FULLTEXT DEL 1 AV 1
Kvartalsrapport Q3 2023

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Highlights
“Storytel updatesits2023guidanceonthebackof strongoperationalandﬁnancial performanceduringthequarter”
Financial HighlightsQ3
Thirdquarter2023comparedtothethirdquarter2022
● Streamingrevenueup13%to842(742)MSEK,15%excludingRussia● Groupnetsalesincreasedby11%to896(806)MSEK,12%excludingRussia● Grossproﬁtup13%to352(312)MSEK,equalingamarginof39.3%(38.7%)● EBITDAincreasedby55%to92(59)MSEK,equalingamarginof10.3%(7.3%)● Operatingproﬁtof15(-21)MSEK● Basicanddilutedearningspershareamountedto-0.06(-0.04)SEK● Cashﬂowfromoperationsbeforechangesinworkingcapitalamountedto79(60)MSEK● Operationalcashﬂowamountedto56(20)MSEK
January- September2023comparedtotheperiodJanuary- September2022● Streamingrevenuegrew11%to2,383(2,145)MSEK,13%excludingRussia● Groupnetsalesincreasedby9%to2,543(2,334)MSEK,11%excludingRussia● Grossproﬁtup12%to1,001(891)MSEK,equalingamarginof39.3%(38.2%)● EBITDAincreasedto161.8(-94.9)MSEK,equalingamarginof6.4%(-4.1%)● Basicanddilutedearningspershareamountedto-1.29(-4.27)SEK● Cashﬂowfromoperationsbeforechangesinworkingcapitalamountedto121(-130)MSEK● Operationalcashﬂowamountedto43(-151)MSEK
Other HighlightsQ3
● Storytelincreasestheguidanceonfull-year2023adjustedEBITDAmargintobewellabove6.4%,andonoperationalcashﬂow(adjustedEBITDAlessoperationalcapex)tobeatleast80MSEK.Guidanceregardingorganicstreamingrevenuegrowthremainsinlinewiththepreviousyearandisunchangedat11%for2023.
● ThepartnershipwithYettelinBulgaria(3+millionaddressableusers)launchedinSeptemberandisalreadyshowingpromisingsignsfromapaybasegrowthperspective.
● Storytel’sagreementwithLGUplusSouthKorea(20+millionaddressableusers),oneofSouthKorea’slargesttelcos,communicatedinSeptemberwillhelpunlocknewopportunitiesinoneofourexpansionmarkets.
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CEO-statement
Executingonthestrategyofsustainableandproﬁtablegrowth
Fortheﬁrsttimesince2016wearedeliveringanoperatingproﬁt.Wesawstrongimprovementsofbothoperationalandﬁnancialperformancethroughcontinueddisciplinedexecutionofourproﬁtablegrowthstrategy,whichalsoledustoincreaseournear-termguidance.
OctobermarksmyoneyearanniversaryatStorytel.WecontinuetoexecuteonthelongtermstrategicshiftconsistentwithourplansannouncedatCapitalMarketsDayinJune.Thestrategyisdeliveringresultsearlierthaninitiallyexpected.Wenotonlydeliveredyetanother(oursixth)consecutivequarterofEBITDAproﬁtability,butarequicklyapproachingbottomlineproﬁtabilitythroughacombinationofhealthygrowthinthenumberofpayingsubscribers,higherrevenuesperuser, andamoredisciplinedapproachtocostmanagement.
ImprovedperformanceandontracktodeliveronﬁnancialtargetsDespiteachallengingmacroeconomicenvironmentinScandinaviaandseveralothercoremarkets,ourperformanceinthequarterbearstestimonytotheresiliencyoftheaudiobookmarketandofourbusinessmodel.ChurnremainshealthyandARPUisatagoodlevel.Inthethirdquarter, Storytelexperiencedsolidrevenuegrowthandimprovedproﬁtabilityandcashﬂowascomparedtothethirdquarterlastyear. Groupnetsalesforthequartergrew11%to896 MSEKwithstreamingrevenuesincreasing13percentto842MSEK.Whilethegrossmarginincreasedby0.6percentagepointsto39.3percenttheEBITDAmarginforthequarterincreasedby3.0percentagepointsto10.3%.Cashﬂowfromoperationsbeforechangesinworkingcapitalamountedto79(60)MSEK.Operationalcashﬂowamountedto56(20)MSEK.Storytel’sstreamingbusinessintheNordicscontinuestoadvancewitha16%growthinrevenuesto572MSEKcomparedtothethirdquarter2022(493MSEK).Thewell
executedsummercampaignsupporteda3.5%growthinaveragepayingsubscribersto1,169,000(1,129,000).Wecontinuetofocusonattractingcustomersinacosteﬃcientwayandhaveimprovedtheaveragecustomerlifetimevaluerelativetothecustomeracquisitioncostcomparedto2022.Ourfourgrowthmarkets- TheNetherlands,Poland,BulgariaandTurkey- continuedtogrowstrongly,witha25%increaseinpayingsubscriberscomparedtothethirdquarter2022.ThesemarketsachievedgrowthinacosteﬃcientwayandarecontributingpositivelytoourEBITDAinthequarter. OurUSbusiness,Audiobooks.com,continuestodelivergoodproﬁtabilityandcashgeneration.IntotalNon-Nordicstreaminggrewrevenueswith13percentto271MSEK(250MSEK)andthesubscriberbasewith4.3percentto975,000(935,000).
UniquecontentandimprovedexperiencetodrivesubscribergrowthWecontinuedoureﬀortstodiﬀerentiatetheproductandcustomerexperiencethroughuniqueStorytelcontentandtoimprovetheuseofdataandanalyticsindeliveringamorepersonalizedaudio-storyexperienceforeverysubscriber. Whilewecontinuetoinvestappropriatelyinproduct,technologyanddataforthelongterm,wealsofocusoneﬃciencieswhichledtoanongoingrestructuringofourStreamingContentandStorytelBooksorganizations.Ourfocusistoattractbest-in-classstorytellersinordertoserveoursubscribersadiﬀerentiated,relevantandhighqualitycontentlineupthatcanonlybefoundonStorytel.We’vebeencreatingStorytelOriginalssince2016andwillcontinuetodo3

