Kvartalsrapport Q3 2025

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Fulltext

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

–*) 
 We have delivered record high profitability, solid customer intake, and robust cash 
 flow generation. Our performance reinforces our confidence in achieving our 
 mid-term targets, while we raise our margin guidance for 2025. 
 Q3 Highlights 
 Unless otherwise specified, numbers are for Q3 2025 and are compared to Q3 2024 
 ●  Group revenue up 6% to 1,013 (954) MSEK and equalling 9% at constant exchange rates (CER). 
 ●  Streaming revenue up 4%, equalling 7% at CER, and  Publishing up 14%, equalling 16% at CER. 
 ●  Gross profit rose 6% to 460 (434) MSEK, representing a margin of 45.4% (45.5%). 
 ●  Adjusted EBITDA increased by 26% to 224 (178) MSEK, representing a margin of 22.1% (18.7%). 
 ●  Items Affecting Comparability (IACs) of 7 (-18) MSEK, fully related to long term incentive programs and 
 not affecting cash flow. 
 ●  Net profit for the period amounted to 138 (55) MSEK. 
 ●  Earnings per share amounted to 1.70 (0.67) SEK before dilution, and to 1.69 (0.67) SEK after dilution. 
 ●  Cash flow from operations before changes in working capital increased to 203 (148) MSEK. 
 Significant events after the period 
 ●  We raise our 2025 adjusted EBITDA margin guidance to 18.0-19.5 percent (from 17.5-19.0). 
 ●  Appointed Stefan Wård as new CFO. 
 ●  Launched audiobook streaming service in Estonia. 
 ●  Partnership with RDF Media to accelerate audiobook growth in Chile. 
 Financial summary 
 MSEK  Q3 2025  Q3 2024  Change 
 Jan-Sep 
 2025 
 Jan-Sep 
 2024  Change 
 Group Revenue¹  1,013  954  6%  2,925  2,770  6% 
 Streaming Revenue²  884  852  4%  2,600  2,498  4% 
 Publishing Revenue³  324  285  14%  907  793  14% 
 Gross profit  460  434  6%  1,317  1,223  8% 
 Gross margin %  45.4  45.5  -0.1p  45.0  44.1  0.9p 
 Operating profit  152  87  74%  289  110  161% 
 Adjusted EBITDA  224  178  26%  537  410  31% 
 Adjusted EBITDA margin %  22.1  18.7  3.4p  18.4  14.8  3.6p 
 EBITDA  232  161  44%  528  322  64% 
 Earnings per share, basic (SEK)  1.70  0.67  154%  2.45  0.72  240% 
 Earnings per share, diluted (SEK)  1.69  0.67  152%  2.43  0.72  238% 
 Cash flow from operations before changes in 
 working capital  203  148  37%  430  283  52% 
 Cash flow for the period  45  140  -68%  -77  11  -790% 
 Net Interest-Bearing Debt (NIBD)  23  202  -88%  23  202  -88% 
 NIBD/adjusted R12 EBITDA ratio  0.03  0.40  -92%  0.03  0.40  -92% 
 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 record high profitability, solid 
 customer intake, and robust cash flow generation. 
 As a result, we raise our 2025 adjusted EBITDA 
 margin guidance, and remain confident in 
 achieving our mid-term targets.” 
 Our team delivered a strong third quarter, driven by an intense 
 focus on our offering and customer experience. This 
 commitment generated solid subscriber and revenue growth, 
 while continued operational efficiencies enabled record high 
 profitability. The performance translated into strong cash flow 
 generation and an improved financial position. We therefore 
 raise our 2025 adjusted EBITDA margin guidance to 18.0-19.5 
 percent, from previous 17.5-19.0 percent. 
 Rising profitability with strong subscriber growth 
 In the third quarter, we delivered a 22.1 percent adjusted EBITDA margin, while growing our topline by 9 
 percent CER, with Streaming up 7 percent CER and Publishing up 16 percent CER. At the end of Q3 our 
 trailing 12 months adjusted EBITDA amounted to 729 MSEK, for a margin of 18.4 (13.7) percent. Our strong 
 cash flow generation has essentially eliminated our net debt. 
 Our  Streaming business  delivered 10 percent subscriber  growth year-over-year, reaching 2.60 million 
 (from 2.37 million). In the Nordic region, we added 36,000 new subscribers in the quarter and 58,000 over 
 the past 12 months, bringing the total subscriber base to 1.32 million. 
 Outside the Nordics, we added 20,000 new subscribers during the quarter and 178,000 over the past 12 
 months. Growth has been particularly strong in our Dutch and Polish markets. Our total subscriber base 
 outside the Nordics amounted to 1.28 million at the end of the quarter. 
 Commercial and literary success in our Publishing segment 
 Our  Publishing segment  demonstrated strong performance,  achieving 16 percent revenue growth (CER). 
 This positive development was accompanied by an enhanced EBITDA margin, which increased to 33.4 
 percent from 30.5 percent. Revenue growth was principally driven by successful new titles and the strategic 
 integration of Bokfabriken, with strong momentum across both print and digital formats. 
 Norstedts Publishing Group successfully launched several of Sweden's most highly anticipated titles. Key 
 releases included Björn Borg's autobiography, and  Välkommen till vårt äktenskap  by Dufvenius & Wolter. 
 Both books generated widespread media coverage and contributed to the success in the Publishing 
 segment. The strong releases this quarter were followed by Norstedts proudly serving as the Swedish 
 publisher of the  2025 Nobel Laureate in Literature  ,  László Krasznahorkai. This is a profound testament to 
 Norstedts’ more than 200 year legacy of publishing authors of the highest caliber. 
 On the streaming platform, our content lineup was strengthened by the addition of compelling new titles, 
 such as Lotte Petri's crime drama,  The Beast  , and  Jesper Ersgård’s  Graal  . Furthermore, Bokfabriken 
 secured the intellectual property rights for the highly successful Johan Falk universe. This established book 
 series, with sales already approaching 400,000 copies, offers considerable potential for future expansion. 
 2

