Kvartalsrapport Q4 2024

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

–*) 
 “The strong fourth quarter concludes Storytel Group’s impressive financial 
 performance in 2024 as the company successfully continued executing its profitable 
 growth strategy” 
 Highlights 
 Unless otherwise specified, numbers are for Q4 2024 and are compared to Q4 2023 
 ●  Group revenue up 9% to 1,028 (946) MSEK, and 8% at constant exchange rates (CER). 
 ●  Streaming revenue up 7%, and 6% at constant exchange rates (CER). 
 ●  Publishing revenue up 15% with an increase in external sales of 17% and internal sales of 13%. 
 ●  Adjusted Gross profit up 29% to 477 (370) MSEK, equaling a margin of 46.4% (39.2%). 
 ●  Adjusted EBITDA increased by 96% to 192 (98) MSEK, equaling a margin of 18.6% (10.3%). 
 ●  Items Affecting Comparability (IACs) of 31 MSEK include a one-off compensation of 34 MSEK received 
 from Copyswede relating to private copying levies in Sweden for historic periods. 
 ●  For the full year 2024, Storytel Group exceeds its guidance on organic revenue growth (actual: 9%, 
 guidance: “around 8%”), on adjusted EBITDA margin (actual: 15.8%, guidance: “around 15%”), and on 
 operational cash flow (actual: 12.1%, guidance: “at least 10%”). 
 ●  After the period, Storytel Group acquired a majority stake in the Swedish publisher Bokfabriken. 
 Following discussions with the Swedish Competition Authority (SCA) in February, Storytel has decided 
 to voluntarily give the SCA an opportunity to review the transaction, even though there was no 
 obligation to do so. 
 Financial summary 
 MSEK  Q4 2024  Q4 2023  Change 
 Jan-Dec 
 2024 
 Jan-Dec 
 2023  Change 
 Group Revenue¹  1,028  946  9%  3,798  3,489  9% 
 Streaming Revenue²  879  823  7%  3,377  3,122  8% 
 Publishing Revenue³  332  288  15%  1,125  1,003  12% 
 Adjusted Gross profit  477  370  29%  1,706  1,389  23% 
 Gross profit  477  228  109%  1,700  1,247  36% 
 Adjusted Gross margin %  46.4  39.2  7.2p  44.9  39.8  5.1p 
 Adjusted Operating profit  105  -2  n.a  304  -50  n.a 
 Operating profit  136  -680  n.a  246  -742  n.a 
 Adjusted EBITDA  192  98  96%  602  283  112% 
 Adjusted EBITDA margin %  18.6  10.3  8.3p  15.8  8.1  7.7p 
 EBITDA  223  -7  -3137%  544  165  231% 
 Earnings per share, basic (SEK)  1.83  -9.34  n.a  2.55  -10.63  n.a 
 Earnings per share, diluted (SEK)  1.82  -9.34  n.a  2.54  -10.63  n.a 
 Cash flow from operations before changes in 
 working capital  228  -19  -1298%  510  102  401% 
 Net cash flow  164  -88  -286%  175  -339  -152% 
 Operational cash flow  153  58  n.a  459  125  n.a 
 Net Interest-Bearing Debt (NIBD)  27  313  -91%  27  313  -91% 
 NIBD/adjusted EBITDA ratio  0.05  1.11  -96%  0.05  1.11  -96% 
 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.