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sogoingforward.InQ3wedeliveredsuccessessuchasSpoorloosdeel3,thethirdpart oftheDutchcrimeseriesbySuzanneVermeer, theSwedishbiographyMinLilleNordbySaraKastrupThane,Dø,omsådetgælder, aDanishtruestoryaboutaformergangmemberbyThomasStokholm&AbudMustafa,andtheItalianﬁctionalcomedyMidicatutto3- allmuchbelovedlocalStorytelOriginalsdemonstratingthebreadthofourcontentambitions.OurpartnershipsteamisdedicatedtobringingmorelistenerstotheplatformthroughpartnerssuchasOEMs,telcos,ﬁnancialservicesande-commerceplayers.Theteamdeliveredsolidprogressinthethirdquarterwithtwoagreementswithnewpartners.ThepartnershipwithYettelinBulgaria(3+millionaddressableusers)launchedSeptember1andisalreadyshowingpromisingsignsfromapaybasegrowthperspective.OuragreementwithLGUplusSouthKorea(20+millionaddressableusers),oneofSouthKorea’slargesttelcos,launchedafewweeksagoandwillhelpunlocknewopportunitiesinoneofourexpansionmarkets.WeexpecttoannouncemorepartnershipswithleadingTelcossoon.Thefastgrowingaudiobookindustryoﬀersattractiveprospectstonewcompetitors,bothlocallyandglobally. Storytelisawell-positionedmarketleaderinthenon-Englishspeakingmarketsthatwefocuson,andwehavesuccessfullycompetedwithotherservicesformanyyears.Audiobookconsumptionishighlylocal,withmorethan85%ofconsumptiontakingplaceinthelocallanguagefromworksbylocalauthors.OurstrategyofoperatingbothD2CStreamingservicesandleadingpublishinghouses;ourinvestmentsindiﬀerentiatingandoriginalaudio-storycontent;ourwell-establishedbrandsynonymouswithhighqualityaudiobookexperiences;andourknow-howinoﬀeringabest-in-classenginefordiscoveryandenjoymentofaudiobookcontent;provideuswithvaluable
competitivebeneﬁts.Weareconﬁdentthatwearewellpositionedtocontinuecompetingsuccessfullyinthisattractiveindustry.
NeartermguidanceOurfull-year2023guidanceregardingorganicstreamingrevenuegrowthisinlinewiththepreviousyearandremainsunchangedat11%.Basedonthestrongeryear-to-dateperformance,weincreasetheguidanceonadjustedEBITDAmargintobewellabove6.4%,andanoperationalcashﬂow(adjustedEBITDAlessoperationalcapex)tobeatleast80MSEKforthefullyear2023.Storytelalreadyhasaprovenbusinessmodelandastrongmarketposition.I feelconﬁdentaboutourlongtermstrategyandwewillcontinuetoexecuteinadisciplinedmannerinordertobuildcustomervalueanddeliverstronggrowthﬁnancedbyinternalcapitalgenerationgoingforward.Wearemakingsolidprogresstowardsourmidtermﬁnancialtargetsandareinagoodpositiongoinginto2024.StockholmOctober31,2023
JohannesLarcher, CEO
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Table1:KeyPerformanceIndicators
TSEK Q32022 Q42022 Q12023 Q22023 Q32023 YTD2022 YTD2023StreamingTotal
1
Revenue 742,426 742,283 742,081 798,881 842,407 2,145,480 2,383,369Revenueexcl Russia 732,837 742,374 742,081 798,881 842,407 2,105,955 2,383,369Grossproﬁt 307,463 304,594 317,067 344,949 366,414 869,875 1,028,431Grossmargin 41.4% 41.0% 42.7% 43.2% 43.5% 40.5% 43.2%Avg. PayingSubscribers 2,064,000 2,036,000 2,041,000 2,055,000 2,144,000 2,048,000 2,080,000ARPU(SEK/month) 120 122 121 130 131 116 127
StreamingNordics
1
Revenue 492,765 498,336 496,630 543,765 571,625 1,420,710 1,612,020Grossproﬁt 189,289 184,767 200,992 227,364 241,027 532,432 669,384Grossmargin 38.4% 37.1% 40.5% 41.8% 42.2% 37.5% 41.5%Avg. PayingSubscribers 1,129,000 1,132,000 1,125,000 1,122,000 1,169,000 1,089,000 1,139,000ARPU(SEK/month) 145 147 147 162 163 145 157
StreamingNon-NordicsRevenue 249,662 243,947 245,451 255,117 270,782 724,770 771,350Revenueexcl Russia 240,073 244,038 245,451 255,117 270,782 685,245 771,350Grossproﬁt 118,173 119,828 116,075 117,585 125,387 337,443 359,047Grossmargin 47.3% 49.1% 47.3% 46.1% 46.3% 46.6% 46.5%Avg. PayingSubscribers 935,000 904,000 916,000 933,000 975,000 959,000 941,000ARPU(SEK/month) 89 90 89 91 93 84 91
BooksRevenue 147,199 193,069 130,083 128,668 139,970 453,503 398,721Grossproﬁt 81,916 85,141 68,472 67,525 65,098 244,500 201,095Grossmargin 55.6% 44.1% 52.6% 52.5% 46.5% 53.9% 50.4%
Grouptotal
2
Revenue 805,819 866,663 796,293 851,070 895,758 2,333,719 2,543,121Grossproﬁt 311,907 322,377 315,501 333,183 351,869 890,768 1,000,553Grossmargin 38.7% 37.2% 39.6% 39.1% 39.3% 38.2% 39.3%
RevenueGrowthYoY Q32022 Q42022 Q12023 Q22023 Q32023 YTD2022 YTD2023StreamingTotal
1
Revenue 27.3% 22.7% 6.2% 13.4% 13.5% 30.4% 11.1%Revenueexcl Russia 29.5% 27.0% 9.2% 15.2% 15.0% 31.8% 13.2%Revenue–CER 22.0% 16.6% 2.9% 9.8% 9.0% 26.5% 7.3%
StreamingNordics
1
Revenue 10.2% 8.6% 8.3% 15.8% 16.0% 11.7% 13.5%Revenue–CER 6.9% 4.8% 6.8% 13.9% 12.6% 8.7% 11.2%
StreamingNon-NordicsRevenue 83.7% 67.0% 2.3% 8.5% 8.5% 94.2% 6.4%Revenueexcl Russia 102.2% 94.5% 11.0% 13.9% 12.8% 110.8% 12.6%Revenue–CER 71.7% 53.5% -4.7% 1.6% 2.1% 87.3% -0.3%
BooksRevenue -18.3% -5.5% -12.9% -18.0% -4.9% -0.4% -12.1%Revenue–CER -19.4% -7.0% -14.6% -20.0% -7.5% -1.7% -14.2%
1 
Streamingrevenueincludesall of Storytel Norway’srevenue.2 
Intheconsolidatedaccounts, Storytel Norwayisreportedinaccordancewiththeequitymethod. Asaresult, theStreamingrevenuelistedinTable1ishigher thanintheconsolidatedstatement of accountsinorder toprovideamoreaccurateﬁgurefor averagerevenueper subscriber. PleaseseeNote5foradditional details.
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Developmentsduringthethirdquarter, Group
Comparativeﬁguresinbracketspertaintothethirdquarter2022
NetsalesGroupnetsalesforthequarterincreasedby11%fromthecomparativeperiodto895.8(805.8)MSEK,andincreasedby12%whenexcludingRussia.TheincreaseisdrivenbysolidgrowthintheStreamingsegment’stopmarkets,especiallytheNordicsandalsothefourgrowthmarkets.TheBookssegment’sexternalsalesdeclined4.9%,inlinewithexpectations.IntheUS,Audiobooks.comcontinueditsfocusonincreasedproﬁtabilityratherthanrevenuegrowth.Organicstreamingrevenuegrowth,whenexcludingAudiobooks.comandRussia,was13%atconstantexchangeratesinthethirdquarter.Averagepayingstreamingsubscribersincreasedby80,000duringthequarterandamountedto2,144,000withanaverageARPUof131(120)SEK.TheincreaseinthesubscriberbaseversusthesamequarterlastyearisexplainedbygrowthbothwithintheNordicsegmentandourgrowthmarkets.
GrossproﬁtGrossproﬁtincreasedby13%andamountedto351.9(311.9)MSEK,whichequalsagrossmarginof39.3%(38.7%).Costofsalesfortheperiodincreasedto-543.9(-493.9)MSEK.Thegrossmarginincreasedby0.6percentagepointsversusthesamequarterlastyear, andincreasedby0.2percentagepointsversusthesecondquarterof2023.Theimprovementswereexplainedbypositivedevelopmentinthestreamingbusinesswhilebookshadanegativedevelopmentduetoincreasedroyaltycosts.
EBITDAEBITDAforthequarterincreasedby55%andtotaled91.6(59.2)MSEK,whichequalsanEBITDAmarginof10.3%(7.3%).Thesigniﬁcantimprovementisdrivenbystronggrowthinstreamingrevenuewhichis
growingfasterthancostsasaresultofcontinuedcosteﬃciencymeasures.
OperatingproﬁtOperatingproﬁtforthequartertotaled15.0(-20.9)MSEK.TheimprovementwastoalargeextentderivedfromincreasedrevenueswithinNordicstreaming.Sellingandmarketingexpensesincreasedby10%to-192.6(-174.7)MSEK.Thecomparisonisalsoaﬀectedbyorganizationalchangessincelastyear.Technologyanddevelopmentexpensestotaled-63.3(-82.8)MSEK.Thecomparablequarterincludesawritedownofthetechnicalplatformamountingto-10.2MSEKandanaccelerateddepreciationof-5.0MSEK.Generalandadministrativeexpensestotaled-91.5(-83.0)MSEK.Thechangeismainlyduetoanincreasedcentralizationofcertainfunctionsandofthemanagementteam.
Grouptotal Q32023 Q32022
Net sales 895.8 805.8
Cost of sales -543.9 -493.9
Grossproﬁt 351.9 311.9Sellingandmarketingexpenses
-192.6 -174.7Technologyanddevelopmentexpenses
-63.3 -82.8
Administrativeexpenses -91.5 -83.0
Other operatingincome 5.7 2.8Proﬁt fromparticipationsinassociates
4.8 4.9
Operatingproﬁt/loss 15.0 -20.9
Net ﬁnancial items -14.3 25.1
Proﬁt beforetax 0.7 4.3
NetproﬁtProﬁtbeforetaxforthequarteramountedto0.7(4.3)MSEK.
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===== SIDA 7 =====