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

Executing on our Group wide strategy 
 With a core focus on our customers, we are continuously developing our offering. Our strategic focus on 
 innovation has resulted in significant upgrades to the user experience, elevating both accessibility and 
 immersion. During the quarter, key features were launched, including  Synced Listening  , which integrates 
 reading and listening, and  Story Scan  , which seamlessly  connects physical books to our digital catalogue. 
 The listening experience was further enhanced through our partnership with Dolby Atmos, providing richer 
 spatial audio. Moreover, high-impact refinements, such as the gentle fade-out function on our sleep timer, 
 have directly improved the experience for the more than 270,000 daily users who rely on our service as a 
 sleep aid. 
 In line with our growth strategy, we expanded our streaming service into  Estonia  in October. To build  a 
 strong local offering, we secured a strategic partnership with Digiread, an established Estonian audiobook 
 and e-book platform. We continue to leverage strategic partnerships to pursue our growth ambitions while 
 maintaining a balanced investment risk. This approach is further exemplified by a new long-term agreement 
 with RDF Media to develop the  Chilean market  . Additionally,  we have completed an integration with 
 Klarna’s new global membership program. This initiative strategically secures a channel to new customer 
 segments across 14 markets. 
 Furthermore, we have made significant progress in strengthening our operational efficiency, launching a 
 new organization and operating model, alongside advancing our capabilities in product, technology as well 
 as data and analytics. Storytel Group is uniquely positioned through our integrated streaming and publishing 
 model. This structure enables us to secure  exclusive,  locally relevant content  and offer a  differentiated 
 value proposition  . 
 I am immensely proud of our team's outstanding execution this quarter. Our dedicated commitment to all 
 our stakeholders is the true foundation of our strong commercial momentum. Combined with our solid 
 financial foundation, this positions us exceptionally well to capitalize on the opportunities ahead and 
 reinforces our confidence in achieving our full-year 2025 guidance. 
 Bodil Eriksson Torp, CEO 
 3

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

Group performance 
 Development Q3 2025 
 Comparative figures in brackets pertain to the 
 third  quarter 2024. Adjusted figures  exclude 
 Items affecting comparability (IACs); see note 7 
 for further details. 
 Net sales 
 Group net sales increased by 6% to 1,013.4 
 (954.0) MSEK, in the quarter. Currency effects 
 had a material negative impact on growth. Sales 
 growth in constant exchange rates (CER) was 
 9%, with organic growth at 8% (CER). 
 The increase in net sales was driven by healthy 
 growth in the Streaming segment with solid 
 growth in subscriber intake and a strong 
 development in the Publishing segment. 
 The acquisition of Bokfabriken contributed 10.5 
 MSEK to net sales in the quarter. Organic growth 
 in CER was 5% in the quarter. 
 Gross profit 
 Cost of sales for the quarter increased to -553.8 
 (-520.2) MSEK and gross profit increased by 6% 
 amounting to 459.6 (433.9) MSEK. 
 The gross margin was stable at 45.4% (45.5%). 
 EBITDA 
 Operating expenses decreased 11% to 307.7 
 (346.5) MSEK, demonstrating strong operating 
 leverage and continued cost discipline. 
 EBITDA increased 44% to 231.8 (160.6) MSEK 
 with the margin expanding to 22.9% (16.8%). 
 During the quarter, Storytel Group recognized 
 Items Affecting Comparability (IACs) of +7.4 
 (-17.8) MSEK related to the long term incentive 
 programs (LTIP). 
 Adjusted EBITDA for the quarter increased by 
 26% to 224.3 (178.4) MSEK, for a margin of 
 22.1% (18.7%). 
 4

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

Operating profit 
 Operating profit  (EBIT)  for the quarter improved 
 to 151.9 (87.3) MSEK and the margin to 15.0% 
 (9.2%). The improvement is mainly driven by 
 lower operating expenses due to continued cost 
 discipline. 
 Selling and marketing expenses remained stable 
 at -197.3 (-197.9) MSEK, resulting in improved 
 efficiency as a percentage of revenue. 
 Technology and development expenses 
 decreased by 14% to -46.2 (-53.9) MSEK, mainly 
 due to lower personnel costs and higher 
 capitalization compared to the corresponding 
 quarter previous year. 
 General and administrative expenses decreased 
 by 26% to -65.0 (-88.0) MSEK, mainly due to 
 IACs in the comparable quarter related to 
 organizational changes. 
 Other operating items amounted to -2.0 (-9.4) 
 MSEK, mainly due FX gains and losses on 
 operating items. 
 Net profit 
 Profit before tax for the quarter amounted to 
 143.9 (61.5) MSEK. Net financial items for the 
 quarter totaled -8.0 (-25.9) MSEK. The amount 
 includes -5.6 (-7.4) MSEK of net interest costs, 
 as well as -2.2 (-17.4) MSEK of currency effects, 
 mainly from a USD denominated commitment 
 derived from the acquisition of Audiobooks.com. 
 Taxes for the quarter amounted to -5.5 (-6.4) 
 MSEK. Net profit for the quarter amounted to 
 138.5 (55.1) MSEK. 
 Earnings per share for the quarter totaled 
 1.70 (0.67) SEK, before dilution and 1.69 (0.67) 
 SEK after dilution. 
 Cash flow 
 Cash flow from operations before changes in 
 working capital amounted to 202.9 (148.2) 
 MSEK, where the primary explanation is an 
 improved result. 
 The change in working capital was -45.1 (44.7) 
 MSEK, resulting in cash flow from operating 
 activities of 157.8 (192.9) MSEK in the quarter. 
 The change in working capital is consistent with 
 ordinary course of business. 
 Cash flow from investing activities was -54.1 
 (-43.6) MSEK, of which operational Capex was 
 -37.5 (-32.5). Cash flow from financing activities 
 was -59.2 (-9.3) MSEK, including a loan 
 repayment of -50 MSEK. 
 Total cash flow for the quarter was 44.5 (140.0) 
 MSEK. 
 5