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

Quarterly revenue exceeding one billion SEK for the first time 
 The strong momentum throughout the year continued 
 into the fourth quarter - making a promising start to 
 2025 for Storytel Group. Storytel Group’s impressive 
 financial performance in 2024, driven by solid revenue 
 growth and significantly improved profitability targets, 
 has laid a robust foundation for future strategic 
 opportunities in 2025 and beyond. 
 “The strong momentum throughout the year 
 continued into the fourth quarter - making a 
 promising start to 2025” 
 Beating our full year guidance 
 Group net sales for the fourth quarter increased by 9 
 percent, exceeding one billion SEK. This represents the 
 highest level of sales achieved in a single quarter. The 
 increase is driven by solid growth in both the Streaming 
 and Publishing segments, with particularly strong 
 performance in Publishing. Adjusted gross margin 
 increased with 7.2 percentage points and amounted to 
 46.4 percent. Adjusted EBITDA for the fourth quarter almost doubled, with a margin of 18.6 percent, up 8.3 
 percentage points compared to the same quarter last year. Items Affecting Comparability (IACs) amounted 
 to 31 MSEK in the quarter and included a one-off amount of 34 MSEK in the Publishing segment that 
 relates to private copying levies received in Sweden for historic periods. 
 Organic revenue for full-year 2024 increased by 9% percent, outperforming our guidance of “around 8 
 percent”, and the adjusted EBITDA margin amounted to 15.8%, versus our guidance of “around 15 
 percent”. Operational cash flow amounted to 12.1% of revenue, versus guidance of “at least 10%”. The 
 strong performance reflects our disciplined execution of Storyel Group's profitable growth strategy. 
 Our Streaming segment in the European Non-Nordics Core Markets experienced a significant surge in 
 subscriber growth for the full year, reaching nearly 20 percent year-on-year, coupled with strong revenue 
 growth. In the Nordics, subscriber growth remained healthy at 7 percent year-on-year. Audiobooks.com also 
 delivered a strong finish to the year, driving positive momentum in the US market. 
 We are pleased to report that we have now surpassed 2.4 million paying subscribers on our streaming 
 platforms. This quarter's sequential growth was driven by the "For Life" campaign launched in Finland this 
 summer and a strong performance in our European Non-Nordic core markets, particularly Bulgaria and 
 Poland. 
 Appealing content driving Publishing performance 
 Content from our own publishers continues to perform strongly, and we have seen significant success with 
 our title launches this quarter. This is particularly evident in the growing demand for Storytel Originals rooted 
 in true stories. The gripping  Is it now I die?  by  Viktoria Berggren and Sara Sieppi's  Did you have anything 
 else?  dominated the Storytel top lists in Sweden and  Finland for several weeks during the quarter. 
 Norstedts Publishing Group continued its success with new installments in popular series, including Ruth 
 Kvarnström-Jones'  Väninnorna på Nordiska Kompaniet  and Denise Rudberg’s  Killer Queen  . Lind & Co 
 captured a wide audience on Storytel with Dag Öhrlund and Niclas Franklin’s  Hämnerskan  - and in 
 Denmark, People's achieved notable success with Katherine Diez’s true story  I egen barm  . Our Finnish 
 publisher Gummerus released Anni Kytömäki’s bestseller  Mirabilis  and proudly served as the Finnish 
 publisher for Nobel laureate Han Kang. 
 2

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

Further reinforcing this commitment, in the beginning of November we acquired the rights to two of 
 Sweden’s most beloved children’s characters, Sune and Bert, and their respective universes, created by 
 Anders Jacobsson and Sören Olsson. This acquisition not only expands our library of family-friendly content 
 but also provides exciting opportunities to develop new stories and formats, ensuring these iconic 
 characters continue to delight generations to come. 
 We are dedicated to continually improving the user experience by offering both exclusive content and 
 innovative product features. A prime example is our Voice Switcher, launched in several new languages 
 throughout 2024 and now available on over 100 titles. Building on this success, in 2025 we will significantly 
 expand Voice Switcher and continue investing in compelling stories across diverse genres, languages and 
 distribution channels. 
 Executing on content strategy with new publishing acquisition 
 As of 31st January 2025, we acquired a 70% majority stake in Bokfabriken, one of Sweden's largest general 
 publishing houses. Digital releases, encompassing over 500 audiobook titles, accounted for more than 70% 
 of Bokfabriken's revenues in 2023, demonstrating the company’s strong digital focus. Driven by 
 entrepreneurship, Bokfabriken have established themselves as one of the leading publishers in the audio 
 segment in Sweden and have a proven track record of publishing commercially successful content across 
 various genres that resonates well with the Storytel audience. This acquisition marks an exciting new 
 chapter for both companies, and we look forward to working together to bring even more fantastic stories to 
 the world. 
 Setting the course for our future 
 The audiobook landscape is evolving rapidly, and we are excited to be at the forefront of this transformation. 
 We are exploring how technologies, such as artificial intelligence, can enhance storytelling, as 
 demonstrated by our January release of  New Horizon  - a fully AI-generated audio story. While AI can be 
 highly effective in automating tasks or serve as an assistant, this insightful project has also reinforced our 
 conviction that human creativity is essential in story creation. We believe close collaboration with our 
 authors, publishers and narrators is crucial for shaping the future of storytelling 
 Our firm ambition is to continue the successful path we have taken this past year, to advance our position in 
 the industry and to balance healthy organic growth and improved profitability. To ensure we are best 
 positioned to capitalize on these opportunities and continue to deliver value for all our stakeholders we are 
 currently reviewing our strategy for the coming years on a Group level. Storytel Group intends to present an 
 updated strategic direction during the second quarter. What can be expected in 2025, and subject to this 
 strategic revision, is continued organic growth with improved profitability. 
 Finally, I would like to extend my gratitude to our entire team, for their contributions to Storytel Group's 
 success in 2024. Everyone’s dedication to offering the absolute best of our wonderful world of stories to 
 more users and customers is truly inspiring. 
 Reaching over 2.4 million paying subscribers on our streaming service and achieving all-time high in our 
 publishing segment are testaments to our focused efforts, and lay a strong foundation for 2025. 
 I also would like to thank our shareholders who have joined us on this exciting journey. We are committed to 
 building a long-term, sustainable business and welcoming more investors, authors, and partners to be part 
 of the next chapter for Storytel Group. 
 Bodil Eriksson Torp, CEO 
 3

