Kvartalsrapport Q2 2025

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Fulltext

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

–*) 
 “We have delivered a robust financial performance, driven by a high subscriber 
 intake, solid EBITDA growth and strong cash generation giving us the strategic 
 possibility to invest prudently in future growth” 
 Q2 Highlights 
 Unless otherwise specified, numbers are for Q2 2025 and are compared to Q2 2024 
 ●  Group revenue up 4% to 958 (924) MSEK and equals 8% at constant exchange rates (CER). 
 ●  Streaming revenue up 2%, equals 7% at CER, and  Publishing  revenue up 14%, equals 15% in CER. 
 ●  Gross profit up 6% to 434 (411) MSEK, representing a margin of 45.3% (44.4%). 
 ●  Adjusted EBITDA increased by 28% to 163 (128) MSEK, representing a margin of 17.0% (13.8%). 
 ●  Items Affecting Comparability (IACs) of -2 (-17) MSEK, fully related to long term incentive programs and 
 not affecting cash flow. 
 ●  Net profit for the period amounted to 47 (32) MSEK. 
 ●  Earnings per share amounted to 0.55 (0.38) SEK before dilution, and to 0.54 (0.38) SEK after dilution. 
 ●  Cash flow from operating activities of 155 (78) MSEK. 
 ●  New financial targets 2028 and a guidance for the full year 2025. 
 ●  New Group Executive Management Team and recruitment of Chief People Officer to secure the 
 execution of Storytel Group's 2028 strategy. 
 ●  The Swedish Competition Authority approved Storytel Group's acquisition of Bokfabriken. 
 Financial summary 
 MSEK  Q2 2025  Q2 2024  Change 
 Jan-Jun 
 2025 
 Jan-Jun 
 2024  Change 
 Group Revenue¹  958  924  4%  1,911  1,816  5% 
 Streaming Revenue²  853  834  2%  1,715  1,646  4% 
 Publishing Revenue³  299  263  14%  583  508  15% 
 Gross profit  434  411  6%  857  789  9% 
 Gross margin %  45.3  44.4  0.9p  44.8  43.4  1.4p 
 Operating profit  82  47  75%  137  23  492% 
 Adjusted EBITDA  163  128  28%  313  232  35% 
 Adjusted EBITDA margin %  17.0  13.8  3.2p  16.4  12.8  3.6p 
 EBITDA  161  110  46%  296  161  84% 
 Earnings per share, basic (SEK)  0.55  0.38  44%  0.75  0.06  1,148% 
 Earnings per share, diluted (SEK)  0.54  0.38  43%  0.74  0.06  1,140% 
 Cash flow from operations before changes in 
 working capital  140  106  31%  228  134  69% 
 Cash flow for the period  -49  -32  52%  -122  -129  -5% 
 Net Interest-Bearing Debt (NIBD)  115  335  -66%  115  335  -66% 
 NIBD/adjusted R12 EBITDA ratio  0.17  0.78  -78%  0.17  0.78  -78% 
 ¹ The adjustments from segment level to group level are 1) Removing Storytel Norway at 50%, 2) Removing internal publishing revenue from 
 Net Sales and adding internal publishing revenue as cost reduction within Cost of Sales, 3) Costs related to central group overhead functions 4) 
 Adding result from Norway in accordance with the equity method. See Note 5 to the financial statements for additional details. 
 ² Streaming revenue includes 50% of Storytel Norway’s revenue in line with Storytels ownership. 
 ³ Publishing revenue includes both external and group-internal revenue. 
 1

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

CEO Statement 
 “We have delivered a robust financial performance, 
 driven by a high subscriber intake, solid EBITDA 
 growth and strong cash generation giving us the 
 strategic possibility to invest prudently in future 
 growth” 
 The second quarter of 2025 marks a period of robust performance 
 and strategic acceleration for Storytel Group. Our streaming 
 segment achieved strong  subscriber growth  , with average 
 paying subscribers totaling 2,546,000, an  increase  of over 11 
 percent  year-on-year  . This performance is further  underlined by 
 strong EBITDA growth, and I am thrilled to share highlights that 
 showcase healthy growth and the underlying strength of our 
 integrated streaming and publishing business model. 
 Financial strength and strategic execution - impact from currency headwind 
 We delivered a robust financial performance, navigating global economic conditions with resilience. Our 
 Group net sales grew 4 percent (8 percent at constant exchange rates) to 958 MSEK. This growth was 
 well-balanced, powered by a 2 percent (7 percent at constant exchange rates) increase in our Streaming 
 segment and 14 percent surge in our Publishing segment. Our strategic expansion into growth markets 
 outside the Nordics as well as towards extended customer segments, both core pillars of our long-term 
 strategy, resulted in an expected decrease of Average Revenue Per User. However, negative currency 
 effects accounted for a majority of the decrease. 
 Our focus on operational excellence yielded continued results. Gross margin expanded by 0.9 percentage 
 points to 45.3 percent, driven by a higher share of cost-efficient content and stronger margins in our 
 high-growth international streaming markets. This efficiency, combined with our disciplined cost 
 management, fueled a 28 percent increase in adjusted EBITDA to 163 MSEK, elevating our margin to a 
 strong 17.0 percent. Our performance generated powerful cash flow and strengthened our balance sheet, 
 evidenced by a net debt to adjusted EBITDA ratio of below 0.2, which underscores our financial flexibility. 
 We are on track to deliver on our full-year guidance for 2025. 
 Strong subscriber growth and record-high engagement 
 Our connection with  book lovers  has never been stronger,  reflected in a year-over-year growth of  over 11 
 percent  in our global paying subscriber base, reaching  a total of 2,546,000 average paying subscribers in 
 Q2. 
 In the  Nordic region  , we achieved solid growth of  7 percent year-over-year, adding over 80,000 paying 
 subscribers, of which 10,000 net new paying subscribers during the second quarter. Meanwhile,  our 
 Non-Nordic core markets  are accelerating, growing  by an outstanding 18 percent year-over-year and 
 adding 35,000 new paying subscribers during the second quarter. Poland and the Netherlands remain 
 strong performers with sustained momentum. Audiobooks.com also continued its positive trajectory with a 5 
 percent year-over-year subscriber increase. 
 Crucially, customer loyalty has never been higher. Churn reached another  all-time low  , a powerful 
 testament to our listeners' satisfaction and the success of our engagement initiatives. 
 2

