FULLTEXT DEL 1 AV 1

Kvartalsrapport Q3 2025

===== 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.