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

Development 
 January-September 2025 
 Comparative figures in brackets pertain to the 
 period January-September 2024. Adjusted 
 figures exclude Items affecting comparability 
 (IACs); see note 7 for further details. 
 Net sales 
 Group net sales for the period increased by 6% 
 to 2,924.5 (2,770.4) MSEK. The increase was 
 driven by solid growth within both the Streaming 
 and the Publishing segments. 
 The acquisition of Bokfabriken contributed 25.4 
 MSEK to net sales in the period. Group net sales 
 increased organically by 5%. 
 Currency effects had a significant effect on the 
 growth rate. Group net sales growth was 8% at 
 constant exchange rates in the period. 
 Gross profit 
 Cost of sales for the period increased to -1,607.8 
 (-1,547.5) MSEK while the gross profit increased 
 by 8% amounting to 1,316.7 (1,222.9) MSEK. 
 The gross margin increased to 45.0% (44.1%). 
 EBITDA 
 Operating costs decreased 8% to 1,028.1 
 (1,112.5) MSEK compared to the corresponding 
 period last year, despite higher sales, due to 
 continued cost discipline. 
 EBITDA increased to 527.6 (321.8) MSEK and 
 the margin to 18.0% (11.6%). During the period, 
 Storytel Group recognized Items Affecting 
 Comparability (IACs) of -9.5 (-88.3) MSEK related 
 to the long term incentive programs (LTIP). 
 Adjusted EBITDA for the period increased by 
 31% to 537.0 (410.1) MSEK, which equals a 
 margin of 18.4% (14.8%). 
 Operating profit 
 Operating profit  (EBIT)  for the period improved 
 to 288.7 (110.4) MSEK and the margin to 9.9% 
 (4.0%). The improvement is driven by higher 
 gross profit and lower operating expenses mainly 
 due to reduced staff costs. 
 Selling and marketing expenses increased 3% to 
 -651.5 (-635.1) MSEK. The cost increase was 
 mainly related to customer acquisition initiatives. 
 Technology and development expenses 
 decreased by 14% to -165.6 (-193.7) MSEK, 
 mainly impacted by IACs related to 
 reorganization of -25.2 MSEK in the comparable 
 period. 
 General and administrative expenses decreased 
 by 9% to -241.8 (-266.6) MSEK, mainly due to 
 IAC related to reorganization in the comparable 
 period. 
 Other operating items amounted to 21.5 (-16.3) 
 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 
 226.1 (77.0) MSEK. Net financial items for the 
 period totaled -62.6 (-33.5) MSEK. The amount 
 includes -18.4 (-31.3) MSEK of net interest costs, 
 as well as -45.0 (-0.6) MSEK of currency effects, 
 mainly from a USD denominated commitment 
 derived from the acquisition of Audiobooks.com. 
 Taxes for the period amounted to -22.0 (-12.7) 
 MSEK. Net profit for the period amounted to 
 204.1 (64.3) MSEK. 
 Earnings per share for the period totaled 
 2.45 (0.72) SEK, before dilution and 2.43 (0.72) 
 after dilution. 
 Cash flow 
 Cash flow from operations before changes in 
 working capital amounted to 430.5 (282.6) 
 MSEK, where the primary explanation is a higher 
 result. 
 The change in working capital was -88.5 (-11.0) 
 MSEK, resulting in cash flow from operating 
 activities of 342.0 (271.6) MSEK for the period. 
 The change in cash flow from working capital is 
 consistent with ordinary course of business. 
 Cash flow from investing activities was -196.4 
 (-126.4) MSEK, affected by the acquisition of 
 Bokfabriken. Operational Capex was -109.4 
 (-103.8). Cash flow from financing activities was 
 -222.9 (-134.1) MSEK and includes a loan 
 repayment of the credit facility of -100 MSEK and 
 a dividend payment of -77 MSEK. 
 Total cash flow for the period was -77.3 (11.2) 
 MSEK. 
 6

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

Segment performance: Streaming 
 The group 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, Iceland, and Estonia), Non-Nordics Core (the Netherlands, Poland, Bulgaria, 
 Turkey, and Audiobooks.com), and Rest of World (all remaining markets). 
 Streaming performance 
 MSEK  Q3 2025  Q3 2024  Change 
 Jan-Sep 
 2025 
 Jan-Sep 
 2024  Change 
 Net sales  884.5  851.7  4%  2,599.6  2,498.1  4% 
 Cost of sales  -520.8  -498.9  4%  -1,507.8  -1,459.3  3% 
 Gross profit  363.7  352.8  3%  1,091.7  1,038.8  5% 
 Selling and marketing expenses  -184.8  -187.1  -1%  -614.2  -600.1  2% 
 Technology and development expenses  -40.3  -47.0  -14%  -148.4  -185.8  -20% 
 Administrative expenses  -15.3  -23.9  -36%  -65.9  -71.8  -8% 
 Other operating items  -2.9  -10.6  -73%  -0.5  -13.2  -96% 
 Operating profit/loss  120.4  84.1  43%  262.7  168.0  56% 
 Add back depreciations  38.0  31.6  20%  101.7  91.7  11% 
 EBITDA  158.4  115.7  37%  364.5  259.7  40% 
 GM %  41.1  41.4  -0.3p  42.0  41.6  0.4p 
 EBITDA %  17.9  13.6  4.3p  14.0  10.4  3.6p 
 In the Streaming segment’s accounts,  net sales  include  50% of Storytel Norway’s revenue in line with Storytel's 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 solid 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 
 4% from the comparative quarter to 884.5 
 (851.7) MSEK. Currency fluctuations had a 
 material negative impact for a growth rate of 7% 
 at constant exchange rates. Net sales for the 
 period increased 4% to 2,599.6 (2,498.1) MSEK. 
 The growth in net sales was mainly driven by a 
 higher number of subscribers which increased 
 by 10% compared to the comparative quarter. 
 ARPU decreased 5% to 118 (125) SEK in the 
 quarter, where currency fluctuations explain 4 
 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, 
 while with stronger gross margin. 
 Nordics grew sales by 2% in the quarter, with a 
 subscriber growth of 5%. Non-Nordics Core 
 grew revenues by 6% with subscriber growth of 
 17%. 
 Gross profit increased 3% to 363.7 (352.8) 
 MSEK in the quarter and 5% to 1,091.7 (1,038.8) 
 MSEK in the period, while gross margin was 
 fairly stable at 41.1% (41.4%) and at 42.0% 
 (41.6%), respectively. 
 EBITDA and operating profit 
 EBITDA increased 37% in the quarter to 158.4 
 (115.7) MSEK and 40% in the period to 364.5 
 (259.7) MSEK, equaling a margin of 17.9% 
 (13.6%) and 14.0% (10.4%) respectively. The 
 improvement is driven by higher gross profit and 
 lower operating expenses. 
 Operating profit increased 43% to 120.4 (84.1) 
 MSEK in the quarter and 56% to 262.7 (168.0) 
 MSEK in the period. 
 7