Netﬁnancialitemsforthequartertotaled-14.3(25.1)MSEK.Theamountincludes-11.0(-6.3)innetinterestcosts,aswell1.6(36.7)MSEKpositiveFXeﬀectfromaUSDdenominatedcommitmentderivedfromtheacquisitionofAudiobooks.com,andotherFXeﬀectsfromtherevaluationofcertainbalancesheetitems.
Taxesforthequarteramountedto-2.6(-6.7)MSEK.
Netproﬁtforthequarteramountedto-2.0(-2.5)MSEK.Earningspershareforthequartertotaled-0.06(-0.04)SEK,beforeandafterdilution.
CashﬂowCashﬂowfromoperatingactivitiesbeforechangesinworkingcapitalwas78.9(60.2)MSEK.Thechangeinworkingcapitalwas41.0(13.3)MSEK,resultingincashﬂowfromoperatingactivitiesof119.9(73.5)MSEKforthequarter. Cashﬂowfrominvestingactivitieswas-46.4(-63.4)MSEK.Cashﬂowfromﬁnancingactivitieswas-59.4(-8.8)MSEKwhichincludesa-50MSEKdown-paymentofthebanktermloan.Totalcashﬂowforthequarterwas14.1(1.2)MSEK.
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===== SIDA 8 =====

DevelopmentsduringJanuary–September2023,Group
ComparativeﬁguresinbracketspertaintotheperiodJanuary–September2022
NetsalesGroupnetsalesfortheperiodincreasedby9%fromthecomparativeperiodto2,543.1(2,333.7)MSEK,andincreasedby11%whenexcludingRussia.TheincreaseisdrivenbysolidgrowthintheStreamingsegment’stopmarkets,especiallytheNordicsandthegrowthmarkets,whiletheBookssegment’sexternalsalesdeclinedinlinewithexpectations.IntheUS,Audiobooks.comcontinueditsfocusonincreasedproﬁtabilityratherthanrevenuegrowth.Organicstreamingrevenuegrowth,whenexcludingAudiobooks.comandRussia,was11%atconstantexchangeratesintheperiod.Averagepayingstreamingsubscribersincreasedbyover31,000duringtheperiodandamountedto2,080,000withanaverageARPUof127(116)SEK.TheincreaseinthesubscriberbaseversusthesameperiodlastyearisexplainedbygrowthbothwithintheNordicssegmentandgrowthmarkets.Netsubscriberintakewasespeciallystrongduringthesummer.
GrossproﬁtGrossproﬁtamountedto1,000.6(890.8)MSEK,whichequalsagrossmarginof39.3%(38.2%).Thegrossmarginincreasedby1.1percentagepointsversusthesameperiodlastyear. Costofsalesfortheperiodtotaled-1,542.6(-1,443.0)MSEK.
ThesigniﬁcantimprovementisdrivenbythestrategicshifttofocusonproﬁtablegrowthandmostlydrivenbyapositivedevelopmentinthestreamingbusinessintheNordicsandthefourgrowthmarkets.
EBITDAEBITDAfortheperiodtotaled161.8(-94.9)MSEK,whichequalsanEBITDAmarginof6.4%(-4.1%).Thecorrespondingperiodlastyearcontaineditemsaﬀectingcomparability
of134.2MSEK;adjustedforthis,theEBITDAlastyearamountedto39.2MSEK.
OperatingproﬁtOperatingproﬁtfortheperiodtotaled-62.4(-342.3)MSEK.Thecomparableperiodincludeditemsaﬀectingcomparabilitytotaling-179.1MSEK.Sellingandmarketingexpensesdecreasedby16%to-617.1(-735.4)MSEK.Thecomparableperiodincludeditemsaﬀectingcomparabilitytotaling-25.6MSEK.Technologyanddevelopmentexpensestotaled-196.7(-251.3)MSEK,whichincludescontinuousinvestmentsintheplatform,strivingtoincreasesubscriberengagement.Thecomparableperiodincludeditemsaﬀectingcomparabilitytotaling-57.4MSEK.Generalandadministrativeexpensestotaled-284.2(-272.2)MSEK.Thechangeismainlyduetotheincreasedcentralizationofcertainfunctionsandofthemanagementteam,aswellaseﬀectsonaccrualsinthecostbaselastyearinrelationtothereorganizationandoflong-termincentiveprograms.Thecomparableperiodincludeditemsaﬀectingcomparabilitytotaling-60.5MSEK.
Grouptotal Q1-Q32023 Q1-Q32022
Net sales 2,543.1 2,333.7Cost of sales -1,542.6 -1,443.0Grossproﬁt 1,000.6 890.8Sellingandmarketingexpenses
-617.1 -735.4Technologyanddevelopmentexpenses
-196.7 -251.3
Administrativeexpenses -284.2 -272.2
Other operatingincome 24.8 22.3Proﬁt fromparticipationsinassociates
10.3 3.5
Operatingproﬁt/loss -62.4 -342.3Net ﬁnancial items -19.2 50.3Proﬁt beforetax -81.6 -292.0
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===== SIDA 9 =====