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

Unlocking synergies across Publishing and Streaming units 
 The powerful flywheel of our integrated Publishing and Streaming units continues to unlock values for our 
 customers. In publishing, we saw robust digital and physical sales fueled by high-demand titles across all 
 territories. 
 Swedish author Dag Öhrlund continues to captivate readers on the Storytel platform; his latest hit, 
 Konstnären  from Lind & Co, notably secured a spot  in the Global Top 5 during the quarter. Furthermore, the 
 fantasy-horror Storytel Original  Lehusa  by Vasil Polov  has emerged as the most listened-to book on Storytel 
 Bulgaria this year to date. The launch of Juha Itkonen’s  Tomorrow I Will Tell Everything  from Gummerus in 
 Finland, sold out its first print run in just two weeks. 
 We are continuously strengthening our content offering. During the quarter we officially welcomed 
 Bokfabriken  to the Storytel family and also announced  the launch of  Norstedts Spektra  , a new digital-first 
 imprint set to release dozens of new audiobook series, further enriching our exclusive content library. 
 Innovating for our customers 
 To sharpen our competitive edge, we have during the second quarter, implemented a more agile and 
 focused Product & Tech organization and accelerated product innovation to enhance the experience for our 
 customers as well as creators. 
 A key highlight this quarter was the launch of our  new in-app reading experience  , which has boosted 
 monthly active readers and created a new habit of format switching. Moreover, we have partnered with 
 Dolby, enabling immersive spatial Dolby Atmos productions for upcoming Storytel Originals and titles from 
 other publishing partners. Looking ahead, we’re excited to introduce  simultaneous listening and reading 
 in select markets later this summer, a feature powered by advanced text-to-speech mapping requested by 
 our users. 
 As we look to the second half of the year, we will intensify our investments in data and AI to create even 
 more meaningful and personalized user experiences that continue to improve both engagement and 
 customer satisfaction. 
 Shaping the future of storytelling with updated strategy 
 In May we announced a new Storytel Group Executive Management team, established with the clear 
 purpose of  uniting the entire Group  and spearheading  the execution of our cohesive, group-wide strategy. 
 At the recent Capital Markets Day, we updated our strategic roadmap and presented Storytel Group's 
 strategy with key objectives, growth initiatives, and financial targets to steer our course until 2028. A primary 
 focus is to  capitalize on our strong commercial momentum  and  unlock new markets and customer 
 segments  through a balanced approach of organic and  acquired growth over time. 
 We are operating in a global book market projected to reach 144 billion USD by 2028, with audio as a 
 primary growth driver.  Our proven and differentiated  business model, which seamlessly blends a 
 world-class streaming platform with premier publishing houses, is our core competitive advantage. 
 Anchored in compelling content, deep local expertise, and a passionate community of book lovers, we are 
 well positioned to capture this opportunity. 
 As we move into the second half of 2025, we do so with strong momentum, a clear strategic direction and 
 confidence in our ability to execute on our ambitious targets.  Our strong financial position provides us 
 with significant flexibility and the capacity to invest prudently in future growth opportunities. 
 I want to extend my sincere gratitude to our loyal customers and authors for their passion, our dedicated 
 employees for their incredible contributions, and our shareholders for their continued confidence in our 
 beloved business by bringing stories alive. 
 Bodil Eriksson Torp, CEO 
 3

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

Group performance 
 Development Q2 2025 
 Comparative figures in brackets pertain to the 
 second  quarter 2024. Adjusted figures  exclude 
 Items affecting comparability (IACs); see note 7 
 for further details. 
 Net sales 
 Group net sales for the quarter increased by 4% 
 to 958.2 (924.5) MSEK. Currency effects had a 
 material effect on the growth rate. Group net 
 sales growth was 8% at constant exchange rates 
 in the quarter. 
 The increase was driven by healthy growth in the 
 Streaming segment due to strong growth in 
 subscriber intake and a solid development in the 
 Publishing segment. 
 The acquisition of Bokfabriken contributed 10.6 
 MSEK to net sales in the quarter. 
 Gross profit 
 Cost of sales for the quarter increased to -524.2 
 (-513.9) MSEK and the gross profit increased by 
 6% amounting to 434.0 (410.6) MSEK. 
 The gross profit improvement was driven by a 
 combination of solid revenue growth and a 
 higher share of cost-efficient content. 
 EBITDA 
 Operating expenses decreased 3% to 352.1 
 (363.9) MSEK compared to the corresponding 
 quarter last year, despite higher sales, due to 
 continued strict cost discipline. 
 EBITDA increased to 161.3 (110.3) MSEK and 
 the margin to 16.8% (11.9%). During the quarter, 
 Storytel Group recognized Items Affecting 
 Comparability (IACs) of -1.5 (-17.3) MSEK related 
 to the long term incentive programs (LTIP). 
 Adjusted EBITDA for the quarter increased by 
 28% to 162.8 (127.5) MSEK, which equals a 
 margin of 17.0% (13.8%). 
 4

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

Operating profit 
 Operating profit  (EBIT)  for the quarter improved 
 to 81.9 (46.7) MSEK and the margin to 8.6% 
 (5.1%). The improvement is driven by higher 
 gross profit and lower operating expenses due to 
 continued cost discipline. 
 Selling and marketing expenses increased 1% to 
 -217.4 (-215.6) MSEK, driven by customer 
 acquisition initiatives. 
 Technology and development expenses 
 increased by 12% to -62.0 (-55.1) MSEK, mainly 
 due to severance costs. 
 General and administrative expenses decreased 
 by 7% to -78.3 (-84.2) MSEK. 
 Other operating items amounted to 3.2 (-11.1) 
 MSEK, mainly due to other operating income in 
 the Publishing segment. 
 Net profit 
 Profit before tax for the quarter amounted to 61.4 
 (30.4) MSEK. Net financial items for the quarter 
 totaled -20.5 (-16.3) MSEK. The amount includes 
 -6.1 (-11.7) MSEK of net interest costs, as well as 
 -15.2 (-3.8) MSEK of currency effects, mainly 
 from a USD denominated commitment derived 
 from the acquisition of Audiobooks.com. 
 Taxes for the quarter amounted to -14.4 (1.9) 
 MSEK. Prior year includes a positive one-time 
 tax item. Net profit for the quarter amounted to 
 47.0 (32.3) MSEK. 
 Earnings per share for the quarter totaled 
 0.55 (0.38) SEK, before dilution and 0.54 (0.38) 
 SEK after dilution. 
 Cash flow 
 Cash flow from operations before changes in 
 working capital amounted to 139.8 (106.5) 
 MSEK, where the primary explanation is an 
 improved result. 
 The change in working capital was 15.4 (-28.7) 
 MSEK, resulting in cash flow from operating 
 activities of 155.2 (77.8) MSEK in the quarter. The 
 increased cash flow from working capital is 
 mainly explained by higher accounts payable 
 and one-time effects relating to restructuring in 
 the comparable quarter 
 Cash flow from investing activities was -49.8 
 (-44.4) MSEK, of which operational Capex was 
 -41.3 (-40.2). Cash flow from financing activities 
 was -154.3 (-65.5) MSEK, including a dividend 
 payment of -77 MSEK and a loan repayment of 
 -50 MSEK. 
 Total cash flow for the quarter was -48.9 (-32.1) 
 MSEK. 
 5

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

Development January-June 
 2025 
 Comparative figures in brackets pertain to the 
 period January-June 2024. Adjusted figures 
 exclude Items affecting comparability (IACs); see 
 note 7 for further details. 
 Net sales 
 Group net sales for the period increased by 5% 
 to 1,911.2 (1,816.4) MSEK. The increase was 
 driven by solid growth within both the Streaming 
 and the Publishing segments. 
 The acquisition of Bokfabriken contributed 14.9 
 MSEK to net sales in the period. 
 Currency effects had a significant effect on the 
 growth rate. Group net sales growth was 7% at 
 constant exchange rates in the period. 
 Gross profit 
 Cost of sales for the period increased to -1,054.1 
 (-1,027.3) MSEK and the gross profit increased 
 by 9% amounting to 857.1 (789.1) MSEK. 
 The gross profit improvement was driven by a 
 combination of solid revenue growth and a 
 higher share of cost-efficient content. 
 EBITDA 
 Operating costs decreased 6% to 720.3 (766.0) 
 MSEK compared to the corresponding period 
 last year, despite higher sales, due to continued 
 cost discipline. 
 EBITDA increased to 295.8 (161.2) MSEK and 
 the margin to 15.5% (8.9%). During the period, 
 Storytel Group recognized Items Affecting 
 Comparability (IACs) of -16.9 (-70.6) MSEK 
 related to the long term incentive programs 
 (LTIP). 
 Adjusted EBITDA for the period increased by 
 35% to 312.7 (231.7) MSEK, which equals a 
 margin of 16.4% (12.8%). 
 Operating profit 
 Operating profit  (EBIT)  for the period improved 
 to 136.8 (23.1) MSEK and the margin to 7.2% 
 (1.3%). The improvement is driven by higher 
 gross profit and lower operating expenses mainly 
 due to reduced staff costs. 
 Selling and marketing expenses increased 4% to 
 -454.2 (-437.2) MSEK. The cost increase was 
 mainly related to customer acquisition initiatives. 
 Technology and development expenses 
 decreased by 15% to -119.4 (-139.8) MSEK, 
 mainly impacted by IACs of -9.6 MSEK in the 
 comparable period and lower personnel costs. 
 General and administrative expenses decreased 
 by 1% to -176.9 (-178.6) MSEK. 
 Other operating items amounted to 23.5 (-7.0) 
 MSEK, and was mainly due to paid insurance 
 compensation and divestment of shares in 
 associated companies. 
 Net profit 
 Profit before tax for the period amounted to 82.2 
 (15.5) MSEK. Net financial items for the period 
 totaled -54.6 (-7.6) MSEK. The amount includes 
 -12.8 (-23.9) MSEK of net interest costs, as well 
 as -42.8 (16.8) MSEK of currency effects, mainly 
 from a USD denominated commitment derived 
 from the acquisition of Audiobooks.com. 
 Taxes for the period amounted to -16.5 (-6.4) 
 MSEK. Net profit for the period amounted to 65.7 
 (9.2) MSEK. 
 Earnings per share for the period totaled 
 0.75 (0.06) SEK, before dilution and 0.74 (0.06) 
 after dilution. 
 Cash flow 
 Cash flow from operations before changes in 
 working capital amounted to 227.6 (134.4) 
 MSEK, where the primary explanation is a higher 
 result. 
 The change in working capital was -43.4 (-55.7) 
 MSEK, resulting in cash flow from operating 
 activities of 184.2 (78.7) MSEK for the period. 
 The slightly improved cash flow from working 
 capital is mainly explained by higher accounts 
 payable and lower accrued royalty costs. 
 Cash flow from investing activities was -142.3 
 (-82.7) MSEK, affected by the acquisition of 
 Bokfabriken. Operational Capex was -71.9 
 (-71.3). Cash flow from financing activities was 
 -163.6 (-124.8) MSEK and includes a loan 
 repayment of the credit facility of -50 MSEK and 
 a dividend payment of -77MSEK. 
 Total cash flow for the period was -121.8 (-128.8) 
 MSEK. 
 6