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

Business developments 
 Expansion of the audiobook and e-book service into 
 Estonia was announced, with the Estonian service 
 operated by Storytel Finland's Helsinki office. 
 The launch of several innovative product features, 
 including synced reading and listening and camera 
 search, significantly upgraded the user experience 
 by elevating both accessibility and immersion across 
 the platform. 
 Streaming geographical performance split 
 TSEK  Q3 2024  Q4 2024  Q1 2025  Q2 2025  Q3 2025 
 Jan-Sep 
 2024 
 Jan-Sep 
 2025 
 All Markets 
 Revenue¹  888,882  908,573  898,939  889,767  922,652  2,594,025  2,711,359 
 Gross profit  356,861  368,661  373,941  363,791  367,992  1,044,859  1,105,724 
 Gross margin  40.1%  40.6%  41.6%  40.9%  39.9%  40.3%  40.8% 
 Avg. Paying 
 Subscribers  2,366,000  2,441,000  2,500,000  2,546,000  2,602,000  2,303,000  2,545,000 
 ARPU (SEK/month)  125  124  120  116  118  125  118 
 Nordics 
 Revenue¹  585,986  592,008  578,191  580,334  600,504  1,715,585  1,759,030 
 Gross profit  216,119  212,264  219,452  218,004  219,197  639,467  656,654 
 Gross margin  36.9%  35.9%  38.0%  37.6%  36.5%  37.3%  37.3% 
 Avg. Paying 
 Subscribers  1,262,000  1,279,000  1,274,000  1,284,000  1,320,000  1,218,000  1,294,000 
 ARPU (SEK/month)  155  154  151  151  152  157  151 
 Non-Nordics Core 
 Revenue  262,251  273,871  277,309  267,967  278,361  754,061  823,637 
 Gross profit  125,784  140,700  138,662  131,107  132,727  360,747  402,496 
 Gross margin  48.0%  51.4%  50.0%  48.9%  47.7%  47.8%  48.9% 
 Avg. Paying 
 Subscribers  915,000  966,000  1,023,000  1,058,000  1,075,000  897,000  1,047,000 
 ARPU (SEK/month)  96  95  90  84  86  93  87 
 Rest of the World 
 Revenue  40,644  42,695  43,439  41,466  43,787  124,380  128,692 
 Gross profit  14,959  15,697  15,827  14,679  16,068  44,645  46,574 
 Gross margin  36.8%  36.8%  36.4%  35.4%  36.7%  35.9%  36.2% 
 Avg. Paying 
 Subscribers  189,000  196,000  203,000  204,000  207,000  188,000  204,000 
 ARPU (SEK/month)  72  73  71  68  71  74  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 group reports 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  Q3 2025  Q3 2024  Change 
 Jan-Sep 
 2025 
 Jan-Sep 
 2024  Change 
 Net sales  324.0  285.0  14%  906.8  793.1  14% 
 Cost of sales  -209.1  -186.7  12%  -625.8  -554.2  13% 
 Gross profit  114.9  98.3  17%  280.9  238.9  18% 
 Selling and marketing expenses  -18.9  -16.2  17%  -57.0  -50.5  13% 
 Technology and development expenses  -5.9  -6.9  -14%  -17.2  -18.4  -7% 
 Administrative expenses  -22.7  -29.7  -23%  -87.5  -92.6  -6% 
 Other operating items  0.9  1.5  -36%  6.5  7.2  -9% 
 Operating profit/loss  68.3  47.0  45%  125.8  84.5  49% 
 Add back depr.  40.0  39.9  0%  131.0  114.3  15% 
 EBITDA  108.3  86.8  25%  256.8  198.8  29% 
 GM %  35.5  34.5  1.0p  31.0  30.1  0.9p 
 EBITDA %  33.4  30.5  3.0p  28.3  25.1  3.3p 
 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 strong growth and 
 significantly improved profitability in the quarter. 
 Revenue grew partly due to the addition of 
 Bokfabriken, but underlying growth excluding the 
 acquisition remained healthy. A high-performing 
 lineup of titles across both print and digital 
 formats supported the performance. 
 Net sales and gross profit 
 Net sales in the quarter increased by 14% to 
 324.0 (285.0) MSEK and by 14% to 906.8 (793.1) 
 in the period, mainly due to titles with high 
 demand and the acquisition of Bokfabriken. The 
 acquisition of Bokfabriken contributed 23.2 
 MSEK to net sales in the quarter. 
 Cost of sales grew slower than net sales, 
 resulting in a growth in gross profit of 17% in the 
 quarter to 114.9 (98.3) MSEK and 18% in the 
 period to 280.9 (238.9). This  corresponds to a 
 gross margin of 35.5% (34.5%) and 31.0% 
 (30.1%) respectively. 
 EBITDA and operating profit 
 EBITDA increased by 25% in the quarter to 108.3 
 (86.8) MSEK and 29% in the period to 256.8 
 (198.8), representing a margin of 33.4% (30.5%) 
 and 28.3% (25.1%) respectively. The 
 improvement is mainly driven by higher sales and 
 strict cost control. 
 Operating profit increased 45% to 68.3 (47.0) 
 MSEK in the quarter and to 125.8 (84.5) MSEK in 
 the period, mainly due to fairly stable operating 
 costs. 
 Business developments 
 Bokfabriken secured the intellectual property 
 rights for the successful Johan Falk universe, a 
 series that has already sold nearly 400,000 
 copies and offers expansion potential. 
 Norstedts Publishing Group launched several of 
 Sweden’s most-talked-about titles this autumn, 
 including Björn Borg's autobiography, Fredrik 
 Backman's new novel and Dufvenius & Wolter’s 
 Välkommen till vårt äktenskap  . 
 9