Itemsaﬀectingcomparability Q1-Q32023 Q1-Q32022
Net sales - -Cost of sales - -35.6Grossproﬁt - -35.6Sellingandmarketingexpenses
- -25.6Technologyanddevelopmentexpenses
- -57.4
Administrativeexpenses - -60.5
Other operatingincome - -Proﬁt fromparticipationsinassociates
- -
Operatingproﬁt/loss - -179.1Net ﬁnancial items - -Proﬁt beforetax - -179.1
NetproﬁtProﬁtbeforetaxfortheperiodamountedto-81.6(-292.0)MSEK.
Netﬁnancialitemsfortheperiodtotaled-19.2(50.3)MSEK.Theamountincludes-34.6(-22.3)MSEKinnetinterestcosts,19.7(81.8)MSEKpositiveFXeﬀectfromaUSDdenominatedcommitmentderivedfromtheacquisitionofAudiobooks.com,andotherFXeﬀectsfromtherevaluationofcertainbalancesheetitems.
Taxesfortheperiodamountedto-12.9(2.7)MSEK.
Netproﬁtfortheperiodamountedto-94.4(-289.3)MSEK.
Earningspersharefortheperiodtotaled-1.29(-4.27)SEK,beforeandafterdilution.
CashﬂowCashﬂowfromoperatingactivitiesbeforechangesinworkingcapitalwas121.0(-129.7)MSEK,withtheimprovementdrivenbythestrategicshifttofocusonproﬁtablegrowth.Thechangeinworkingcapitalwas57.0(48.9)MSEK,resultingincashﬂowfromoperatingactivitiesof178.0(-80.8)MSEKfortheperiod.Cashﬂowfrominvestingactivitieswas-146.3(-1,084.0)MSEK.Cashﬂowfromﬁnancingactivitieswas-282.1(702.7)MSEK.Thecurrentperiodincludestherepaymentofa500MSEKbridgeloanandutilizationofa200MSEKbanktermloanand100MSEKRCFduringtheﬁrstquarterof2023.At theendofSeptember50MSEKofthebanktermloanwasamortized.Thecomparableperiodincludesa600MSEKutilizationoftheRCF.Totalcashﬂowfortheperiodwas-250.5(-462.1)MSEK.
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===== SIDA 10 =====

Otherinformation
Financialposition,equity&liquidity(comparedtoSeptember30,2022)At theendoftheperiod,theGrouphad540.6(457.4)MSEKincashandcashequivalents.Theequity-to-assetratioattheendoftheperiodwas52.6%(46.8%).
Totalequityforthequarterwas2,161.0(1,973.3)MSEK.
Totalnon-currentliabilitiesamountedto946.9(915.6)MSEK,ofwhich700MSEKrelatetotheutilizedpart ofthe850MSEKrevolvingcreditfacility(RCF).Totalcurrentliabilitiesamountedto1,002.2(1,330.5)MSEK,ofwhich150MSEKrelatetotheremainingpart ofthetermloanthatwillbefullyamortizedby30June2024.Duringthethirdquarter, 50MSEKofthetermloanwasamortized.
Totalavailableliquidity(cashandcashequivalentsandunutilizedRCF)totalled690.6MSEKattheendoftheperiod.
ParentCompanyStorytelABistheGroup’sParentCompanyandresponsibleforGroup-widemanagement,administrationandﬁnancing.
NetsalesfortheParentCompanyamountedto9.7(10.2)MSEK.Proﬁtbeforetaxamountedto-10.8(-3.8)MSEK,andproﬁt/lossforthequarteramountedto-10.8(-3.8)MSEK.Totalequityamountedto4,196.8(3,813.4)MSEK.ThecondensedincomestatementandbalancesheetfortheParentCompanyarepresentedintheﬁnancialstatementsfortheParentCompanybelow.
RisksanduncertaintyfactorsTheGroupissubjecttosigniﬁcantrisksanduncertainties.Asnotedinthe2022AnnualReport,thesefactorsincludetheprevailingeconomicandbusinessenvironmentsineachoftheGroup’smarkets;commercialrisksrelatedtoexpansionintonewterritories;politicalandlegislativerisksrelatedtochangesinrulesandregulationsinthevariousterritoriesinwhichtheGroupoperates;exposuretoforeignexchangeratemovements;changesintheabilitytoaccesscapitalmarkets;andtheemergenceofnewtechnologiesandcompetitors.Morerecently,inﬂationarypressuresandinterestrateshaveincreasedwhichcouldaﬀectthepurchasingpowerofconsumersandthewillingnessandabilitytoremainsubscriberstothegroup’sservices.Furthermore,theongoingwarintheUkraineandthewarbetweenIsraelandHamasthatresurgedaftertheendofthequarteraddsuncertaintyfromaglobal,macroeconomicperspective.StorytelpreviouslyannouncedandphasedoutitsoperationsinRussiabythethirdquarterof2022andasofSeptember30,2023,despiteprevailinguncertainties,thegroupisnotawareofanyremainingmaterialbalancesheetexposure.Thegroup’soperationsandexposureinIsraelarenotmaterial.
InvestigationinTurkeyIntheﬁrstquarter2023,theTurkishCompetitionAuthoritynotiﬁedStorytelTurkeyYayincilikHizmetleriA.S.(“StorytelTurkey”)thatithasopenedaninvestigationintoStorytelTurkeyonthebasisofacomplaintfromathirdpartyinTurkey.StoryteliscooperatingwiththeTurkishCompetitionAuthority,anditistooearlytodetermineorpredicttheoutcomeoftheinvestigation.
10

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

SigniﬁcanteventsduringtheperiodInAugust,MalinLindbornwasappointedasHeadofCommunications,AnaJuliaGhirellowasappointedasGMofExpansionMarketsandSVPofGlobalPartnerships,andMattiasFrithiofwasappointedasHeadofinvestorRelations.InSeptember, CarolinaCorsellowasappointedasSeniorVicePresidentDataandInsights.ThepartnershipwithYettelinBulgaria(3+millionaddressableusers)launchedinSeptemberisalreadyshowingpromisingsignsfromapaybasegrowthperspective.OuragreementwithLGUplusSouthKorea(20+millionaddressableusers),oneofSouthKorea’slargesttelcos,launchedafewweeksagowillhelpunlocknewopportunitiesinoneofourexpansionmarkets.
SigniﬁcanteventsaftertheperiodTherehavebeennosigniﬁcanteventsaftertheperiod.
Full-year2023guidanceStorytel’sfull-year2023guidancehasbeenupdatedasfollows:
● Organicstreamingrevenuegrowthinlinewithpreviousyear, 11percent(excludingAudiobooks.comandRussia)
● Wellabove6.4percentEBITDAmargin(adjustedforitemsaﬀectingcomparability)
● Anoperationalcashﬂow(adjustedEBITDAlessoperationalcapex)ofatleast80MSEK.
Mid-termﬁnancialtargetsDuringJune2023,theBoardofDirectorsinStoryteldecidedonthefollowingmid-termﬁnancialtargets:
Revenue
● Totalnetsalestoreachatleast5,000MSEKin2026throughorganicgrowth
● Organicaverageannualstreamingrevenuegrowthof15percent
EBITDAmargin
● EBITDAmarginofatleast12percentin2026,withalong-termambitionof15percentorhigher
CAPEX
● CAPEXofabout5percentofGrouprevenue
● PositiveandsigniﬁcantincreaseinOperationalCashFlowfrom2023
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===== SIDA 12 =====

