsof thevaluationhierarchyaredescribedasfollows:Level 1–Listedprices(unadjusted) inactivemarketsfor identical assetsandliabilities.Level 2–Observableinput datafor theasset or liabilityother thanquotedpricesincludedinLevel 1, eitherdirectly(i.e., pricequotations) or indirectly(i.e., derivedfrompricequotations).Level 3–Asset or liabilityinput datathat isnot basedonobservablemarket data(i.e., non-observableinput data).Acquisitionoption
Storytel'sacquisitionoption(put/call option) referstothefutureacquisitionof theremaining6,7%sharesinEarselect AB, whichwill result inanadditional transferredconsiderationof 4,045TSEK, after theconsiderationpaidintheperiod, seenote8. Theacquisitionoptionisreportedat fair valueinthestatementof ﬁnancial position, measuredinaccordancewithIFRS9andcategorizedinaccordancewithLevel 3oftheIFRS13fair valuehierarchy. Sincethepriceof theoptionisnot dependent onanyconditionsbeyondthetimeaspect, andsincethediscountingeﬀect attributabletothetimevalueisinsigniﬁcant, nodiscountinghastakenplace, andthecarryingamount isconsideredtocorrespondtothefair valueof theacquisitionoption.
Financial liabilitiesvaluedat fair value(TSEK) Jan-Jun2024 Jan-Jun2023 Jan-Dec2023
Openingbalance 8,634 13,124 13,124Considerationpaid -4,067 -4,275 -4,530Divestment -522Changeinvaluerecognizedinproﬁt/loss - - 40Closingbalance 4,045 8,849 8,634
Other receivablesandliabilitiesFor current receivablesandliabilities, suchasaccountsreceivableandtradepayables, andfor non-currentliabilitieswithvariableinterest rates, thecarryingamount isconsideredtobeagoodapproximationof thefair value.
Note9Businesscombinations
Aconsiderationof 4,067TSEKfor Storytel’sacquisitionoptioninEarselect waspaidduringtheperiod.Storytel obtainedafurther 6.6%ownershipandownedat theendof theperiod93.3%of Earselect.
Note10Net interest-bearingdebt (NIBD)
Net Interest-BearingDebt (NIBD) isdeﬁnedastotal interest-bearingliabilities(excludingleaseliabilities)plusdividendpayables, lesscashandcashequivalentsandinterest-bearingassets.
TSEK 30Jun2024 30Jun2023 31Dec2023Interest-bearingliabilitieswithinCurrent liabilities 649,691 200,000 749,238Interest-bearingliabilitieswithinNon-current liabilities - 698,838 -Cashandcashequivalents 314,753 531,326 436,143Total Net Interest-BearingDebt (NIBD) 334,938 367,512 313,124
22

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

Condensedparentcompanyinterimstatementsofcomprehensiveincome
TSEK Q22024 Q22023 Q1-Q22024 Q1-Q22023 Q1-Q42023Net sales 13,174 10,522 24,674 19,342 46,142Grossproﬁt 13,174 10,522 24,674 19,342 46,142
Administrativeexpenses -12,174 -8,309 -27,092 -16,310 -41,973Other operatingitems -23 46 -39 46 18Operatingproﬁt 977 2,258 -2,456 3,078 4,187
Net ﬁnancial items -5,788 -294 -12,080 -6,294 -19,276Proﬁt/lossbeforetaxes -4,811 1,964 -14,536 -3,216 -15,089
Tax - - - - -Proﬁt/lossfor period -4,811 1,964 -14,536 -3,216 -15,089
Parent Company´scondensedstatement of comprehensiveincomeProﬁt for theperiod -4,811 1,964 -14,536 -3,216 -15,089
Total comprehensiveincomefortheperiod
-4,811 1,964 -14,536 -3,216 -15,089
Condensedparentcompanyinterimstatementsofﬁnancialposition
TSEK 30Jun2024 30Jun2023 31Dec2023Non-current ﬁnancial assets 4,589,744 4,848,935 4,916,244Current receivables 341,748 287,260 102,977Cashandcashequivalents  23,900 98,607 40,992Total assets 4,955,391 5,234,802 5,060,213
Equity  4,182,472 4,206,933 4,195,738Non-current liabilities - 698,838 -Current liabilities 772,919 329,031 864,476Total equityandliabilities 4,955,391 5,234,802 5,060,213
23