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

Other information 
 Financial position, equity & liquidity 
 (compared to September 30, 2024) 
 At the end of the period, the Group had 526.8 
 (448.2) MSEK in cash and cash equivalents. The 
 equity-to-asset ratio at the end of the period was 
 49.7% (43.9%). 
 Total equity at the end of the period was 1,588.5 
 (1,330.0) MSEK. 
 Total non-current liabilities amounted to 157.6 
 (165.6) MSEK and total current liabilities 
 amounted to 1,449.2 (1,536.4) MSEK. 
 Net interest-bearing debt (NIBD) was 23.2 (201.8) 
 MSEK with a NIBD/adjusted R12 EBITDA ratio of 
 0.03 (0.40) at the end of the period. 
 Full time employees 
 The average number of employees (FTE) was 
 522 in the third quarter. During the third quarter 
 2024, the average number of FTE:s was 523. 
 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 (12.3) MSEK in the quarter, profit before tax 
 was -16.1 (-9.6) MSEK, and net profit was -16.1 
 (-9.6) MSEK. Total equity amounted to 4,040.1 
 (4,173.3) 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 
 September 30, 2025, despite prevailing 
 uncertainties, the group is not aware of any 
 remaining material balance sheet exposure. 
 Significant events during the period 
 On August 29, Storytel Group announced that 
 the company and CFO Peter Messner had 
 agreed that Messner will leave his position. 
 Jonas Olson was appointed acting CFO. 
 On September 4, Storytel Group announced 
 expansion of its audiobook and e-book service 
 into Estonia. Storytel went live in Estonia on 
 October 13th 2025 and the Estonian service is 
 operated by Storytel Finland's Helsinki office. 
 Significant events after the period 
 On October 1, Storytel Group announced that it 
 had appointed Stefan Wård as new CFO, 
 effective on October 6. He joins from Pareto 
 Securities where he served as Head of Research 
 Sweden for the past eight years. Stefan is part of 
 the executive management team, reporting to 
 Group CEO Bodil Eriksson Torp. 
 On October 13th, Storytel launched in Estonia. 
 The Estonian service will be operated by Storytel 
 Finland's Helsinki office. 
 On October 14, Storytel Group announced that it 
 entered a partnership with RDF Media, a leading 
 Chilean and Latam radio, digital audio and 
 podcast production company, to accelerate 
 audiobook growth in Chile. 
 On October 27, Storytel Group announced that it 
 will integrate its audiobook and e-book offering 
 directly into Klarna’s new global membership 
 program across 14 markets. 
 For more information and a full list of 
 announcements, please visit: 
 www.storytelgroup.com/en/newsroom/ 
 Number of shares and share capital as 
 of September 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 
 38,585,105.00 (38,564,496.50) SEK as of 
 September 30, 2025. 
 10

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

The shareholder structure is presented at: 
 https://www.storytelgroup.com/en/investor-relati 
 ons/shareholder-structure/ 
 Full-year 2025 guidance 
 Updated financial guidance for 2025 
 ●  Revenue growth of 7-10 percent in 
 constant currency rates 
 ●  Storytel Group raises its adjusted 
 EBITDA margin to 18.0-19.5 percent 
 (from 17.5-19.0) 
 ●  Subscriber base growth of 10 percent 
 ●  Operational capex below 5 percent of 
 revenue 
 Mid-term financial targets 
 In May 2025, Storytel Group’s Board of Directors 
 decided on the below 2028 financial targets. 
 ●  Revenue CAGR to exceed 10 percent in 
 constant currency rates 
 ●  EBITDA margin to exceed 20 percent 
 ●  Net debt/EBITDA (LTM) below 1.5x 
 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 
 Year-End Report January–December 2025  February 11, 2026 
 Interim Report January-March 2026  April 28, 2026 
 Annual General Meeting  May 5, 2026 
 Interim Report January-June 2026  July 28, 2026 
 Interim Report January-September 2026  October 27, 2026 
 Year-End Report January-December 2026  February 10, 2027 
 For more information 
 Stefan Wård, CFO and Head of Investor Relations 
 Cell: +46 73 182 01 43 
 Email: stefan.ward@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 
 11

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

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, October 28, 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. CET on October 
 28, 2025. 
 12