GroupFinancialStatements
CondensedConsolidatedInterimStatementsofComprehensiveIncome
TSEK Q32023 Q32022
Q1-Q32023
Q1-Q32022
Q1–Q42022Net sales 895,758 805,819 2,543,121 2,333,719 3,200,382Cost of sales -543,888 -493,912 -1,542,567 -1,442,951 -1,987,237Grossproﬁt 351,869 311,907 1,000,553 890,768 1,213,145
Salesandmarketingexpenses -192,581 -174,729 -617,121 -735,357 -942,799Technologyanddevelopment expenses -63,339 -82,801 -196,742 -251,254 -322,699General andadministrativeexpenses -91,467 -82,967 -284,169 -272,221 -370,020Other operatingincome 5,735 2,832 24,829 22,284 34,424Result fromparticipationsinassociates 4,805 4,894 10,271 3,525 -1,070Operatingproﬁt/loss 15,023 -20,864 -62,378 -342,255 -389,019
Net ﬁnancial items -14,346 25,134 -19,200 50,260 5,347Proﬁt/lossbeforetaxes 676 4,270 -81,577 -291,995 -383,672
Tax -2,644 -6,727 -12,862 2,733 3,402Proﬁt/lossfor theperiod -1,968 -2,457 -94,440 -289,262 -380,270
Proﬁt for theperiodattributableto:Parent Companyshareholder -4,675 -2,948 -99,186 -291,243 -382,957Non-controllinginterest 2,707 491 4,746 1,981 2,687
Earningsper share, SEKGrouptotal, basic -0.06 -0.04 -1.29 -4.27 -5.51Grouptotal, diluted -0.06 -0.04 -1.29 -4.27 -5.51
Statement of comprehensiveincome
Proﬁt/lossfor theperiod, after tax -1,968 -2,457 -94,440 -289,262 -380,270
Other comprehensiveincomeItemsthat will bereclassiﬁedtoproﬁt/loss(after tax)Translationdiﬀerence -9,862 93,131 49,390 222,912 162,821Itemsthat will not bereclassiﬁedtoproﬁt/loss(after tax)Revaluationof deﬁned-beneﬁt pensionplans
10,998 54,950 7,515 114,311 106,538
Revaluationof hedginginstruments - - - 8,580 10,031
Total other comprehensiveincomefortheperiod, after tax
1,135 148,081 56,904 345,593 279,389
Total comprehensiveincomefor theperiod, after tax
-833 145,624 -37,536 56,331 -100,881
Total comprehensiveincomefor theperiodattributableto:Parent Companyshareholder -3,540 145,133 -42,282 54,350 -103,568Non-controllinginterest 2,707 491 4,746 1,981 2,687
12

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

CondensedConsolidatedInterimStatementsofFinancialPosition
TSEK 30Sep2023 30Sep2022 31Dec2022Intangibleassets 2,642,746 2,755,118 2,622,416Tangibleassets 19,563 28,879 25,985Right-of-useassets 97,697 116,711 115,360Non-current ﬁnancial assets 85,577 95,811 87,690Inventory 89,090 121,454 102,107Current receivables 634,774 643,923 658,581Cashandcashequivalents 540,614 457,411 776,341Total assets 4,110,061 4,219,307 4,388,480
Equity 2,160,968 1,973,262 2,192,950Non-current liabilities 946,889 915,595 831,307Current liabilities 1,002,204 1,330,450 1,364,223Total equityandliabilities 4,110,061 4,219,307 4,388,480
CondensedConsolidatedInterimStatementofChangesinEquity
TSEK Q1-Q32023 Q1-Q32022 Q1–Q42022
Openingequityfor theperiod 2,192,950 1,910,603 1,910,603
Proﬁt/lossfor theperiod -99,186 -289,262 -380,270
Non-controllinginterest -3,400 2,572 -6,449Other total comprehensiveincomefor theyear:Translationdiﬀerence 49,390 222,701 162,821Revaluationof deﬁned-beneﬁt pensionplans 7,515 114,311 106,538Hedgeaccounting - 8,580 8,580Transfer of cashﬂowhedgetobusinesscombinations
- 1,451 1,451
Transactionswithowners:Shareissue -1,074 - 391,068Sharebasedincentiveprograms 14,774 2,306 -1,391
Closingequityfor theperiod 2,160,968 1,973,262 2,192,950
13

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

CondensedConsolidatedInterimStatementsofCashFlows
TSEK Q32023 Q32022
Q1-Q32023
Q1-Q32022
Q1-Q42022Proﬁt/lossafter ﬁnancial items 676 4,270 -81,577 -291,995 -383,672Whereof interest paid -13,998 -6,340 -44,350 -23,855 -28,761Adjustmentsfor non-cashitems 88,236 60,971 225,448 175,467 288,614Taxespaid -10,020 -5,059 -22,915 -13,171 -22,517Cashﬂowfromoperationsbeforechangesinworkingcapital
78,892 60,182 120,956 -129,699 -117,575
Changeininventory 5,345 -12,329 13,609 -52,710 -33,195Changeinoperatingreceivables -13,745 51,289 55,436 189,326 125,083Changeinoperatingliabilities 49,412 -25,645 -11,996 -87,757 -74,758Changeinworkingcapital 41,013 13,315 57,050 48,859 17,130Cashﬂowfromoperatingactivities 119,905 73,497 178,006 -80,840 -100,445
Cashﬂowfrominvestingactivities -46,366 -63,442 -146,342 -1,083,953 -1,141,390Cashﬂowfromﬁnancingactivities -59,436 -8,844 -282,146 702,679 1,085,350Cashﬂowfor theperiod 14,103 1,211 -250,483 -462,114 -156,485
Availablefundsat thebeginningof period 531,326 447,866 776,341 905,882 905,882Cashﬂowfor theperiod 14,103 1,211 -250,483 -462,114 -156,485Translationdiﬀerencesinavailablefunds -4,814 8,334 14,756 13,643 26,944Availablefundsat endof period 540,614 457,411 540,614 457,411 776,341
14