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

Segment performance: Streaming 
 The company reports segment financials for its  two  business areas: Streaming and Publishing  . 
 The Streaming segment consists of all audiobook and ebook streaming services operated under the 
 brands Storytel, Mofibo and Audiobooks.com. KPIs are presented on a regional level: Nordics (Sweden, 
 Denmark, Norway, Finland, and Iceland), Non-Nordics Core (the Netherlands, Poland, Bulgaria, Turkey, and 
 Audiobooks.com), and Rest of World (all remaining markets). 
 Streaming performance 
 MSEK  Q2 2025  Q2 2024  Change 
 Jan-Jun 
 2025 
 Jan-Jun 
 2024  Change 
 Net sales  853.0  834.1  2%  1,715.1  1,646.4  4% 
 Cost of sales  -493.9  -486.3  2%  -987.0  -960.4  3% 
 Gross profit  359.0  347.7  3%  728.1  686.0  6% 
 Selling and marketing expenses  -204.0  -199.9  2%  -429.4  -412.9  4% 
 Technology and development expenses  -55.3  -60.7  -9%  -108.1  -138.7  -22% 
 Administrative expenses  -18.9  -17.1  10%  -50.6  -47.9  6% 
 Other operating items  0.1  -4.6  -101%  2.4  -2.6  -193% 
 Operating profit/loss  81.0  65.4  24%  142.3  83.9  70% 
 Add back depr.  31.2  28.8  8%  63.7  60.1  6% 
 EBITDA  112.2  94.2  19%  206.1  144.0  43% 
 GM %  42.1  41.7  0.4p  42.5  41.7  0.8p 
 EBITDA %  13.2  11.3  1.9p  12.0  8.7  3.3p 
 In the Streaming segment’s accounts,  net sales  include  50% of Storytel Norway’s revenue in line with Storytels ownership. In 
 the consolidated accounts, Storytel Norway is reported in accordance with the equity method. Internal costs are included in 
 Cost of sales. As a result, the table shows higher  net sales  and costs than in the consolidated accounts.  See Note 5 for 
 additional details. 
 The segment delivered continued growth in net 
 sales and profitability improved further, 
 supported by strong subscriber intake and 
 maintained strict cost discipline. Currency 
 fluctuations had a material impact on the 
 reported growth in the quarter 
 Net sales and gross profit 
 Streaming net sales for the quarter increased by 
 2% from the comparative quarter to 853.0 
 (834.1) MSEK. Currency fluctuations had a 
 material impact and the growth rate was 7% at 
 constant exchange rates. Net sales for the 
 period increased 4% to 1,715.1 (1,646.4) MSEK. 
 The growth in net sales was driven by a higher 
 number of subscribers which increased by 11% 
 in the quarter and by 11% in the period. 
 ARPU decreased 8% to 116 (127) SEK in the 
 quarter, where currency fluctuations explain 6 
 SEK of the decrease. The remaining part of the 
 decrease is mainly attributable to a changed 
 product mix, with a larger share of subscribers 
 on markets or products with lower price points. 
 Nordics grew 2% in the quarter, driven by a 
 robust subscriber growth of 7%. Non-Nordics 
 Core reported healthy growth, with revenues up 
 4% and a subscriber growth of 18%. 
 Gross profit increased 3% to 359.0 (347.7) 
 MSEK in the quarter and 6% to 728.1 (686.0) 
 MSEK in the period, while gross margin 
 increased to 42.1% (41.7%) and to 42.5% 
 (41.5%), respectively. 
 EBITDA and operating profit 
 EBITDA increased 19% in the quarter to 112.2 
 (94.2) MSEK and 43% in the period to 206.1 
 (144.0) MSEK, equaling a margin of 13.2% 
 (11.3%) and 12.0% (8.7%) respectively. The 
 improvement is driven by higher gross profit and 
 lower operating expenses. 
 Operating profit increased 24% to 81.0 (65.4) 
 MSEK in the quarter and 70% to 142.3 (83.9) 
 MSEK in the period. 
 7

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

Business developments 
 Ongoing investments in platform health have 
 significantly enhanced scalability and reliability, 
 expanding our subscription platform to support new 
 business and go-to-market strategies. 
 Content continues to resonate strongly: Dag 
 Öhlund’s latest hit,  Konstnären  , secured a spot in 
 Storytel’s Global Top 5. Fantasy-horror  Lehusa  by 
 Vasil Polov emerged as the most listened-to book on 
 Storytel Bulgaria this year to date. 
 Streaming geographical performance split 
 TSEK  Q2 2024  Q3 2024  Q4 2024  Q1 2025  Q2 2025 
 Jan-Jun 
 2024 
 Jan-Jun 
 2025 
 All Markets 
 Revenue¹  868,286  888,882  908,573  898,939  889,767  1,705,144  1,788,707 
 Gross profit  353,128  356,861  368,661  373,941  363,791  687,997  737,732 
 Gross margin  40.7%  40.1%  40.6%  41.6%  40.9%  40.3%  41.2% 
 Avg. Paying 
 Subscribers  2,285,000  2,366,000  2,441,000  2,500,000  2,546,000  2,271,000  2,515,000 
 ARPU (SEK/month)  127  125  124  120  116  125  119 
 Nordics 
 Revenue¹  570,427  585,986  592,008  578,191  580,334  1,129,599  1,158,526 
 Gross profit  216,896  216,119  212,264  219,452  218,004  423,099  437,456 
 Gross margin  38.0%  36.9%  35.9%  38.0%  37.6%  37.5%  37.8% 
 Avg. Paying 
 Subscribers  1,203,000  1,262,000  1,279,000  1,274,000  1,284,000  1,196,000  1,280,000 
 ARPU (SEK/month)  158  155  154  151  151  157  151 
 Non-Nordics Core 
 Revenue  256,608  262,251  273,871  277,309  267,967  491,810  545,276 
 Gross profit  123,619  125,784  140,700  138,662  131,107  235,251  269,769 
 Gross margin  48.2%  48.0%  51.4%  50.0%  48.9%  47.8%  49.5% 
 Avg. Paying 
 Subscribers  896,000  915,000  966,000  1,023,000  1,058,000  888,000  1,033,000 
 ARPU (SEK/month)  95  96  95  90  84  92  88 
 Rest of the World 
 Revenue  41,250  40,644  42,695  43,439  41,466  83,735  84,905 
 Gross profit  12,613  14,959  15,697  15,827  14,679  29,648  30,506 
 Gross margin  30.6%  36.8%  36.8%  36.4%  35.4%  35.4%  35.9% 
 Avg. Paying 
 Subscribers  186,000  189,000  196,000  203,000  204,000  187,000  202,000 
 ARPU (SEK/month)  74  72  73  71  68  75  70 
 1 Revenue includes 100% of Storytel Norway’s revenue to provide a more accurate figure for average revenue per subscriber (ARPU). In the Streaming segment’s accounts, revenue 
 includes 50% of Storytel Norway’s revenue in line with Storytels ownership. In the consolidated accounts, Storytel Norway is reported in accordance with the equity method. As a 
 result, the Streaming KPI Table shows higher revenue than in the Streaming segment’s and consolidated accounts. Please see Note 5 for additional details. 
 Streaming subscriber development 
 8