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

Group financial statements 
 Condensed consolidated interim statements of comprehensive income 
 TSEK  Q3 2025  Q3 2024  Jan-Sep 2025 
 Jan-Sep 
 2024 
 Jan-Dec 
 2024 
 Net sales  1,013,392  954,022  2,924,549  2,770,395  3,797,976 
 Cost of sales  -553,765  -520,168  -1,607,816  -1,547,461  -2,098,166 
 Gross profit  459,627  433,853  1,316,733  1,222,934  1,699,810 
 Selling and marketing expenses  -197,289  -197,859  -651,506  -635,052  -854,508 
 Technology and development expenses  -46,191  -53,911  -165,615  -193,679  -254,974 
 Administrative expenses  -64,977  -87,990  -241,845  -266,613  -363,142 
 Other operating items  -1,954  -9,394  21,526  -16,346  26,006 
 Result from participation in associates  2,683  2,628  9,389  -797  -6,861 
 Operating profit/loss  151,899  87,328  288,681  110,448  246,332 
 Net financial items  -7,953  -25,870  -62,558  -33,465  -10,722 
 Profit/loss before taxes  143,946  61,458  226,124  76,983  235,609 
 Tax  -5,483  -6,351  -21,991  -12,720  -22,114 
 Profit/loss for the period  138,462  55,107  204,133  64,262  213,496 
 Profit for the period attributable to: 
 Parent Company shareholder  131,337  51,362  189,128  55,761  196,705 
 Non-controlling interest  7,125  3,746  15,005  8,501  16,791 
 Earnings per share, SEK 
 Group total, basic  1.70  0.67  2.45  0.72  2.55 
 Group total, diluted  1.69  0.67  2.43  0.72  2.54 
 Statement of comprehensive income 
 Profit/loss for the period, after tax  138,462  55,107  204,133  64,262  213,496 
 Other comprehensive income 
 Items that will be reclassified to profit/loss 
 (after tax) 
 Translation difference  -8,235  -28,002  -104,955  4,866  67,589 
 Items that will not be reclassified to profit/loss 
 (after tax) 
 Revaluation of defined-benefit pension plans  -978  -12,281  -5,867  -16,175  -3,799 
 Total other comprehensive income for the 
 period, after tax 
 -9,213  -40,169  -110,823  -11,195  63,790 
 Total comprehensive income for the 
 period, after tax 
 129,250  14,938  93,310  53,067  277,285 
 Total comprehensive income for the period 
 attributable to: 
 Parent Company shareholder  122,137  11,192  78,326  44,566  260,495 
 Non-controlling interest  7,113  3,746  14,984  8,501  16,791 
 13

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

Condensed consolidated interim statements of financial position 
 TSEK  30 Sep 2025  30 Sep 2024  31 Dec 2024 
 Goodwill and intangible assets  1,871,404  1,837,895  1,994,356 
 Tangible assets  16,795  15,152  13,610 
 Right-of-use assets  62,028  76,988  70,830 
 Non-current financial assets  76,463  68,641  68,048 
 Inventory  85,107  57,348  53,132 
 Trade receivables  235,213  210,392  220,381 
 Other current receivables  321,586  317,389  345,837 
 Cash and cash equivalents  526,754  448,163  622,954 
 Total assets  3,195,351  3,031,967  3,389,147 
 Equity  1,588,546  1,330,003  1,551,632 
 Non-current liabilities  157,578  165,553  828,766 
 Trade payables  241,070  229,366  292,236 
 Other current liabilities  1,208,157  1,307,045  716,514 
 Total equity and liabilities  3,195,351  3,031,967  3,389,147 
 14

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

Condensed consolidated interim statement of changes in equity 
 30 Sep 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  -  -  -  189,128  189,128  15,005  204,133 
 Other total comprehensive income for 
 the year  -  -  -104,935  -5,867  -110,802  -20  -110,823 
 Total comprehensive income for the 
 year 
 -  -  -104,935  183,261  78,326  14,984  93,310 
 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  -  -  -  4,324  4,324  -  4,324 
 Closing equity as at 9/30/2025  38,575  3,578,102  77,605  -2,211,787  1,482,495  106,051  1,588,546 
 30 Sep 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  -  -  -  55,761  55,761  8,501  64,262 
 Other total comprehensive income for 
 the year  -  -  4,866  -16,175  -11,195  -  -11,195 
 Total comprehensive income for the 
 year 
 -  -  4,866  39,586  44,566  8,501  53,067 
 Transactions with the Group's owners 
 Dividend to minority owners  -  -  -  -  -  -7,500  -7,500 
 Share-related compensations  -  -  -  11,253  11,253  -  11,253 
 Closing equity as at 9/30/2024  38,554  3,578,102  119,817  -2,472,931  1,263,657  66,346  1,330,003 
 15

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

Condensed consolidated interim statements of cash flows 
 TSEK  Q3 2025  Q3 2024  Jan-Sep 2025  Jan-Sep 2024  Jan-Dec 2024 
 Profit/loss after financial items  143,946  61,458  226,124  76,983  235,609 
 whereof interest paid/received  -5,625  -7,441  -18,402  -31,345  -36,404 
 Adjustments for non-cash items  77,546  96,458  257,045  228,380  310,766 
 Taxes paid  -18,604  -9,734  -52,675  -22,758  -32,032 
 Cash flow from operations before changes 
 in working capital 
 202,888  148,182  430,493  282,605  514,343 
 Change in inventory  -1,481  -734  -15,412  387  -5,752 
 Change in operating receivables  -12,689  -12,533  13,428  30,853  -9,714 
 Change in operating liabilities  -30,890  57,978  -86,504  -42,219  48,547 
 Change in working capital  -45,060  44,711  -88,489  -10,979  33,081 
 Cash flow from operating activities  157,828  192,893  342,004  271,626  547,424 
 Operational Capex  -37,456  -32,482  -109,361  -103,798  -142,186 
 Cash flow from other investing activities  -16,622  -11,140  -87,048  -22,563  -87,008 
 Cash flow from investing activities  -54,078  -43,622  -196,409  -126,361  -229,194 
 External borrowings  -  -  -  -  - 
 Repayment of debt  -50,000  -  -100,000  -100,000  -100,000 
 Cash flow from other financing activities  -9,236  -9,280  -122,868  -34,061  -43,065 
 Cash flow from financing activities  -59,236  -9,280  -222,868  -134,061  -143,065 
 Cash flow for the period  44,514  139,991  -77,273  11,204  175,165 
 Available funds at the beginning of period  485,206  314,753  622,954  436,143  436,143 
 Cash flow for the period  44,514  139,991  -77,273  11,204  175,165 
 Translation differences in available funds  -2,966  -6,580  -18,927  816  11,646 
 Available funds at end of period  526,754  448,163  526,754  448,163  622,954 
 16