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

NotestotheCondensedConsolidatedInterimFinancialStatements
Note1AccountingandValuationPrinciples
Thisinterimreport includestheSwedishParentCompanyStorytelAB(publ),CIN556575-2960,anditssubsidiaries.Storytelisoneoftheworld'slargeststreamingservicesforaudiobooksande-booksandoﬀersmorethan1,400,000titlesglobally. Ourvisionistomaketheworldamoreempatheticandcreativeplacethroughfantasticstoriesthatcanbesharedandappreciatedbyanyone,anywhereandatanytime.TheStreamingoperationswithinStorytelGrouptakeplaceunderthebrandsStorytel,MoﬁboandAudiobooks.com.ThepublishingbusinessismanagedbyStorytelBooksandtheaudiobookpublisherStoryside.StorytelGroupispresentinover25markets.TheParentCompanyisalimitedliabilitycompanywithitsregisteredoﬃceinStockholm,Sweden.TheaddressoftheheadoﬃceisTryckerigatan4,11128Stockholm,Sweden.
StorytelappliestheInternationalFinancialReportingStandards(IFRS)astheyhavebeenadoptedbytheEU. Thisconsolidatedinterimreport waspreparedinaccordancewithIAS34InterimFinancialReporting,recommendationRFR1issuedbytheSwedishFinancialReportingBoard,andtheAnnualAccountsAct(1995:1554),whereapplicable.
Theinterimreport fortheParentCompanywaspreparedinaccordancewithChapter9oftheAnnualAccountsAct(InterimReport)andrecommendationRFR2issuedbytheSwedishFinancialReportingBoard.Thesameaccountingprinciples,basesforcalculationandassessmentswereappliedtotheGroupandtheParentCompanyasinthemostrecentannualreport.AdetaileddescriptionoftheGroup’sotherappliedaccountingprinciplesandnewandpendingstandardsisincludedinthemostrecentlypublishedannualreport.During2022,TurkeywasdeﬁnedasahyperinﬂationaryeconomyandassuchtheGroupappliesIAS29relatedtoitsentityinTurkey.
TherearenonewIFRSstandardsoramendmentsofexistingIFRSstandardsduring2023thathavehadamaterialimpactontheperformanceandﬁnancialpositionofStorytel.DisclosurespursuanttoIAS34.16Aarealsopresentedintheﬁnancialstatementsaswellasrelatednotes,andareanintegralpart ofthisﬁnancialstatement.
AllamountsinthisstatementarestatedinthousandsofSwedishkrona(TSEK)unlessotherwisespeciﬁed.Diﬀerencesinroundingmayoccur.
Note2Signiﬁcantestimatesandjudgements
Whenpreparingtheﬁnancialstatements,thecompany’smanagementandtheBoardmustmakecertainassessmentsandassumptionsthataﬀectthecarryingamountsofassetandliabilityitemsandincomeandexpenseitems,respectively,aswellasotherinformationprovided.TheassessmentsarebasedonexperiencesandassumptionsthatthemanagementandtheBoarddeemtobereasonablegiventheprevailingcircumstances.Actualoutcomemaythendiﬀerfromtheseassessmentsifotherconditionsarise.Theestimatesandassumptionsareevaluatedonanongoingbasisandarenotconsideredtoentailanymaterialriskofsigniﬁcantadjustmentsinthereportedvaluesofassetsandliabilitiesduringsubsequentperiods.Changesinestimatesarereportedintheperiodinwhichthechangeismadeifthechangehasonlyaﬀectedthisperiod,orintheperiodinwhichthechangeismadeandfutureperiodsifthechangeaﬀectsboththecurrentperiodandfutureperiods.Forothersigniﬁcantestimatesandjudgements,pleasereferto
15

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

themostrecentannualreport.
Note3Deﬁnitionsandkeyratiosincludingalternativeperformancemeasures
Storytelreportsanumberofdiﬀerentitemsandﬁnancialkeyratiosinitsconsolidatedﬁnancialstatements.ThekeyratiosaimtomakeiteasierforinvestorsandotherstakeholderstoanalyzeandunderstandStorytel'soperationsanddevelopmentinthesamewaythatthebusinessanditsdevelopmentaremonitoredbymanagement.Ofthesemeasures,somearedeﬁnedinIFRS,whileothersaredeﬁnedinneithertheﬁnancialframeworknorotherlegislation.ForkeyratiosthatarenotdeﬁnedinIFRS,thisreport presentstheirpurposeandhowtheyrelatetotheﬁnancialstatementspresentedinaccordancewithIFRS.Fordeﬁnitionsofﬁnancialmeasuresandkeyratiosused,pleaseseebelow.
Note4Transactionswithrelatedparties
Ingeneral,therewerenosigniﬁcantchangesinthescopeortypeoftransactionswithrelatedpartiestotheGroupotherthanthosepresentedinthemostrecentAnnualReport.Transactionswithassociatedcompaniestakeplaceonmarketterms.
Note5Businesssegments
TheGrouphasdivideditsoperationsintothreesegments:StreamingNordics,StreamingNon-Nordics(whichincludesAudiobooks.com)andBooks.Thedivisionisbasedpartlyonthetypeofbusinessconducted(StreamingversusBooks)andthegeographicaldivisionforthestreamingbusiness(NordicsversusNon-Nordics).
Jul-Sep2023
StreamingNordics
StreamingNon-Nordics
Books
Totalsegment
Group-wideitemsandeliminations
Otheradjustments
GrouptotalRevenuefromexternal customers
571,625 270,782 139,970 982,377 -103,586 16,967 895,758
Internal revenue - - 56,064 56,064 -56,064 - -Cost of sales -330,598 -145,395 -130,936 -606,928 67,803 -4,763 -543,888Grossproﬁt 241,027 125,387 65,098 431,513 -91,847 12,204 351,869
Jan-Sep2023
StreamingNordics
StreamingNon-Nordics
Books
Totalsegment
Group-wideitemsandeliminations
Otheradjustments
GrouptotalRevenuefromexternal customers
1,612,020 771,350 398,721 2,782,090 -286,796 47,827 2,543,121
Internal revenue - - 157,747 157,747 -157,747 - -Cost of sales -942,636 -412,303 -355,372 -1,710,310 187,481 -19,738 -1,542,567Grossproﬁt 669,384 359,047 201,095 1,229,526 -257,062 28,090 1,000,553
ThecostslistedunderGrossproﬁtarenotallocatedtosegmentsbutarereportedfortheGroupasawhole.InternalrevenuefortheBookssegmentthatrelatestosalesfromstreamingisalreadyincludedasacostreductioninthesegmentreportingfortheStreamingsegments.RevenueandCostofsalesfromStorytelASareincludedintheStreamingNordicssegment.Thesearesubsequentlyeliminatedinthecolumn“Group-wideitemsandeliminations”, andthelicensefeefromStorytelASisalsoaddedback.
16