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

Group performance 
 Adjusted group performance 
 MSEK  Q4 2024  Q4 2023  Change 
 Jan-Dec 
 2024 
 Jan-Dec 
 2023  Change 
 Net sales  1,027.6  946.1  9%  3,798.0  3,489.2  9% 
 Cost of sales  -551.1  -575.7  -4%  -2,092.3  -2,099.8  0% 
 Adj. Gross profit  476.5  370.4  29%  1,705.7  1,389.4  23% 
 Selling and marketing expenses  -218.0  -220.9  -1%  -843.3  -835.0  1% 
 Technology and development expenses  -60.5  -73.4  -18%  -229.0  -268.6  -15% 
 Administrative expenses  -95.3  -80.9  18%  -325.1  -364.7  -11% 
 Other operating items  8.2  -2.2  n.a.  2.2  13.1  -83% 
 Profit from participations in associates  -6.1  5.0  -220%  -6.9  15.3  -145% 
 Adj. Operating profit/loss  104.8  -1.9  n.a.  303.5  -50.4  n.a. 
 Add back depr.  86.8  99.5  -13%  298.1  333.9  -11% 
 Adj. EBITDA  191.6  97.6  96%  601.7  283.4  112% 
 Adj. GM %  46.4  39.2  7.2p  44.9  39.8  5.1p 
 Adj. EBITDA %  18.6  10.3  8.3p  15.8  8.1  7.7p 
 Developments Q4 2024 
 Comparative figures in brackets pertain to the 
 fourth  quarter 2023. Adjusted figures  exclude 
 Items affecting comparability (IACs); see note 7 
 for further details. 
 Net sales 
 Group net sales for the quarter increased by 9% 
 to 1,027.6 (946.1) MSEK. This is the highest level 
 of sales achieved in a single quarter. The 
 increase is driven by solid growth in both the 
 Streaming and the Publishing segments. 
 A slightly depreciated Swedish Krona had a 
 positive effect on the growth rate. Group sales 
 growth was 8% at constant exchange rates in 
 the period. 
 Gross profit 
 Cost of sales for the period decreased to -550.7 
 (-717.7) MSEK and the gross profit increased by 
 109% amounting to 476.9 (228.4) MSEK. 
 Adjusted cost of sales decreased by 4% to 
 -551.1 (-575.7) MSEK and the adjusted gross 
 profit increased by 29% to 476.5 (370.4) MSEK, 
 which equals a margin of 46.4% (39.2%), up 7.2 
 percentage points from last year. The significant 
 improvement is driven by a combination of 
 revenue growth and a reduction of costs from the 
 efficiency measures carried out since Q3 2023. 
 EBITDA 
 In the fourth quarter the full effect of the cost 
 efficiency measures carried out since Q3 2023 
 were evident. Adjusted operating costs were in 
 line with the corresponding quarter last year, 
 despite increased sales. 
 EBITDA for the quarter increased to 222.7 (-7.3) 
 MSEK. During the quarter, Storytel Group 
 recognized Items Affecting Comparability (IACs) 
 of 31.1 (-104.9) MSEK, all affecting EBITDA. 
 Adjusted EBITDA for the quarter increased by 
 96% to 191.6 (97.6) MSEK, which equals a 
 margin of 18.6% (10.3%). 
 4