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

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. 
 17

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

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. 
 Q3 2025 (TSEK)  Streaming  Publishing  Group-wide items 
 and eliminations  Group total 
 Net sales  884,461  324,002  -195,071  1,013,392 
 whereof external sales  884,461  181,772  -52,841  1,013,392 
 Cost of sales  -520,789  -209,083  176,107  -553,765 
 Gross profit  363,671  114,920  -18,964  459,627 
 Selling and marketing expenses  -184,822  -18,944  6,478  -197,289 
 Technology and development expenses  -40,286  -5,904  0  -46,191 
 Administrative expenses  -15,316  -22,691  -26,971  -64,977 
 Other operating items  -2,885  931  0  -1,954 
 Result from participation in associates  -  -  2,683  2,683 
 Operating profit/loss  120,361  68,312  -36,775  151,899 
 Adj. Operating profit/loss  117,253  67,791  -40,578  144,467 
 Add back Depreciation & Amortization  38,027  40,015  1,829  79,871 
 EBITDA  158,388  108,327  -34,946  231,769 
 Adj. EBITDA  155,280  107,806  -38,749  224,338 
 Depreciation & Amortization  -38,027  -40,015  -1,829  -79,871 
 Operating profit/loss  120,361  68,312  -36,775  151,899 
 Net financial items  -  -  -  -7,953 
 Profit/loss before taxes  -  -  -  143,946 
 18

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

Q3 2024 (TSEK)  Streaming  Publishing  Group-wide items 
 and eliminations  Group total 
 Net sales  851,709  285,014  -182,701  954,022 
 whereof external sales  851,709  154,064  -51,751  954,022 
 Cost of sales  -498,928  -186,673  165,433  -520,168 
 Gross profit  352,780  98,341  -17,268  433,853 
 Selling and marketing expenses  -187,136  -16,236  5,513  -197,859 
 Technology and development expenses  -47,006  -6,905  -  -53,911 
 Administrative expenses  -23,887  -29,660  -34,443  -87,990 
 Other operating items  -10,621  1,460  -233  -9,394 
 Result from participation in associates  -  -  2,628  2,628 
 Operating profit/loss  84,131  46,999  -43,802  87,328 
 Adj. Operating profit/loss  89,673  47,182  -31,772  105,083 
 Add back Depreciation & Amortization  31,572  39,850  1,866  73,288 
 EBITDA  115,703  86,849  -41,936  160,616 
 Adj. EBITDA  121,245  87,032  -29,907  178,370 
 Depreciation & Amortization  -31,572  -39,850  -1,866  -73,288 
 Operating profit/loss  84,131  46,999  -43,802  87,328 
 Net financial items  -  -  -  -25,870 
 Profit/loss before taxes  -  -  -  61,458 
 Jan-Sep 2025 (TSEK)  Streaming  Publishing  Group-wide items 
 and eliminations  Group total 
 Net sales  2,599,560  906,794  -581,806  2,924,549 
 whereof external sales  2,599,560  479,373  -154,385  2,924,549 
 Cost of sales  -1,507,826  -625,848  525,857  -1,607,816 
 Gross profit  1,091,734  280,947  -55,948  1,316,733 
 Selling and marketing expenses  -614,195  -57,009  19,698  -651,506 
 Technology and development expenses  -148,426  -17,190  0  -165,615 
 Administrative expenses  -65,911  -87,472  -88,462  -241,845 
 Other operating items  -494  6,530  15,490  21,526 
 Result from participation in associates  -  -  9,389  9,389 
 Operating profit/loss  262,709  125,807  -99,834  288,681 
 Adj. Operating profit/loss  268,779  126,772  -97,419  298,132 
 Add back Depreciation & Amortization  101,746  130,968  6,201  238,916 
 EBITDA  364,455  256,775  -93,633  527,597 
 Adj. EBITDA  370,525  257,740  -91,218  537,048 
 Depreciation & Amortization  -101,746  -130,968  -6,201  -238,916 
 Operating profit/loss  262,709  125,807  -99,834  288,681 
 Net financial items  -  -  -  -62,558 
 Profit/loss before taxes  -  -  -  226,124 
 19

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

Jan-Sep 2024 (TSEK)  Streaming  Publishing  Group-wide items 
 and eliminations  Group total 
 Net sales  2,498,079  793,112  -520,796  2,770,395 
 whereof external sales  2,498,079  423,566  -151,250  2,770,395 
 Cost of sales  -1,459,297  -554,234  466,070  -1,547,461 
 Gross profit  1,038,781  238,877  -54,724  1,222,934 
 Selling and marketing expenses  -600,070  -50,496  15,514  -635,052 
 Technology and development expenses  -185,753  -18,415  10,489  -193,679 
 Administrative expenses  -71,758  -92,625  -102,230  -266,613 
 Other operating items  -13,185  7,182  -10,343  -16,346 
 Result from participation in associates  -  -  -797  -797 
 Operating profit/loss  168,014  84,522  -142,088  110,448 
 Adj. Operating profit/loss  211,745  90,238  -103,223  198,760 
 Add back Depreciation & Amortization  91,672  114,252  5,412  211,336 
 EBITDA  259,686  198,774  -136,676  321,784 
 Adj. EBITDA  303,418  204,489  -97,810  410,097 
 Depreciation & Amortization  -91,672  -114,252  -5,412  -211,336 
 Operating profit/loss  168,014  84,522  -142,088  110,448 
 Net financial items  -  -  -  -33,465 
 Profit/loss before taxes  -  -  -  76,983 
 20