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

Segment performance: Publishing 
 The company reports segment financials for its two business areas: Streaming and Publishing. The 
 Publishing segment consists of all publishing houses within Storytel Group: Norstedts Publishing Group, 
 Lind & Co, Gummerus, Bokfabriken, People’s and our global digital audio publisher Storyside. The 
 Publishing segment also includes external sales from content productions. 
 Publishing Performance 
 MSEK  Q2 2025  Q2 2024  Change 
 Jan-Jun 
 2025 
 Jan-Jun 
 2024  Change 
 Net sales  299.4  262.8  14%  582.8  508.1  15% 
 Cost of sales  -206.0  -179.4  15%  -416.8  -367.6  13% 
 Gross profit  93.4  83.4  12%  166.0  140.5  18% 
 Selling and marketing expenses  -20.7  -20.2  3%  -38.1  -34.3  11% 
 Technology and development expenses  -6.7  -5.0  35%  -11.3  -11.5  -2% 
 Administrative expenses  -32.9  -35.4  -7%  -64.8  -63.0  3% 
 Other operating items  2.7  3.7  -26%  5.6  5.7  -2% 
 Operating profit/loss  35.8  26.5  35%  57.5  37.5  n.a. 
 Add back depr.  46.2  31.7  46%  91.0  74.4  22% 
 EBITDA  82.1  58.2  41%  148.4  111.9  33% 
 GM %  31.2  31.7  -0.5p  28.5  27.7  0.8p 
 EBITDA %  27.4  22.2  5.2p  25.5  22.0  3.4p 
 In the Publishing segment  ’s accounts, group-  internal  sales  are  included in net sales. As a result, the  table shows higher  net 
 sales  than in the consolidated accounts. See Note  5 for additional details. 
 The segment delivered solid growth and 
 improved profitability in the quarter. Revenue 
 grew due to the addition of Bokfabriken, but 
 underlying growth excluding the acquisition 
 remained healthy. Strong digital sales as well as 
 solid physical sales due to titles creating high 
 demand on all territories strengthened overall 
 performance in the quarter. 
 Digital performance across all formats combined 
 with a prominent foot step on the physical 
 markets further boosted the overall performance 
 in the quarter. 
 Net sales and gross profit 
 Net sales in the quarter increased by 14% to 
 299.4 (262.8) MSEK and by 15% to 582.8 (508.1) 
 in the period, mainly due to titles with high 
 demand and the acquisition of Bokfabriken. The 
 acquisition of Bokfabriken contributed 21.8 
 MSEK to net sales in the quarter. 
 Cost of sales grew in line with net sales, resulting 
 in a growth in gross profit of 12% in the quarter 
 to 93.4 (83.4) MSEK and 18% in the period to 
 166.0 (140.5), corresponding to a gross margin of 
 31.2% (31.7%) and 28.5% (27.7%) respectively. 
 EBITDA and operating profit 
 EBITDA increased by 41% in the quarter to 82.1 
 (58.2) MSEK and 33% in the period to 148.4 
 (111.9), representing a margin of 27.4% (22.2%) 
 and 25.5% (22.0%) respectively. The 
 improvement is mainly driven by higher sales and 
 good cost control. 
 Operating profit increased to 35.8 (26.5) MSEK in 
 the quarter and to 57.5 (37.5) MSEK in the 
 period, despite slightly higher operating costs. 
 9

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

Business developments 
 In May, the Swedish Competition Authority 
 approved Storytel Group’s acquisition of the 
 Swedish publisher Bokfabriken. 
 Printz Publishing topped the bestseller charts 
 with the first and second installments of the 
 Stockholm  Pearls series  by Ruth 
 Kvarnström-Jones. Pippi Longstocking, 
 celebrated her 80th anniversary this year, marked 
 by several reissues and newly illustrated editions 
 from Rabén & Sjögren. Juha Itkonen’s  Tomorrow 
 I Will Tell Everything  from Gummerus sold out its 
 first print run in just two weeks. 
 10

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

Other information 
 Financial position, equity & liquidity 
 (compared to June 30, 2024) 
 At the end of the period, the Group had 485.2 
 (314.8) MSEK in cash and cash equivalents. The 
 equity-to-asset ratio at the end of the period was 
 46.1% (44.7%). 
 Total equity at the end of the period was 1,458.3 
 (1,312.6) MSEK. 
 Total non-current liabilities amounted to 158.9 
 (155.6) MSEK and total current liabilities 
 amounted to 1,547.0 (1,466.2) MSEK. 
 Net interest-bearing debt (NIBD) was 114.8 
 (334.9) MSEK with a NIBD/adjusted R12 EBITDA 
 ratio of 0.17 (0.78) at the end of the period. 
 Full time employees 
 The average number of employees (FTE) was 
 520 in the second quarter. During the second 
 quarter 2024, the average number of FTE:s was 
 531. 
 Parent company 
 Storytel AB is the Group’s Parent Company and 
 responsible for Group-wide management, 
 administration and financing. 
 Net sales for the Parent Company amounted to 
 4.4 (13.2) MSEK in the quarter, profit before tax 
 was -14.7 (-4.8) MSEK, and net profit was -14.7 
 (-4.8) MSEK. Total equity amounted to 4,056.0 
 (4,182.5) MSEK. The condensed income 
 statement and balance sheet for the Parent 
 Company are presented in the financial 
 statements for the Parent Company below. 
 Risks and uncertainty factors 
 The Group is subject to significant risks and 
 uncertainties. The most relevant risk factors are 
 described in the Annual and Sustainability 
 Report 2024 and include operational, strategic, 
 legal & compliance, cyber, and financial risks. 
 Geopolitical concerns including the ongoing war 
 in Ukraine and the situation in the Middle East as 
 well as potential changes in trade policies and 
 tariffs add uncertainty from a global, 
 macroeconomic perspective. Storytel previously 
 announced and phased out its operations in 
 Russia by the third quarter of 2022, and as of 
 June 30, 2025, despite prevailing uncertainties, 
 the group is not aware of any remaining material 
 balance sheet exposure. 
 Significant events during the period 
 On May 6, Storytel Group presented a new 
 Group Executive Management Team to secure 
 the execution of its 2028 strategy. Effective 
 immediately, the newly formed Group Executive 
 Management Team comprise the following 
 functions and individuals: 
 Bodil Eriksson Torp (Chief Executive Officer), 
 Peter Messner (Chief Financial Officer), Claus 
 Wamsler-Nielsen (Chief Commercial Officer and 
 Head of Streaming), Helena Gustafsson (Chief 
 Content & Publishing Officer), Johan Ståhle 
 (Chief Product & Technology Officer), Oleg 
 Nesterenko (Chief Marketing Officer), Anna Etzler 
 (Chief Operating Officer), Tobias Andersson 
 (General Counsel), Malin Lindborn (Head of 
 Communications) and incoming Chief People 
 Officer Åsa Wilson who starts August 18, 2025. 
 On May 13, The Swedish Competition Authority 
 announced that it approved Storytel Group's 
 acquisition of Bokfabriken and that there are 
 therefore no obstacles to completing the deal. 
 On May 15, Storytel Group held a Capital 
 Markets Day where CEO Bodil Eriksson Torp, 
 along with members of the executive 
 management team, gave an update on the 
 strategic direction and operations, as well as 
 presented new financial targets 2028 and a 
 guidance for the full year 2025. 
 Financial targets 2028: 
 ●  Revenue CAGR to exceed 10 percent in 
 constant currency rates 
 ●  EBITDA margin to exceed 20 percent 
 ●  Net debt/EBITDA (LTM) below 1.5x 
 Guidance for the full year 2025: 
 ●  Revenue growth of 7-10 percent in 
 constant currency rates 
 ●  Adjusted EBITDA margin of 17.5-19.0 
 percent 
 ●  Subscriber base growth of 10 percent 
 ●  Operational capex below 5 percent of 
 revenue 
 On May 18, Storytel Group appointed Åsa Wilson 
 as Chief People Officer. 
 11