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

Deﬁnitionsandkeyratiosincludingalternativeperformancemeasures
24
Net sales Operatingmainincome, invoicedcosts, incidental revenueandrevenueadjustments.
Net salesgrowthrate, % Net salesfor thecurrent year dividedbythepreviousyear’snet sales.
Net salesgrowthrate, %, CER
Net salesgrowthrate, wherethecurrent year’snet salesarecalculatedat theexchangeratesprevailinginthepreviousyear.
Grossproﬁt Proﬁt after cost of sales.
Grossproﬁt %, Grossmargin Grossproﬁt asapercentageof net sales.
Operatingproﬁt (EBIT) Proﬁt beforeinterest andtax.
Operatingmargin(EBITmargin) Operatingproﬁt asapercentageof net sales.
Proﬁt/lossbeforetaxes Proﬁt after ﬁnancial incomeandexpenses, beforetax.Proﬁt margin(%) Proﬁt after taxasapercentageof net sales.
Equity-to-assetsratio(%)
Adjustedequity(equityanduntaxedreserveslessdeferredtax, includingnon-controllinginterests) asapercentageof thebalancesheet total.
Equity
Thenet assetsof thebusiness, i.e., thediﬀerencebetweenassetsandliabilities,includingnon-controllinginterests.
Balancesheet total Thecompany’stotal assets.FTE Full-TimeEquivalents.
Number of employees Averagenumber of employeesduringtheﬁnancial year.ARPU AverageRevenuePer User (subscriber) per month.
Averagepayingsubscribers
Theaveragenumber of payingsubscribersduringtheperiod. For Familysubscriptions, eachstandardstream(not so-calledKidsMode) isconsideredonepayingsubscriber.
CER Constant ExchangeRates.EBITDA Earningsbeforeinterest, taxes, depreciationandamortization.EBITDAmargin EBITDAaspercentageof Net Sales.
Revenue(StreamingSegment)
Salesfromaudiobookande-bookstreamingservicesonall Storytel platforms,considering50%of Storytel Norway’srevenueinlinewithStorytelsownership.Revenue(StreamingKPI) ARPUtimes(Avg.) PayingSubscribers. Seealsofootnote4onpage8.
Revenue(PublishingSegment)
Physical booksanddigital salesfromall publishinghousesinthegroup, includinggroup-internal revenuefromStorytel. For theconsolidatedgroupaccounts, internalpublishingrevenueiseliminated. Seealsofootnote1onpage1.
Itemsaﬀectingcomparability(IAC)
IACsincludeitemsof asigniﬁcant character that distort comparisonsover time, suchascostsrelatedtoacquisitions, divestments, andmarket exits; restructuringcosts;signiﬁcant impairmentsandwrite-downs; expenses, or reversalsof expenses, arisingfromthegroup’sshare-basedincentiveschemes.Adjustedgrossproﬁt, expenses,EBITDA, andoperatingproﬁt
Adjustedkeyﬁgures- grossproﬁt, expenses, EBITDA, andoperatingproﬁt - reﬂecttheunderlyingkeyﬁgurewhenexcludingitemsaﬀectingcomparability.
Operational Capex Investmentsintoproduct &techandaudiobookproductions.
Operational CashFlow AdjustedEBITDAlessOperational Capex.
Net Interest-BearingDebt (NIBD)
Net Interest-BearingDebt (NIBD) isdeﬁnedastotal interest-bearingliabilities(excludingleaseliabilities) plusdividendpayables, lesscashandcashequivalentsandinterest-bearingassets.NIBD/adjustedEBITDAratio NIBDdividedbyadjustedEBITDAfor thelast twelvemonths.