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

Grouptotal
Jul-Sep2023
Jan-Sep2023
Grossproﬁt 351,869 1,000,553Sellingandmarketingexpenses
-192,581 -617,121Technologyanddevelopmentexpenses
-63,339 -196,742
Administrativeexpenses -91,467 -284,169Other operatingincome 5,735 24,829Proﬁt fromparticipationsinassociates
4,805 10,271
Operatingproﬁt/loss 15,022 -62,378Net ﬁnancial items -14,346 -19,200
Proﬁt beforetax 676 -81,577
Jul-Sep2022
StreamingNordics
StreamingNon-Nordics
Books
Totalsegment
Group-wideitemsandeliminations
Otheradjustments
GrouptotalRevenuefromexternal customers
492,765 249,662 147,199 889,626 -97,212 13,405 805,819
Internal revenue - - 44,998 44,998 -44,998 - -Cost of sales -303,476 -131,489 -110,281 -545,245 68,178 -16,845 -493,912Grossproﬁt 189,289 118,173 81,916 389,379 -74,032 -3,440 311,907
Jan-Sep2022
StreamingNordics
StreamingNon-Nordics
Books
Totalsegment
Group-wideitemsandeliminations
Otheradjustments
GrouptotalRevenuefromexternal customers
1,420,710 724,770 453,503 2,598,983 -272,256 6,991 2,333,719
Internal revenue - - 122,428 122,428 -122,428 - -Cost of sales -888,278 -387,327 -331,430 -1,607,035 196,203 -32,118 -1,442,951Grossproﬁt 532,432 337,443 244,500 1,114,375 -198,481 -25,126 890,768
Grouptotal
Jul-Sep2022
Jan-Sep2022
Grossproﬁt 311,907 890,768Sellingandmarketingexpenses
-174,729 -735,357Technologyanddevelopmentexpenses
-82,801 -251,254
Administrativeexpenses -82,967 -272,221Other operatingincome 2,832 22,284Proﬁt fromparticipationsinassociates
4,894 3,525
Operatingproﬁt/loss -20,864 -342,255Net ﬁnancial items 25,134 50,260
Proﬁt beforetax 4,270 -291,995
17

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

Note6Revenuefromcontractswithcustomers
Jul-Sep2023 Books Streaming Other Grouptotal
Typeof product or serviceRevenuefromsubscriptionsof streamingservice - 738,821 - 738,821Revenuefrompublishingactivities 139,970 - - 139,970Other - - 16,967 16,967Revenuefromcontractswithcustomers 139,970 738,821 16,967 895,758
Jan-Sep2023 Books Streaming Other Grouptotal
Typeof product or serviceRevenuefromsubscriptionsof streamingservice - 2,096,573 - 2,096,573Revenuefrompublishingactivities 398,721 - - 398,721Other - - 47,827 47,8275Revenuefromcontractswithcustomers 398,721 2,096,573 47,827 2,543,121
Jul-Sep2022 Books Streaming Other Grouptotal
Typeof product or serviceRevenuefromsubscriptionsof streamingservice - 645,215 - 645,215Revenuefrompublishingactivities 147,199 - - 147,199Other - - 13,405 13,405Revenuefromcontractswithcustomers 147,199 645,215 13,405 805,819
Jan-Sep2022 Books Streaming Other Grouptotal
Typeof product or serviceRevenuefromsubscriptionsof streamingservice - 1,853,858 - 1,853,858Revenuefrompublishingactivities 453,503 - - 453,503Other - - 26,358 26,358Revenuefromcontractswithcustomers 453,503 1,853,858 26,358 2,333,719
18

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

Note7Financialinstruments
Valuationhierarchy
Thelevelsofthevaluationhierarchyaredescribedasfollows:
Level1–Listedprices(unadjusted)inactivemarketsforidenticalassetsandliabilities.
Level2–ObservableinputdatafortheassetorliabilityotherthanquotedpricesincludedinLevel1,eitherdirectly(i.e.,pricequotations)orindirectly(i.e.,derivedfrompricequotations).
Level3- Assetorliabilityinputdatathatisnotbasedonobservablemarketdata(i.e.,non-observableinputdata).
Acquisitionoption
Storytel'sacquisitionoption(put/calloption)referstothefutureacquisitionoftheremaining13.3%sharesinEarselectAB,whichwillresultinanadditionaltransferredconsiderationof8,237TSEK.Theacquisitionoptionisreportedatfairvalueinthestatementofﬁnancialposition,measuredinaccordancewithIFRS9andcategorizedinaccordancewithLevel3oftheIFRS13fairvaluehierarchy. Sincethepriceoftheoptionisnotdependentonanyconditionsbeyondthetimeaspect,andsincethediscountingeﬀectattributabletothetimevalueisinsigniﬁcant,nodiscountinghastakenplace,andthecarryingamountisconsideredtocorrespondtothefairvalueoftheacquisitionoption.
Contingentconsideration
ThecontingentconsiderationrelatedtotheacquisitionofAulaisreportedatfairvalueinaccordancewithLevel3ofthevaluationhierarchy. Thefairvalueisestimatedbyusingavaluationmodelthatdiscountsthepresentvalueofexpectedoutgoingcashﬂowsbyarisk-adjusteddiscountrate.Expectedcashﬂowsaredeterminedusingprobablescenariosbasedonexpectedﬁnancialoutcomeandfutureﬁnancialforecasts.Themostsigniﬁcantinputfactorsusedtomeasurefairvaluearetherisk-adjusteddiscountrateof12.6%andtheforecastfuturedevelopmentofproﬁtability,growthinnetsales,andthelevelofdigitalsales.GiventhatthecontingentadditionalconsiderationatthebalancesheetdatecanamounttoatthemostTSEK761,nochangesininputfactorsarejudgedtoresultinanymaterialimpactonthefairvalueoftheiteminthebalancesheetorincome.Duringtheperiod,unrealizedgainsorlossesforthecontingentconsiderationheldasatthebalancesheetdatearenotmaterial.Thisamountisincludedinotheroperatingexpensesintheconsolidatedstatementofincome.Thediscountingeﬀectisrecognizedinnetﬁnancialincome.
Financial liabilitiesvaluedat fair value Q1-Q3 2023 Q1-Q32022 Q1-Q42022
Openingbalance 13,124 23,095 23,095Considerationpaid -4,275 - -Changeinvaluerecognizedinproﬁt/loss - 60 48ChangeinvaluerecognizedinOCI - ﬁnancial derivative - -8,580 -8,580Transfer of cashﬂowhedgetobusinesscombinations - -14,51 -1,451Closingbalance 8,849 13,124 13,124
19

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

Otherreceivablesandliabilities
Forcurrentreceivablesandliabilities,suchasaccountsreceivableandtradepayables,andfornon-currentliabilitieswithvariableinterestrates,thecarryingamountisconsideredtobeagoodapproximationofthefairvalue.
Note8Businesscombinations
ThepurchasepriceallocationforAudiobooks.com,acquiredinJanuary2022,wasclosedin2022andremainsunchangedcomparedtoaspresentedintheannualreport for2022.
Aconsiderationof4,275TSEKforStorytel’sacquisitionoptioninEarselectwaspaidduringtheperiod.Storytelobtainedafurther6.83%ownershipandownedattheendoftheperiod86.7%ofEarselect.
20

