FULLTEXT DEL 1 AV 1

Kvartalsrapport Q2 2025

===== 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.