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

Significant events after the period 
 No reported events. 
 For more information and a full list of 
 announcements, please visit: 
 www.storytelgroup.com/en/newsroom/ 
 Number of shares and share capital as 
 of June 30, 2025 
 There were 77,170,210 (77,128,993) registered 
 shares in issuance at the end of the period, 
 divided between 635 Class A shares and 
 77,169,575 Class B shares. Share capital totaled 
 38,575,401.50 (38,564,496.50) SEK as of June 
 30, 2025. 
 The shareholder structure is presented at: 
 https://www.storytelgroup.com/en/investor-relati 
 ons/shareholder-structure/ 
 AGM 2025 
 On May 6, Storytel Group held the Annual 
 General Meeting where the following resolutions 
 were passed by the shareholders: 
 Dispose of the profits in accordance with the 
 Board of Directors proposal, meaning a dividend 
 payment in the amount of SEK 1.00 per share. 
 In accordance with the proposal, Alexander 
 Lindholm, Jonas Sjögren, Jonas Tellander, 
 Hélène Barnekow, Ulrika Danielsson, Filippa 
 Wallestam and Erik Tidén were re-elected as 
 Directors of the Board. Hélène Barnekow was 
 re-elected as Chair of the Board of Directors. 
 Ernst & Young Aktiebolag was re-elected as the 
 Company auditor, with Johan Holmberg as the 
 auditor in charge. 
 The AGM resolved to authorize the Board of 
 Directors to issue shares, convertibles and/or 
 warrants. 
 Adoption of a long-term incentive program 
 2025/2028, in accordance with the proposal. 
 Auditor's review 
 This interim report has not been audited or 
 reviewed by the auditors of the company. 
 Information about Nasdaq First North 
 Growth Market 
 Nasdaq First North Growth Market (“First North”) 
 is an alternative marketplace operated by the 
 constituent exchanges of Nasdaq Stockholm. It 
 does not have the same legal status as a 
 regulated marketplace. Companies quoted on 
 First North are subject to First North’s rules 
 rather than the legal requirements set for trading 
 on a regulated marketplace. An investment in a 
 company trading on First North implies higher 
 risk than an investment in a listed company. 
 Companies must apply to the exchange and gain 
 approval before trading on First North may 
 commence. A Certified Adviser guides the 
 company through the listing process and ensures 
 that the company continuously satisfies First 
 North’s standards. 
 Financial calendar 
 Interim Report January–September 2025 October 28, 2025 
 Year-End Report January–December 2025 February 10, 2026 
 For more information 
 Niklas Alm, Interim Head of Investor Relations 
 Cell: +46 70 824 40 88 
 Email: niklas.alm@storytel.com, investorrelations@storytel.com 
 Web: www.storytelgroup.com, www.storytel.com 
 Storytel AB (publicly traded) 
 Mailing address: Box 24167, 104 51 Stockholm 
 Office: Tryckerigatan 4, 111 28 Stockholm CIN: 556575-2960 
 12

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

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, July 29, 2025 
 Hélène Barnekow  Ulrika Danielsson 
 Chair of the Board  Board member 
 Alexander Lindholm  Jonas Sjögren 
 Board member  Board member 
 Jonas Tellander  Erik Tidén 
 Board member  Board member 
 Filippa Wallestam 
 Board member 
 Bodil Eriksson Torp 
 CEO 
 The information in this report constitutes inside information that Storytel AB (publ) is obliged to disclose in 
 accordance with the EU Market Abuse Regulation (EU nr 596/2014) and the Securities Markets Act. The 
 information was provided, through the agency of the above contact persons, at 8:00 a.m. CEST on July 29, 
 2025. 
 13

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

Group financial statements 
 Condensed consolidated interim statements of comprehensive income 
 TSEK  Q2 2025  Q2 2024 
 Jan-Jun 
 2025 
 Jan-Jun 
 2024 
 Jan-Dec 
 2024 
 Net sales  958,223  924,488  1,911,157  1,816,374  3,797,976 
 Cost of sales  -524,211  -513,877  -1,054,051  -1,027,293  -2,098,166 
 Gross profit  434,012  410,611  857,106  789,081  1,699,810 
 Selling and marketing expenses  -217,436  -215,577  -454,217  -437,194  -854,508 
 Technology and development expenses  -61,970  -55,140  -119,425  -139,768  -254,974 
 Administrative expenses  -78,338  -84,222  -176,868  -178,623  -363,142 
 Other operating items  3,159  -11,057  23,481  -6,952  26,006 
 Result from participation in associates  2,519  2,129  6,706  -3,424  -6,861 
 Operating profit/loss  81,945  46,744  136,783  23,120  246,332 
 Net financial items  -20,539  -16,317  -54,605  -7,595  -10,722 
 Profit/loss before taxes  61,407  30,427  82,178  15,525  235,609 
 Tax  -14,441  1,931  -16,508  -6,370  -22,114 
 Profit/loss for the period  46,966  32,358  65,670  9,155  213,496 
 Profit for the period attributable to: 
 Parent Company shareholder  42,373  29,220  57,791  4,399  196,705 
 Non-controlling interest  4,593  3,138  7,880  4,756  16,791 
 Earnings per share, SEK 
 Group total, basic  0.55  0.38  0.75  0.06  2.55 
 Group total, diluted  0.54  0.38  0.74  0.06  2.54 
 Statement of comprehensive income 
 Profit/loss for the period, after tax  46,966  32,358  65,670  9,155  213,496 
 Other comprehensive income 
 Items that will be reclassified to profit/loss 
 (after tax) 
 Translation difference  -19,858  -7,310  -96,721  32,868  67,589 
 Items that will not be reclassified to profit/loss 
 (after tax) 
 Revaluation of defined-benefit pension plans  0  3,275  -4,889  -3,894  -3,799 
 Total other comprehensive income for the 
 period, after tax 
 -19,858  -4,035  -101,610  28,974  63,790 
 Total comprehensive income for the 
 period, after tax 
 27,108  28,323  -35,940  38,129  277,285 
 Total comprehensive income for the period 
 attributable to: 
 Parent Company shareholder  19,237  25,185  -43,811  33,373  260,495 
 Non-controlling interest  7,871  3,138  7,871  4,756  16,791 
 14

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

Condensed consolidated interim statements of financial position 
 TSEK  30 Jun 2025  30 Jun 2024  31 Dec 2024 
 Goodwill and intangible assets  1,903,301  1,905,290  1,994,356 
 Tangible assets  16,611  15,558  13,610 
 Right-of-use assets  61,366  62,016  70,830 
 Non-current financial assets  73,411  70,045  68,048 
 Inventory  83,700  56,677  53,132 
 Trade receivables  225,584  202,875  220,381 
 Other current receivables  314,999  307,130  345,837 
 Cash and cash equivalents  485,206  314,753  622,954 
 Total assets  3,164,178  2,934,343  3,389,147 
 Equity  1,458,322  1,312,629  1,551,632 
 Non-current liabilities  158,861  155,560  828,766 
 Trade payables  268,582  243,385  292,236 
 Other current liabilities  1,278,412  1,222,769  716,514 
 Total equity and liabilities  3,164,178  2,934,343  3,389,147 
 15