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

CondensedParentCompanyInterimStatementsofComprehensiveIncome
TSEK Q32023 Q32022 Q1-Q32023 Q1-Q32022 Q1-Q42022Net sales 9,671 10,234 29,013 24,889 43,096Cost of revenue - - - - -Grossproﬁt 9,671 10,234 29,013 24,889 43,096
Administrativeexpenses -14,512 -11,392 -30,822 -31,196 -54,223Other operatingincome - - 46 - 224Proﬁt fromparticipationingroupcompany
- - - - 15,608
Operatingproﬁt -4,841 -1,158 -1,763 -6,307 4,705
Net ﬁnancial items -5,996 -2,638 -12,289 -471 -5,258Proﬁt/lossbeforetaxes -10,837 -3,796 -14,053 -6,778 -553
Tax - - - - -1,437Proﬁt/lossfor period -10,837 -3,796 -14,053 -6,778 -1,990
Parent Company´scondensedstatement of comprehensiveincome
Proﬁt for theperiodOther comprehensiveincome, after tax
-10,837 -3,796 -14,053 -6,778 -1,990
Total comprehensiveincomefortheperiod
-10,837 -3,796 -14,053 -6,778 -1,990
CondensedParentCompanyInterimStatementsofFinancialPosition
TSEK 30Sep2023 30Sep2022 31Dec2022Non-current ﬁnancial assets 4,858,935 4,635,945 4,848,936Current receivables 226,011 234,520 228,412Cashandcashequivalents  85,342 64,339 365,813Total assets 5,170,289 4,934,804 5,443,161
Equity  4,196,817 3,813,402 4,210,538Non-current liabilities 699,052 597,633 598,416Current liabilities 274,420 523,769 634,207Total equityandliabilities 5,170,289 4,934,804 5,443,161
21

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

NumberofsharesandsharecapitalasofSeptember30,2023
Therewere77,073,120(68,281,911)registeredsharesinissuanceattheendoftheperiod,dividedbetween635ClassAsharesand77,072,485ClassBshares.Sharecapitaltotaled38,536,560(34,140,956)SEKasofSeptember30,2023.Theshareholderstructureispresentedatinvestors.storytel.com.
Auditor'sreview
Thisinterimreport hasnotbeenauditedorreviewedbytheauditorsofthecompany.
InformationaboutNasdaqFirstNorthGrowthMarket
NasdaqFirstNorthGrowthMarket(“FirstNorth”)isanalternativemarketplaceoperatedbytheconstituentexchangesofNasdaqStockholm.Itdoesnothavethesamelegalstatusasaregulatedmarketplace.CompaniesquotedonFirstNortharesubjecttoFirstNorth’srulesratherthanthelegalrequirementssetfortradingonaregulatedmarketplace.AninvestmentinacompanytradingonFirstNorthimplieshigherriskthananinvestmentinalistedcompany.CompaniesmustapplytotheexchangeandgainapprovalbeforetradingonFirstNorthmaycommence.ACertiﬁedAdviserguidesthecompanythroughthelistingprocessandensuresthatthecompanycontinuouslysatisﬁesFirstNorth’sstandards.InformationaboutNasdaqFirstNorthGrowthMarket.
Financialcalendar
Year-EndReport January–December2023 February15,2024
InterimReport January–March2024 May7,2024
AnnualGeneralMeeting May14,2024
InterimReport January–June2024 July30,2024
InterimReport January–September2024 October29,2024
Year-EndReport January–December2024 February12,2025
22

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

Deﬁnitionsandkeyratiosincludingalternativeperformancemeasures
Net sales
Operatingmainincome, invoicedcosts, incidental revenueandrevenueadjustments.
Net salesgrowthrate, %
Net salesfor thecurrent year dividedbythepreviousyear’snet sales.
Net salesgrowthrate, %, CER
Net salesfor thecurrent year dividedbythepreviousyear’snet saleswherethecurrent year’snet salesarecalculatedat theexchangeratesprevailinginthepreviousyear.
Grossproﬁt
Proﬁt after cost of sales.
Grossproﬁt %
Operatingproﬁt asapercentageof net sales.
Grossmargin
Operatingproﬁt asapercentageof net sales.
Operatingproﬁt (EBIT)
Proﬁt beforeinterest andtax.
Operatingmargin(EBITmargin)
Operatingproﬁt asapercentageof net sales.
Proﬁt/lossbeforetaxes
Proﬁt after ﬁnancial incomeandexpenses, beforetax.Proﬁt margin(%)
Proﬁt after taxasapercentageof net sales.
Equity-to-assetsratio(%)
Adjustedequity(equityanduntaxedreserveslessdeferredtax, includingnon-controllinginterests) asapercentageof thebalancesheet total.
Equity
Thenet assetsof thebusiness, i.e., thediﬀerencebetweenassetsandliabilities,includingnon-controllinginterests.
Balancesheet total
Thecompany’stotal assets.
FTE
Full-TimeEquivalents.
Number of employees
Averagenumber of employeesduringtheﬁnancial year.ARPU AverageRevenuePer User (subscriber) per month.
Averagepayingsubscribers
Theaveragenumber of payingStorytel subscribersduringthequarter. ForFamilysubscriptions, eachstandardstream(not so-calledKidsMode) isconsideredonepayingsubscriber.
CER Constant ExchangeRates.EBITDA Earningsbeforeinterest, taxes, depreciationandamortization.EBITDAmargin EBITDAaspercentageof Net Sales.
Equity-to-asset ratio
Adjustedequity(equityincludingnon-controllinginterest anduntaxedreserveslessdeferredtax) asapercentageof thebalancesheet total.
Revenue–Books(Table1)
Physical booksanddigital salesthroughchannelsother thanStorytel. InternalrevenuefromStorytel hasbeeneliminated. All publishinghousesintheGroup,boththoselocatedinSwedenandthoselocatedinternationally, areincluded.Revenue–Streaming(Table1) ARPU* PayingSubscribers.
Itemsaﬀectingcomparability(IAC)
Itemsaﬀectingcomparabilityincludecertainitemsof asigniﬁcant character thatdistort comparisonsover time. Thesehavebeendeﬁnedas:● Costsinconnectionwithacquisitions● Restructuringcosts● Costsrelatedtooperationalizingthepauseandeventual winddowninRussia
23

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

ThisinformationisinformationthatStorytelAB(publ)isobligedtomakepublicpursuanttotheEUMarketAbuseRegulation.Theinformationwassubmittedforpublicationat8:00a.m.CETonOctober31,2023.
SignaturesandAssurance
TheBoardofDirectorsandtheChiefExecutiveOﬃceroﬀertheirassurancethatthisinterimreport providesatrueandfairviewoftheGroup’sandtheParentCompany’soperations,ﬁnancialpositionandoperationalperformance.
Stockholm,October31,2023
Hans-HolgerAlbrecht JonasTellanderChairoftheBoard ViceChairoftheBoard
AdineGrate LinaBrouneusBoardmember Boardmember
LutzFinger JonasSjögrenBoardmember Boardmember
AlexanderLindholm JoakimRubinBoardmember Boardmember
JohannesLarcherCEO
24

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

Contacts
StorytelAB(publiclytraded)
Mailingaddress:Box24167,10451StockholmOﬃce:Tryckerigatan4,11128StockholmCIN:556575-2960Email:investorrelations@storytel.comWebsite:www.storytel.com,https://investors.storytel.com
Forfurtherinformation,pleasecontact:
MattiasFrithiof,HeadofInvestorRelationsCell:+46765352674Email:mattias.frithiof@storytel.com
25