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

Operating profit 
 Operating  profit  (EBIT)  for the  quarter totaled 
 135.9 (-680.0) MSEK. Adjusted operating profit 
 for the quarter increased to 104.8 (-1.9) MSEK. 
 which is equal to a margin of 10.2%. 
 Adjusted selling and marketing expenses 
 decreased 1% to -218.0 (-220.9) MSEK. 
 Marketing efficiency continued to improve and 
 the cost is to a large extent driven by customer 
 acquisition initiatives. As a percentage of 
 revenues marketing costs continued to decline. 
 Adjusted technology and development expenses 
 decreased by 18% to -60.5 (-73.4) MSEK and 
 adjusted general and administrative expenses 
 increased by 18% to -95.3 (-80.9) MSEK. 
 Other operating items include currency effects 
 within operating expenses which decreased due 
 to a slightly weaker Swedish krona. 
 Net profit 
 Profit before tax for the quarter amounted to 
 158.6 (-725.9) MSEK. Net financial items for the 
 quarter totaled 22.7 (-45.9) MSEK. The amount 
 includes -5.1 (-11.3) MSEK of net interest costs, 
 as well as  27.3 (-33.7) MSEK of currency effects, 
 mainly from a USD denominated commitment 
 derived from the acquisition of Audiobooks.com. 
 Taxes for the quarter amounted to -9.4 (6.8) 
 MSEK. Net profit for the quarter amounted to 
 149.2 (-719.1) MSEK. 
 Earnings per share for the quarter totaled 
 1.83 (-9.34) SEK, before dilution and 1.82 (-9.34) 
 SEK after dilution. 
 Cash flow 
 Cash flow from operations before changes in 
 working capital amounted to 227.7 (-19.0) MSEK. 
 This is the strongest cash flow so far in a single 
 quarter in the company’s history. 
 The change in working capital was 44.1 (89.5) 
 MSEK, resulting in cash flow from operating 
 activities of 271.8 (70.5) MSEK for the quarter. 
 Changes in working capital were mainly due to 
 seasonality in accrued expenses. 
 Cash flow from investing activities was -98.8 
 (-47.0) MSEK, of which -38.4 (-39.2) MSEK relate 
 to Operational Capex. Cash flow from financing 
 activities was -9.0 (-111.6) MSEK. 
 Total cash flow for the quarter was 164.0 (-88.0) 
 MSEK. 
 Development 
 January-December 2024 
 Comparative figures in brackets pertain to the 
 period January-December 2023.  Adjusted figures 
 exclude Items affecting comparability (IACs); see 
 note 7 for further details. 
 Net sales 
 Group net sales for the period increased by 9% 
 to 3,798.0 (3,489.2) MSEK. The increase is driven 
 by solid growth both in the Streaming and the 
 Publishing segment. 
 Group net sales growth was 9% at constant 
 exchange rates in the period. 
 Gross profit 
 Reported cost of sales for the period decreased 
 to -2,098.2 (-2,241.9) MSEK and gross profit 
 amounted to 1,699.8 (1,247.3) MSEK. 
 Adjusted cost of sales decreased slightly to 
 -2,092.3 (-2,099.8) MSEK and the adjusted gross 
 profit increased by 23% to 1,705.7 (1,389.4) 
 MSEK. This equals a margin of 44.9% (39.8%), 
 an increase by 5.1 percentage points. 
 EBITDA 
 EBITDA for the period increased 231% to 544.5 
 (164.7) MSEK. During the period, Storytel Group 
 recognized Items Affecting Comparability (IACs) 
 of -57.2 (-118.7) MSEK impacting EBITDA. 
 Adjusted EBITDA for the period increased 112% 
 to 601.7 (283.4) MSEK which equals a margin of 
 15.8% (8.1%). The significant improvement is 
 driven by a combination of revenue growth and a 
 reduction of costs as a result of the cost 
 efficiency measures carried out since Q3 2023. 
 Operating profit 
 Operating profit (EBIT) for the period totaled 
 246.3 (-742.3) MSEK. Adjusted operating profit 
 was 303.5 (-50.4 ) MSEK, equal to a margin of 
 8.0%. 
 Adjusted selling and marketing expenses 
 increased 1% to -843.3 (-835.0) MSEK. The cost 
 is to a large extent driven by customer 
 acquisition initiatives. As a percentage of 
 revenues, marketing expenses have decreased 
 due to continued marketing efficiency. 
 Adjusted technology and development expenses 
 decreased by 15% and totaled -229.0 (-268.6) 
 MSEK and adjusted general and administrative 
 expenses decreased 11% and totaled -325.1 
 (-364.7) MSEK. 
 5

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

Net profit 
 Profit before tax for the period amounted to 
 235.6 (-807.5) MSEK. Net financial items for the 
 period totaled -10.7 (-65.1) MSEK. The amount 
 includes -36.4 (-55.6) MSEK in net interest costs, 
 and 26.7 (-9.1) MSEK currency effects mainly 
 from a USD denominated commitment derived 
 from the acquisition of Audiobooks.com. 
 Taxes for the period amounted to -22.1 (-6.1) 
 MSEK. Net profit for the period amounted to 
 213.5 (-813.5) MSEK. 
 Earnings per share for the period totaled 
 2.55 (-10.63) SEK, before dilution and 2.54 
 (-10.63) SEK after dilution  . 
 Cash flow 
 Cash flow from operating activities before 
 changes in working capital increased to 510.3 
 (101.9) MSEK. 
 The change in working capital was 33.1 (146.5) 
 MSEK. The positive cash flow from working 
 capital in the period primarily relates to increased 
 operating liabilities and deferred income. The 
 decrease from the previous year's level is due to 
 2023 figures significantly impacted by 
 reorganization effects and other one time items. 
 The resulting cash flow from operating activities 
 was 543.4 (248.5) MSEK for the period. 
 Cash flow from investing activities was -225.1 
 (-193.3) MSEK, of which -142.2 (-158.1) MSEK 
 relate to Operational Capex. 
 Cash flow from financing activities was -143.1 
 (-393.7) MSEK. The current period includes the 
 repayment of a 100 MSEK term loan. The 
 comparable period includes the repayment of a 
 500 MSEK bridge loan  and utilization of both a 
 200 MSEK term loan and 100 MSEK RCF. At the 
 end of December 2023, 100 MSEK of the bank 
 term loan and 50 MSEK of the RCF was 
 amortized. 
 Total cash flow for the period was 175.2 (-338.5) 
 MSEK. 
 6