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

Condensed consolidated interim statement of changes in equity 
 30 Jun 2025  Equity attributable to shareholders in parent company 
 TSEK 
 Share 
 capital 
 Oth. cap. 
 contri 
 -butions 
 Translation 
 difference 
 Retained 
 earnings  Total 
 Non- 
 controlling 
 interests 
 Total 
 equity 
 Opening equity as of 1/1/2025  38,575  3,578,102  182,540  -2,322,222  1,476,996  74,636  1,551,632 
 Non-controlling interest from 
 acquisition of Bokfabriken AB  -  -  -  -  -  34,431  34,431 
 Total comprehensive income for the 
 year: 
 Profit for the year  -  -  -  57,791  57,791  7,880  65,670 
 Other total comprehensive income for 
 the year  -  -  -96,712  -4,889  -101,601  -9  -101,610 
 Total comprehensive income for the 
 year 
 -  -  -96,712  52,901  -43,811  7,871  -35,940 
 Transactions with the Group's owners 
 Dividend SEK 1.00 per share  -  -  -  -77,151  -77,151  -  -77,151 
 Dividend to minority owners  -  -  -  -  -  -18,000  -18,000 
 Share-related compensations  -  -  -  3,350  3,350  -  3,350 
 Closing equity as at 6/30/2025  38,575  3,578,102  85,828  -2,343,121  1,359,384  98,938  1,458,322 
 30 Jun 2024  Equity attributable to shareholders in parent company 
 TSEK 
 Share 
 capital 
 Oth. cap. 
 contri 
 -butions 
 Translation 
 difference 
 Retained 
 earnings  Total 
 Non- 
 controlling 
 interests 
 Total 
 equity 
 Opening equity as of 1/1/2024  38,554  3,578,102  114,951  -2,523,769  1,207,838  65,345  1,273,182 
 Total comprehensive income for the 
 year: 
 Profit for the year  -  -  -  4,399  4,399  4,756  9,155 
 Other total comprehensive income for 
 the year  -  -  32,868  -3,894  28,974  -  28,974 
 Total comprehensive income for the 
 year 
 -  -  32,868  505  33,373  4,756  38,129 
 Transactions with the Group's owners 
 Dividend to minority owners  -  -  -  -  -  -7,500  -7,500 
 Share-related compensations  -  -  -  8,818  8,818  -  8,818 
 Closing equity as at 6/30/2024  38,554  3,578,102  147,819  -2,514,446  1,250,029  62,601  1,312,629 
 16

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

Condensed consolidated interim statements of cash flows 
 TSEK  Q2 2025  Q2 2024  Jan-Jun 2025  Jan-Jun 2024 
 Profit/loss after financial items  61,407  30,427  82,178  15,525 
 whereof interest paid/received  -6,057  -11,712  -12,777  -23,905 
 Adjustments for non-cash items  93,741  85,266  179,498  131,922 
 Taxes paid  -15,343  -9,220  -34,071  -13,023 
 Cash flow from operations before changes 
 in working capital 
 139,804  106,472  227,605  134,423 
 Change in inventory  -2,862  195  -13,931  1,121 
 Change in operating receivables  -21,100  -15,970  26,117  43,386 
 Change in operating liabilities  39,361  -12,932  -55,614  -100,197 
 Change in working capital  15,399  -28,707  -43,429  -55,690 
 Cash flow from operating activities  155,204  77,765  184,176  78,733 
 Operational Capex  -41,308  -40,221  -71,905  -71,316 
 Cash flow from other investing activities  -8,466  -4,134  -70,426  -11,423 
 Cash flow from investing activities  -49,775  -44,355  -142,331  -82,739 
 External borrowings  -  -  -  - 
 Repayment of debt  -50,000  -50,000  -50,000  -100,000 
 Cash flow from other financing activities  -104,281  -15,519  -113,632  -24,781 
 Cash flow from financing activities  -154,281  -65,519  -163,632  -124,781 
 Cash flow for the period  -48,852  -32,109  -121,787  -128,787 
 Available funds at the beginning of period  533,614  351,793  622,954  436,143 
 Cash flow for the period  -48,852  -32,109  -121,787  -128,787 
 Translation differences in available funds  444  -4,932  -15,961  7,396 
 Available funds at end of period  485,206  314,753  485,206  314,753 
 17

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

Notes to the condensed consolidated interim 
 financial statements 
 Note 1 Accounting and valuation principles 
 This interim report includes the Swedish Parent Company Storytel AB (publ), CIN 556575-2960, and its 
 subsidiaries. Storytel is one of the world's largest streaming services for audiobooks and e-books and 
 offers more than 1,500,000 titles globally with a presence in over 25 markets. Our vision is to make the 
 world a more empathetic and creative place through fantastic stories that can be shared and appreciated 
 by anyone, anywhere and at any time. The Streaming operations within Storytel Group are carried out 
 under the brands Storytel, Mofibo and Audiobooks.com. The publishing business is managed by Storytel 
 Books and the audiobook publisher Storyside. The Parent Company is a limited liability company with its 
 registered office in Stockholm, Sweden. The head office is at Tryckerigatan 4, 111 28 Stockholm, Sweden. 
 Storytel applies the International Financial Reporting Standards (IFRS) as they have been adopted by the 
 EU. This consolidated interim report was prepared in accordance with IAS 34 Interim Financial Reporting, 
 recommendation RFR 1 issued by the Swedish Financial Reporting Board, and the Annual Accounts Act 
 (1995:1554), where applicable. 
 The interim report for the Parent Company was prepared in accordance with Chapter 9 of the Annual 
 Accounts Act (Interim Report) and recommendation RFR 2 issued by the Swedish Financial Reporting 
 Board. The same accounting principles, bases for calculation and assessments were applied to the Group 
 and the Parent Company as in the most recent annual report. A detailed description of the Group’s other 
 applied accounting principles and new and pending standards is included in the most recently published 
 annual report. 
 There are no new IFRS standards or amendments of existing IFRS standards during 2024 and 2025 that 
 have had a material impact on the performance and financial position of Storytel. Disclosures pursuant to 
 IAS 34.16A are also presented in the financial statements as well as related notes, and are an integral part 
 of this financial statement. 
 Note 2 Significant estimates and judgements 
 When preparing the financial statements, the company’s management and the Board must make certain 
 assessments and assumptions that affect the carrying amounts of asset and liability items and income and 
 expense items, respectively, as well as other information provided. The assessments are based on 
 experiences and assumptions that the management and the Board deem to be reasonable given the 
 prevailing circumstances. Actual outcome may then differ from these assessments if other conditions arise. 
 The estimates and assumptions are evaluated on an ongoing basis and changes in estimates are reported 
 in the period in which the change is made if the change has only affected this period, or in the period in 
 which the change is made and future periods if the change affects both the current period and future 
 periods. For other significant estimates and judgements, please refer to the most recent annual report. 
 Note 3 Definitions and key ratios including alternative 
 performance measures 
 Storytel reports a number of different items and financial key ratios in its consolidated financial statements. 
 The key ratios aim to make it easier for investors and other stakeholders to analyze and understand 
 Storytel's operations and development in the same way that the business and its development are 
 monitored by management. Of these measures, some are defined in IFRS, while others are defined in 
 neither the financial framework nor other legislation. For key ratios that are not defined in IFRS, this report 
 presents their purpose and how they relate to the financial statements presented in accordance with IFRS. 
 For definitions of financial measures and key ratios used, please see further below. 
 18