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

Note 6 Revenue from contracts with customers 
 Q3 2025 (TSEK)  Streaming  Publishing  Group total 
 Type of product or service 
 Revenue from subscriptions of streaming service  816,970  -  816,970 
 Revenue from publishing activities  -  181,772  181,772 
 Other  14,649  -  14,649 
 Revenue from contracts with customers  831,619  181,772  1,013,392 
 Q3 2024 (TSEK)  Streaming  Publishing  Group total 
 Type of product or service 
 Revenue from subscriptions of streaming service  785,379  -  785,379 
 Revenue from publishing activities  -  154,064  154,064 
 Other  14,578  -  14,578 
 Revenue from contracts with customers  799,958  154,064  954,022 
 Jan-Sep 2025 (TSEK)  Streaming  Publishing  Group total 
 Type of product or service 
 Revenue from subscriptions of streaming service  2,402,589  -  2,402,589 
 Revenue from publishing activities  -  479,373  479,373 
 Other  42,586  -  42,586 
 Revenue from contracts with customers  2,445,176  479,373  2,924,549 
 Jan-Sep 2024 (TSEK)  Streaming  Publishing  Group total 
 Type of product or service 
 Revenue from subscriptions of streaming service  2,291,527  -  2,291,527 
 Revenue from publishing activities  -  423,566  423,566 
 Other  55,302  -  55,302 
 Revenue from contracts with customers  2,346,829  423,566  2,770,395 
 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 -9.5 MSEK relate to the Group’s share-based incentive schemes. 
 TSEK  Q3 2025  Q3 2024  Jan-Sep 2025  Jan-Sep 2024 
 Share-based incentive schemes  7,432  -1,180  -9,451  -17,507 
 Divestment and structural changes  -  -217  -  -9,830 
 Organizational changes  -  -14,728  -  -59,346 
 Write downs  -  -1,629  -  -1,629 
 EBIT  7,432  -17,754  -9,451  -88,312 
 Add back depr.  -  -  -  - 
 EBITDA  7,432  -17,754  -9,451  -88,312 
 Items affecting comparability (IACs) effect on the P&L 
 TSEK  Q3 2025  Q3 2024  Jan-Sep 2025  Jan-Sep 2024 
 Cost of sales  108  -1,689  -222  -6,190 
 Selling and marketing expenses  778  -207  -2,089  -9,758 
 Technology and development expenses  856  -327  -1,572  -25,152 
 Administrative expenses  5,691  -15,293  -5,567  -36,863 
 Other operating items  -  -238  -  -10,348 
 Operating profit/loss  7,432  -17,754  -9,451  -88,312 
 Add back depr.  -  -  -  - 
 EBITDA  7,432  -17,754  -9,451  -88,312 
 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-Sep 2025  Jan-Sep 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  -522 
 Closing balance  -  4,045  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  -12.0 
 Net identifiable assets  65.3 
 Goodwill  49.7 
 Purchase price at 100% of net identifiable assets  115.0 
 Acquired shares  70% 
 Purchase price  80.6 
 Net sales from Bokfabriken amounted to 55.5 MSEK since the acquisition date, of which external sales 
 recognized in the Group’s statement of comprehensive income totaled 25.4 MSEK. The impact on 
 operating profit was 7.5 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 Sep 2025  30 Sep 2024  31 Dec 2024 
 Interest-bearing liabilities within Current liabilities  550,000  650,000  - 
 Interest-bearing liabilities within Non-current liabilities  -  -  650,000 
 Cash and cash equivalents  526,754  448,163  622,954 
 Total Net Interest-Bearing Debt (NIBD)  23,246  201,837  27,046 
 24

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

Condensed parent company interim statements of comprehensive income 
 TSEK  Q3 2025  Q3 2024  Jan-Sep 2025 
 Jan-Sep 
 2024 
 Jan-Dec 
 2024 
 Net sales  4,435  12,337  13,305  37,004  46,043 
 Gross profit  4,435  12,337  13,305  37,004  46,043 
 Selling, marketing and administrative expenses  -11,998  -17,341  -36,171  -44,433  -59,672 
 Other operating items  -219  1  1,834  -38  -42 
 Operating profit/loss  -7,782  -5,003  -21,033  -7,467  -13,670 
 Net financial items  -8,338  -4,629  -21,460  -16,709  -22,639 
 Profit/loss before taxes  -16,119  -9,631  -42,492  -24,175  -36,309 
 Tax  -  -  -  -  - 
 Profit/loss for the period  -16,119  -9,631  -42,492  -24,175  -36,309 
 Parent Company´s condensed 
 statement of comprehensive income 
 Profit for the period  -16,119  -9,631  -42,492  -24,175  -36,309 
 Total comprehensive income for 
 the period  -16,119  -9,631  -42,492  -24,175  -36,309 
 Condensed parent company interim statements of financial position 
 TSEK  30 Sep 2025  30 Sep 2024  31 Dec 2024 
 Non-current financial assets  4,627,088  4,589,744  4,634,422 
 Current receivables  63,435  524,343  201,721 
 Cash and cash equivalents  255,090  92,530  286,060 
 Total assets  4,945,613  5,206,617  5,122,203 
 Equity  4,040,054  4,173,298  4,159,382 
 Non-current liabilities  -  -  650,000 
 Current liabilities  905,558  1,033,319  312,822 
 Total equity and liabilities  4,945,613  5,206,617  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. 
 12 months (LTM) EBITDA  Earnings before interest, taxes, depreciation, and amortization for the past 
 twelve-month period. 
 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 Debt 
 Net Interest-Bearing Debt (NIBD) also called Net Debt 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.