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

Segment performance: Streaming 
 The company reports segment financials for its two business areas: Streaming and Publishing. The 
 Streaming segment consists of all audiobook and ebook streaming services operated under the brands 
 Storytel, Mofibo, and Audiobooks.com. KPIs are presented on a regional level: Nordics (Sweden, Denmark, 
 Norway, Finland, and Iceland), Non-Nordics Core (the Netherlands, Poland, Bulgaria, Turkey, and all of the 
 operations of Audiobooks.com), and Rest of World (all remaining, former expansion, markets). 
 Streaming performance 
 MSEK  Q4 2024  Q4 2023  Change 
 Jan-Dec 
 2024 
 Jan-Dec 
 2023  Change 
 Net sales  878.8  823.0  7%  3,376.9  3,121.6  8% 
 Cost of sales  -501.5  -482.1  4%  -1,959.2  -1,870.7  5% 
 Adj. Gross profit  377.3  341.0  11%  1,417.7  1,250.9  13% 
 Selling and marketing expenses  -207.9  -199.4  4%  -798.3  -768.2  4% 
 Technology and development expenses  -57.3  -57.3  0%  -217.9  -231.5  -6% 
 Administrative expenses  -25.1  -36.5  -31%  -89.5  -148.8  -40% 
 Other operating items  5.6  -1.9  n.a.  -7.6  7.4  -202% 
 Adj. Operating profit/loss  92.7  45.9  102%  304.4  109.9  177% 
 Add back depr.  36.3  28.5  27%  127.9  146.6  -13% 
 Adj. EBITDA  128.9  74.3  73%  432.3  256.5  69% 
 Adj. GM %  42.9  41.4  1.5p  42.0  40.1  1.9p 
 Adj. EBITDA %  14.7  9.0  5.7p  12.8  8.2  4.6p 
 In the Streaming segment’s accounts,  net sales  include  50% of Storytel Norway’s revenue in line with Storytels ownership. In 
 the consolidated accounts, Storytel Norway is reported in accordance with the equity method. Internal costs are included in 
 Cost of sales. As a result, the table shows higher  net sales  and costs than in the consolidated accounts.  See Note 5 for 
 additional details. 
 Both the quarter and the full year delivered a 
 record level of net sales and significantly 
 improved profitability, due to a reduction of 
 expenses on the back of the cost efficiency 
 measures carried out in Q1 2024. 
 Net sales and gross profit 
 Streaming net sales for the quarter increased by 
 7% from the comparative quarter to 878.8 
 (823.0) MSEK. A slightly weaker Swedish krona 
 supported the growth rate which was 6% at 
 constant exchange rates. 
 Non-Nordics Core contributed with particularly 
 strong growth in the Non-Nordic markets where 
 revenues increased 13%. 
 Net sales for the period increased 8% to 3,376.9 
 (3,121.6) MSEK, with Non-Nordics Core 
 experiencing the fastest growth with 16%. 
 The growth in sales was driven by a higher 
 number of subscribers which increased 11% in 
 the quarter and 11% in the period. ARPU 
 decreased by 5% in the quarter and by 2% in 
 the period. 
 Adjusted gross profit developed strongly with an 
 11% growth to 377.3 (341.0) MSEK in the 
 quarter. For the period the adjusted gross profit 
 grew 13% to 1417.7 (1,250.9) MSEK. The 
 adjusted gross margin increased to 42.9% 
 (41.4%) in the quarter and 42.0% (40.1%) for the 
 period. 
 EBITDA and operating profit 
 Adjusted EBITDA in the quarter increased 73% 
 to 128.9 (74.3) MSEK and 69% for the period to 
 432.3 (256.5) MSEK representing a margin of 
 14.7% (9.0%) and 12.8% (8.2%), respectively. 
 Adjusted operating profit increased 102% to 
 92.7 (45.9) MSEK in the quarter and 177% to 
 304.4 (109.9) MSEK in the period. 
 Business developments 
 Streaming platform subscribers surpassed 2.4 
 million. Sequential growth this quarter was 
 driven by the 'For Life' campaign in Finland and 
 strong performance across the Nordics and key 
 European Non-Nordic Core markets, in particular 
 Bulgaria and Poland. 
 7