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

Note 4 Transactions with related parties 
 There were no significant changes in the scope or type of transactions with related parties to the Group 
 other than those presented in the most recent Annual Report. Any transactions with associated companies 
 take place on market terms. 
 Note 5 Business segments 
 The Group reports segment financials for its two business areas: Streaming, and Publishing. Streaming 
 consists of all streaming services operated under the brands Storytel, Mofibo, and Audiobooks.com. The 
 segment includes 50% of the joint venture in Storytel AS (“Storytel Norway”) income and expenses, to 
 represent a fair picture of its contribution to the Streaming segment. Publishing consists of all publishing 
 houses within the Storytel Group. Costs related to central group overhead functions (such as Finance, HR, 
 Legal etc.) and other group-wide items and eliminations are reported separately to bridge the segment 
 financials to total group result. 
 Both segments include internal transactions that are eliminated to reach the total group result. These 
 transactions include internal sales between the segments, where mainly the Publishing segment reports 
 internal sales to the Streaming segment. Furthermore, Storytel AS (“Storytel Norway”) sales and expenses 
 in the Streaming segment are eliminated in the Group-wide items and elimination column and the net result 
 from the joint venture is reported as Result from participation in associates. 
 Q2 2025 (TSEK)  Streaming  Publishing  Group-wide items 
 and eliminations  Group total 
 Net sales  852,993  299,381  -194,151  958,223 
 whereof external sales  852,993  155,912  -50,682  958,223 
 Cost of sales  -493,946  -205,956  175,691  -524,211 
 Gross profit  359,047  93,425  -18,460  434,012 
 Selling and marketing expenses  -203,973  -20,744  7,280  -217,436 
 Technology and development expenses  -55,256  -6,714  0  -61,970 
 Administrative expenses  -18,874  -32,891  -26,573  -78,338 
 Other operating items  55  2,739  364  3,159 
 Result from participation in associates  -  -  2,519  2,519 
 Operating profit/loss  80,999  35,816  -34,870  81,945 
 Adj. Operating profit/loss  82,230  36,008  -34,754  83,485 
 Add back depr.  31,189  46,242  1,889  79,320 
 EBITDA  112,188  82,058  -32,981  161,265 
 Adj. EBITDA  113,419  82,250  -32,865  162,805 
 19

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

Q2 2024 (TSEK)  Streaming  Publishing  Group-wide items 
 and eliminations  Group total 
 Net sales  834,078  262,768  -172,358  924,488 
 whereof external sales  834,078  140,962  -50,552  924,488 
 Cost of sales  -486,349  -179,381  151,853  -513,877 
 Gross profit  347,729  83,387  -20,505  410,611 
 Selling and marketing expenses  -199,901  -20,179  4,503  -215,577 
 Technology and development expenses  -60,667  -4,963  10,490  -55,140 
 Administrative expenses  -17,145  -35,381  -31,696  -84,222 
 Other operating items  -4,641  3,679  -10,095  -11,057 
 Result from participation in associates  -  -  2,129  2,129 
 Operating profit/loss  65,375  26,543  -45,174  46,744 
 Adj. Operating profit/loss  67,483  27,044  -32,240  62,287 
 Add back depr.  28,836  31,690  2,984  63,510 
 EBITDA  94,211  58,233  -42,190  110,254 
 Adj. EBITDA  96,319  60,463  -29,256  127,526 
 Jan-Jun 2025 (TSEK)  Streaming  Publishing  Group-wide items 
 and eliminations  Group total 
 Net sales  1,715,100  582,792  -386,735  1,911,157 
 whereof external sales  1,715,100  297,601  -101,544  1,911,157 
 Cost of sales  -987,037  -416,765  349,751  -1,054,051 
 Gross profit  728,063  166,027  -36,984  857,106 
 Selling and marketing expenses  -429,372  -38,065  13,220  -454,217 
 Technology and development expenses  -108,139  -11,285  0  -119,425 
 Administrative expenses  -50,596  -64,781  -61,491  -176,868 
 Other operating items  2,391  5,599  15,490  23,481 
 Result from participation in associates  -  -  6,706  6,706 
 Operating profit/loss  142,347  57,495  -63,059  136,783 
 Adj. Operating profit/loss  151,526  58,981  -56,841  153,665 
 Add back depr.  63,719  90,953  4,372  159,045 
 EBITDA  206,066  148,448  -58,687  295,827 
 Adj. EBITDA  215,245  149,934  -52,469  312,710 
 20

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

Jan-Jun 2024 (TSEK)  Streaming  Publishing  Group-wide items 
 and eliminations  Group total 
 Net sales  1,646,370  508,098  -338,094  1,816,374 
 whereof external sales  1,646,370  269,502  -99,498  1,816,374 
 Cost of sales  -960,369  -367,561  300,637  -1,027,293 
 Gross profit  686,001  140,537  -37,457  789,081 
 Selling and marketing expenses  -412,935  -34,260  10,001  -437,194 
 Technology and development expenses  -138,748  -11,510  10,490  -139,768 
 Administrative expenses  -47,871  -62,965  -67,786  -178,623 
 Other operating items  -2,564  5,722  -10,110  -6,952 
 Result from participation in associates  -  -  -3,424  -3,424 
 Operating profit/loss  83,883  37,523  -98,287  23,120 
 Adj. Operating profit/loss  122,072  43,055  -71,450  93,678 
 Add back depr.  60,100  74,402  3,547  138,049 
 EBITDA  143,984  111,925  -94,740  161,168 
 Adj. EBITDA  182,172  117,457  -67,903  231,726 
 Note 6 Revenue from contracts with customers 
 Q2 2025 (TSEK)  Streaming  Publishing  Group total 
 Type of product or service 
 Revenue from subscriptions of streaming service  788,404  -  788,404 
 Revenue from publishing activities  -  155,912  155,912 
 Other  13,908  -  13,908 
 Revenue from contracts with customers  802,312  155,912  958,223 
 Q2 2024 (TSEK)  Streaming  Publishing  Group total 
 Type of product or service 
 Revenue from subscriptions of streaming service  767,182  -  767,182 
 Revenue from publishing activities  -  140,962  140,962 
 Other  16,344  -  16,344 
 Revenue from contracts with customers  783,526  140,962  924,488 
 21

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

Note 7 Items affecting comparability (IACs) 
 Items affecting comparability (IACs) include items of a significant character that distort comparisons over 
 time, such as costs related to acquisitions, divestments, and market exits; restructuring costs; significant 
 impairments and write-downs; as well as expenses, or reversals of expenses, arising from the group’s 
 share-based incentive schemes. 
 During 2025, IACs of -16.9 MSEK relate to the Group’s share-based incentive schemes. 
 TSEK  Q2 2025  Q2 2024  Jan-Jun 2025  Jan-Jun 2024 
 Share-based incentive schemes  -1,540  -6,378  -16,883  -16,327 
 Divestment and structural changes  -  -9,047  -  -9,613 
 Organizational changes  -  -118  -  -44,617 
 EBIT  -1,540  -15,543  -16,883  -70,558 
 Add back depr.  -  -1,730  -  - 
 EBITDA  -1,540  -17,272  -16,883  -70,558 
 Items affecting comparability (IACs) effect on the P&L 
 TSEK  Q2 2025  Q2 2024  Jan-Jun 2025  Jan-Jun 2024 
 Cost of sales  -12  2,079  -330  -4,501 
 Selling and marketing expenses  -303  45  -2,867  -24,825 
 Technology and development expenses  -441  -733  -2,428  -9,551 
 Administrative expenses  -784  -6,824  -11,258  -21,570 
 Operating profit/loss  -1,540  -15,543  -16,883  -70,558 
 Add back depr.  -  -1,730  -  - 
 EBITDA  -1,540  -17,272  -16,883  -70,558 
 22