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

Streaming geographical performance split 
 Streaming subscriber development 
 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. 
 8 
 TSEK  Q4 2023  Q1 2024  Q2 2024  Q3 2024  Q4 2024  Jan-Dec 
 2023 
 Jan-Dec 
 2024 
 All Markets 
 Revenue  1  858,210  836,858  868,286  888,882  908,573  3,241,579  3,502,599 
 Adjusted Gross profit  346,265  337,277  350,704  358,490  368,200  1,264,900  1,414,670 
 Adjusted Gross margin  40.3%  40.3%  40.4%  40.3%  40.5%  39.0%  40.4% 
 Avg. Paying Subscribers  2,201,000  2,255,000  2,285,000  2,366,000  2,441,000  2,111,000  2,337,000 
 ARPU (SEK/month)  130  124  127  125  124  128  125 
 Nordics 
 Revenue  1  573,674  559,172  570,427  585,986  592,008  2,185,647  2,307,593 
 Adjusted Gross profit  212,663  209,998  212,530  217,304  211,919  779,549  851,751 
 Adjusted Gross margin  37.1%  37.6%  37.3%  37.1%  35.8%  35.7%  36.9% 
 Avg. Paying Subscribers  1,183,000  1,188,000  1,203,000  1,262,000  1,279,000  1,150,000  1,233,000 
 ARPU (SEK/month)  162  157  158  155  154  158  156 
 Non-Nordics Core 
 Revenue  242,052  235,201  256,608  262,251  273,871  883,960  1,027,932 
 Adjusted Gross profit  118,718  112,259  123,632  126,139  140,609  424,296  502,639 
 Adjusted Gross margin  49.0%  47.7%  48.2%  48.1%  51.3%  48.0%  48.9% 
 Avg. Paying Subscribers  829,000  880,000  896,000  915,000  966,000  769,000  914,000 
 ARPU (SEK/month)  97  89  95  96  95  96  94 
 Rest of World 
 Revenue  42,483  42,486  41,250  40,644  42,695  171,972  167,074 
 Adjusted Gross profit  14,883  15,020  14,542  15,047  15,672  61,055  60,281 
 Adjusted Gross margin  35.0%  35.4%  35.3%  37.0%  36.7%  35.5%  36.1% 
 Avg. Paying Subscribers  189,000  187,000  186,000  189,000  196,000  192,000  190,000 
 ARPU (SEK/month)  75  76  74  72  73  75  73

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

Segment performance: Publishing 
 The company reports segment financials for its two business areas: Streaming and Publishing. The 
 Publishing segment consists of all publishing houses within Storytel Group: Norstedts Publishing Group, 
 Lind & Co, Gummerus, and People’s, as well as our global digital audio publisher Storyside. The Publishing 
 segment also includes external sales from content productions. 
 Publishing Performance 
 MSEK  Q4 2024  Q4 2023  Change 
 Jan-Dec 
 2024 
 Jan-Dec 
 2023  Change 
 Net sales  331.9  287.8  15%  1,125.1  1,003.5  12% 
 Cost of sales  -219.6  -239.3  -8%  -769.3  -785.6  -2% 
 Adj. Gross profit  112.3  48.5  132%  355.8  217.9  63% 
 Selling and marketing expenses  -21.1  -28.1  -25%  -71.6  -90.8  -21% 
 Technology and development expenses  -3.2  -16.2  -80%  -21.6  -37.1  -42% 
 Administrative expenses  -39.7  -15.9  149%  -131.2  -109.8  19% 
 Other operating items  2.6  -0.2  n.a.  9.8  5.7  72% 
 Adj. Operating profit/loss  50.9  -11.9  -527%  141.1  -14.2  n.a. 
 Add back depr.  48.4  62.0  -22%  162.7  176.9  -8% 
 Adj. EBITDA  99.3  50.1  98%  303.8  162.7  87% 
 Adj. GM %  33.8  16.9  16.9p  31.6  21.7  9.9p 
 Adj. EBITDA %  29.9  17.4  12.5p  27.0  16.2  10.8p 
 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 quarter and the full year delivered 
 significantly improved profitability. Revenues 
 grew due to a strong growth of digital sales and 
 operating expenses decreased on the back of 
 the cost efficiency measures carried out since 
 Q3 2023. 
 Content from in-house publishers remains a key 
 driver of consumption on Storytel Group’s 
 streaming platforms. This quarter, demand has 
 grown for titles rooted in true stories. Robust 
 physical sales and strong digital sales across all 
 formats further strengthened overall performance 
 in the quarter. 
 Net sales and gross profit 
 Net sales in the quarter increased by 15% to 
 331.9 (287.8) MSEK, driven by 17% increase in 
 external sales and 13% increase of internal 
 sales. 
 Similarly, net sales for the period developed 
 strongly and increased 12% to 1,125.1 (1,003.5) 
 MSEK. The agreement with Nextory, which came 
 into effect gradually in the later part of the first 
 quarter, has supported growth in digital sales. 
 Adjusted cost of sales grew significantly slower 
 than net sales, supporting an 132% growth in the 
 adjusted gross profit in the quarter to 112.3 
 (48.5) MSEK, corresponding to a gross margin of 
 33.8% (16.9%). In the period adjusted gross 
 profit grew 63% to 355.8 (217.9) MSEK, 
 corresponding to a gross margin of 31.6% 
 (21.7%). 
 EBITDA and operating profit 
 Adjusted EBITDA in the quarter improved 98% to 
 99.3 (50.1) MSEK, and 87% to 303.8 (162.7) 
 MSEK for the period, representing a margin of 
 29.9% (17.4%) in the quarter and 27.0% (16.2%) 
 during the period, respectively. 
 Adjusted operating profit increased to 50.9 
 (-11.9) MSEK and to 141.1 (-14.2) MSEK for the 
 period. 
 Business developments 
 In November, Storytel Group acquired full rights 
 to the popular Swedish children's characters 
 Sune and Bert, created by Anders Jacobsson 
 and Sören Olsson. This acquisition reinforces the 
 company's strategy to develop strong intellectual 
 properties. 
 9

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

Other information 
 Financial position, equity & liquidity 
 (compared to December 31, 2023) 
 At the end of the period, the Group had 623.0 
 (436.1) MSEK in cash and cash equivalents. The 
 equity-to-asset ratio at the end of the period was 
 45.8% (40.5%). 
 Total equity at the end of the period was 1,551.6 
 (1,273.2) MSEK. 
 Total non-current liabilities amounted to 828.8 
 (174.0) MSEK and total current liabilities 
 amounted to 1,008.8 (1,693.5) MSEK. 
 Out of the total non-current liabilities, 650 MSEK 
 relate to reclassification of the utilized part of the 
 700 MSEK RCF facility, which was extended until 
 2 April 2026 at slightly improved terms while 
 having been reduced from the previous 750 
 MSEK. 
 Net interest-bearing debt (NIBD) was 27.0 (313.1) 
 MSEK with a NIBD/adjusted EBITDA ratio of 0.05 
 (1.11) at the end of the period. 
 Full time employees 
 The average number of employees (FTE) during 
 the fourth quarter was 526. During the fourth 
 quarter 2023, the average number of FTE was 
 619. 
 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 
 9.0 (17.1) MSEK in the quarter, profit before tax 
 amounted to -12.1 (-1.0) MSEK, and profit/loss 
 amounted to -12.1 (-1.0) MSEK  .  Total equity 
 amounted to 4,159.4 (4,195.7) 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 2023 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 
 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 December 31, 2024, 
 despite prevailing uncertainties, the group is not 
 aware of any remaining material balance sheet 
 exposure. 
 10

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

Significant events during the period 
 On November 1, Storytel Group announced the 
 resignation of Joakim Rubin from the Board of 
 Directors, effective as of November 1, 2024. 
 Proposal for a potential new Board member will 
 be presented by the Nomination Committee no 
 later than in connection with the notice for the 
 2025 Annual General Meeting. 
 On November 8, Storytel Group announced that 
 the company has acquired the full rights to two 
 of Sweden’s most beloved children’s characters, 
 Sune and Bert, and their respective universes 
 which also encompasses the popular character 
 Håkan Bråkan – all created by authors Anders 
 Jacobsson and Sören Olsson. This means that 
 Storytel Group now owns the right to further 
 develop the successful series in all formats, 
 which sold over 10 million books and 5 million 
 cinema tickets. 
 Significant events after the period 
 It was announced on January 31 that Storytel 
 Group has acquired a 70 percent majority stake 
 in Bokfabriken, one of Sweden's largest general 
 publishing houses. The publisher has a strong 
 presence in both print and digital formats and a 
 proven track record of publishing commercially 
 successful content across various genres. Digital 
 releases accounted for more than 70% of 
 Bokfabriken's revenues in 2023, demonstrating 
 the company’s strong digital focus.In 2023, 
 Bokfabriken reported sales of 65.7 MSEK with 
 an operating profit of 15.9 MSEK. Determination 
 of opening balances and purchase price 
 allocation is ongoing at the time of this quarterly 
 report. The agreed purchase price will be fully 
 paid in cash, and will be paid out of Storytel 
 Group’s cash balance with no further financing 
 needed. Following discussions with the Swedish 
 Competition Authority (SCA) in February, Storytel 
 has decided to voluntarily give the SCA an 
 opportunity to review the transaction, even 
 though there was no obligation to do so. 
 For more information and a full list of 
 announcements, please visit: 
 www.storytelgroup.com/en/newsroom/ 
 Full-year 2024 guidance 
 Storytel Group’s full-year 2024 guidance was 
 updated with the group’s interim report for the 
 third quarter as follows: 
 ●  Organic group revenue growth of around 
 8 percent 
 ●  Around 15 percent EBITDA margin 
 adjusted for items affecting 
 comparability 
 ●  An Operational Cash Flow (adjusted 
 EBITDA less Operational Capex) above 
 10 percent of revenue 
 Mid-term financial targets 
 During January 2024, Storytel Group’s Board of 
 Directors decided on the below mid-term 
 financial targets. 
 Revenue 
 ●  Total net sales to reach around 4,500 MSEK 
 in 2026 through organic growth. 
 ●  Organic average annual streaming revenue 
 growth of 10 to 12 percent. 
 EBITDA margin 
 ●  EBITDA margin above 15 percent in 2026, 
 with a long-term ambition of 20 percent or 
 higher. 
 Operational Cash Flow 
 ●  Operational Cash Flow above 10 percent in 
 2026. 
 11