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

Note 8 Financial instruments 
 Valuation hierarchy 
 The levels of the valuation hierarchy are described as follows: 
 Level 1 – Listed prices (unadjusted) in active markets for identical assets and liabilities. 
 Level 2 – Observable input data for the asset or liability other than quoted prices included in Level 1, either 
 directly (i.e., price quotations) or indirectly (i.e., derived from price quotations). 
 Level 3 – Asset or liability input data that is not based on observable market data (i.e., non-observable 
 input data). 
 Acquisition option 
 During Q1 2025 Storytel acquired the remaining 6.7 % shares in Earselect AB, which resulted in an 
 additional transferred consideration of 4,045 TSEK. 
 Financial liabilities valued at fair value (TSEK)  Jan-Jun 2025  Jan-Jun 2024  Jan-Dec 2024 
 Opening balance  4,045  8,634  8,634 
 Consideration paid  -4,045  -4,067  -4,067 
 Reversed due to divestment  -  -  -522 
 Closing balance  -  4,567  4,045 
 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. 
 23

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

Note 9 Business combinations 
 A consideration of 4,045 TSEK for Storytel’s acquisition option in Earselect was paid during the period. 
 Storytel obtained a remaining 6.7% ownership and owned at the end of the period 100% of Earselect. 
 On January 31, Storytel Group announced that the company has acquired a 70 percent majority stake in 
 Swedish publisher Bokfabriken, one of Sweden's largest general publishing houses. The purchase price 
 allocation according to IFRS 3 – Business Combinations has not yet been finalized, but a preliminary 
 summary of acquired assets and assumed liabilities as of the acquisition date is based on the following 
 assessment: 
 MSEK 
 Intangible assets  58.5 
 Right-of-use assets  1.9 
 Inventories  16.9 
 Cash and cash equivalents  7.4 
 Trade receivables and other receivables  10.2 
 Trade payables and other payables  -15.7 
 Lease liabilities  -1.9 
 Deferred tax liability  -12 
 Net identifiable assets  65.3 
 Goodwill  49.7 
 Purchase price at 100% of net identifiable assets  115 
 Acquired shares  70% 
 Purchase price  80.6 
 Net sales from Bokfabriken amounted to 32.3 MSEK since the acquisition date, of which external sales 
 recognized in the Group’s statement of comprehensive income totaled 14.9 MSEK. The impact on 
 operating profit was 2.2 MSEK during the period. 
 Note 10 Net interest-bearing debt (NIBD) 
 Net Interest-Bearing Debt (NIBD) is defined as total interest-bearing liabilities (excluding lease and 
 pensions liabilities) plus dividend payables, less cash and cash equivalents and interest-bearing assets. 
 TSEK  30 Jun 2025  30 Jun 2024  31 Dec 2024 
 Interest-bearing liabilities within Current liabilities  600,000  649,691  - 
 Interest-bearing liabilities within Non-current liabilities  -  -  650,000 
 Cash and cash equivalents  485,206  314,753  622,954 
 Total Net Interest-Bearing Debt (NIBD)  114,794  334,938  27,046 
 24

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

Condensed parent company interim statements of comprehensive income 
 TSEK  Q2 2025  Q2 2024  Jan-Jun 2025 
 Jan-Jun 
 2024 
 Jan-Dec 
 2024 
 Net sales  4,435  13,174  8,870  24,674  46,043 
 Gross profit  4,435  13,174  8,870  24,674  46,043 
 Selling, marketing and administrative expenses  -10,799  -12,174  -24,173  -27,092  -59,672 
 Other operating items  -13  -23  2,053  -39  -42 
 Operating profit/loss  -6,377  977  -13,251  -2,456  -13,670 
 Net financial items  -8,345  -5,788  -13,122  -12,080  -22,639 
 Profit/loss before taxes  -14,722  -4,811  -26,373  -14,536  -36,309 
 Tax  -  -  -  -  - 
 Profit/loss for the period  -14,722  -4,811  -26,373  -14,536  -36,309 
 Parent Company´s condensed 
 statement of comprehensive income 
 Profit for the period  -14,722  -4,811  -26,373  -14,536  -36,309 
 Total comprehensive income for 
 the period  -14,722  -4,811  -26,373  -14,536  -36,309 
 Condensed parent company interim statements of financial position 
 TSEK  30 Jun 2025  30 Jun 2024  31 Dec 2024 
 Non-current financial assets  4,621,088  4,589,744  4,634,422 
 Current receivables  107,869  341,748  201,721 
 Cash and cash equivalents  203,797  23,900  286,060 
 Total assets  4,932,754  4,955,391  5,122,203 
 Equity  4,056,046  4,182,472  4,159,382 
 Non-current liabilities  -  -  650,000 
 Current liabilities  876,708  772,919  312,822 
 Total equity and liabilities  4,932,754  4,955,391  5,122,203 
 25

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

Definitions and key ratios including alternative 
 performance measures 
 26 
 Net sales  Operating main income, invoiced costs, incidental revenue and revenue adjustments. 
 Net sales growth rate, %  Net sales for the current year divided by the previous year’s net sales. 
 Net sales growth rate, %, CER  Net sales growth rate, where the current year’s net sales are calculated at the 
 exchange rates prevailing in the previous year. 
 Gross profit  Profit after cost of sales. 
 Gross profit %, Gross margin  Gross profit as a percentage of net sales. 
 Operating profit (EBIT)  Profit before interest and tax. 
 Operating margin (EBIT margin)  Operating profit as a percentage of net sales. 
 Profit/loss before taxes  Profit after financial income and expenses, before tax. 
 Profit margin (%)  Profit after tax as a percentage of net sales. 
 Equity-to-assets ratio (%)  Adjusted equity (including non-controlling interests) as a percentage of the balance 
 sheet total. 
 Equity  The net assets of the business, i.e., the difference between assets and liabilities, 
 including non-controlling interests. 
 Balance sheet total  The company’s total assets. 
 FTE  Full-Time Equivalents. 
 Number of employees  Average number of employees during the financial year. 
 ARPU  Average Revenue Per User (subscriber) per month. 
 Average paying subscribers 
 The average number of paying subscribers during the period. For Family 
 subscriptions, each standard stream (not so-called Kids Mode) is considered one 
 paying subscriber. 
 CER  Constant Exchange Rates. 
 EBITDA  Earnings before interest, taxes, depreciation and amortization. 
 EBITDA margin  EBITDA as percentage of Net Sales. 
 Revenue (Streaming Segment)  Sales from audiobook and e-book streaming services on all Storytel platforms, 
 considering 50% of Storytel Norway’s revenue in line with Storytels ownership. 
 Revenue (Streaming KPI)  ARPU times (Avg.) Paying Subscribers. See also footnote 4 on page 8. 
 Revenue (Publishing Segment) 
 Physical books and digital sales from all publishing houses in the group, including 
 group-internal revenue from Storytel. For the consolidated group accounts, internal 
 publishing revenue is eliminated. See also footnote 1 on page 1. 
 Items affecting 
 comparability (IAC) 
 IACs include items of a significant character that distort comparisons over time, such 
 as costs related to acquisitions, divestments, and market exits; restructuring costs; 
 significant impairments and write-downs; expenses, or reversals of expenses, arising 
 from the group’s share-based incentive schemes. 
 Adjusted cost of sales, gross 
 profit, expenses, EBITDA, and 
 operating profit 
 Adjusted key figures - cost of sales, gross profit, expenses, EBITDA, and operating 
 profit - reflect the underlying key figure when excluding items affecting comparability. 
 Operational Capex  Investments into product & tech and audiobook productions. 
 Operational Cash Flow  Adjusted EBITDA less Operational Capex. 
 Net Interest-Bearing Debt (NIBD) 
 Net Interest-Bearing Debt (NIBD) is defined as total interest-bearing liabilities 
 (excluding lease and pension liabilities) plus dividend payables, less cash and cash 
 equivalents and interest-bearing assets. 
 NIBD/adjusted R12 EBITDA ratio  NIBD divided by adjusted EBITDA for the last twelve months.