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

Number of shares and share capital as 
 of December 31, 2024 
 There were 77,150,803 (77,108,125) registered 
 shares in issuance at the end of the period, 
 divided between 635 Class A shares and 
 77,150,168 Class B shares. Share capital totaled 
 38,575,401.50 (38,554,062.50) SEK as of 
 December 31, 2024. 
 The shareholder structure is presented at: 
 https://www.storytelgroup.com/en/investor-relati 
 ons/shareholder-structure/ 
 Auditor's review 
 This year-end report has not been audited or 
 reviewed by the auditors of the company. 
 Information about Nasdaq First North 
 Growth Market 
 Nasdaq First North Growth Market (“First North”) 
 is an alternative marketplace operated by the 
 constituent exchanges of Nasdaq Stockholm. It 
 does not have the same legal status as a 
 regulated marketplace. Companies quoted on 
 First North are subject to First North’s rules 
 rather than the legal requirements set for trading 
 on a regulated marketplace. An investment in a 
 company trading on First North implies higher 
 risk than an investment in a listed company. 
 Companies must apply to the exchange and gain 
 approval before trading on First North may 
 commence. A Certified Adviser guides the 
 company through the listing process and 
 ensures that the company continuously satisfies 
 First North’s standards. 
 Financial calendar 
 Interim Report January–March 2025  April 29, 2025 
 Annual General Meeting  May 6, 2025 
 (To be held at Tryckerigatan 4, Stockholm) 
 Interim Report January–June 2025  July 29, 2025 
 Interim Report January–September 2025  October 28, 2025 
 Year-End Report January–December 2025  February 10, 2026 
 For more information 
 Niklas Alm, Interim Head of Investor Relations 
 Cell: +46 70 824 40 88 
 Email: niklas.alm@storytel.com, investorrelations@storytel.com 
 Web: www.storytelgroup.com, www.storytel.com 
 Storytel AB (publicly traded) 
 Mailing address: Box 24167, 104 51 Stockholm 
 Office: Tryckerigatan 4, 111 28 Stockholm 
 CIN: 556575-2960 
 12

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

Signatures and assurance 
 The Board of Directors and the Chief Executive Officer offer their assurance that this interim report provides 
 a true and fair view of the Group’s and the Parent Company’s operations, financial position and operational 
 performance. 
 Stockholm, February 12, 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). The information was provided, through 
 the agency of the below contact persons, at 8:00 a.m. CET on February 12, 2025. 
 13

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

Group financial statements 
 Condensed consolidated interim statements of comprehensive income 
 TSEK  Q4 2024  Q4 2023  Jan-Dec 2024  Jan-Dec 2023 
 Net sales  1,027,581  946,099  3,797,976  3,489,220 
 Cost of sales  -550,705  -717,718  -2,098,166  -2,241,895 
 Gross profit  476,876  228,381  1,699,810  1,247,326 
 Selling and marketing expenses  -219,456  -231,058  -854,508  -845,177 
 Technology and development expenses  -61,295  -107,846  -254,974  -303,017 
 Administrative expenses  -96,530  -571,586  -363,142  -869,234 
 Other operating items  42,352  -2,199  26,006  13,147 
 Result from participation in associates  -6,064  4,337  -6,861  14,608 
 Operating profit/loss  135,884  -679,970  246,332  -742,348 
 Net financial items  22,743  -45,922  -10,722  -65,122 
 Profit/loss before taxes  158,627  -725,892  235,609  -807,470 
 Tax  -9,393  6,809  -22,114  -6,053 
 Profit/loss for the period  149,234  -719,083  213,496  -813,523 
 Profit for the period attributable to: 
 Parent Company shareholder  140,944  -720,000  196,705  -819,186 
 Non-controlling interest  8,290  917  16,791  5,663 
 Earnings per share, SEK 
 Group total, basic  1.83  -9.34  2.55  -10.63 
 Group total, diluted  1.82  -9.34  2.54  -10.63 
 Statement of comprehensive income 
 Profit/loss for the period, after tax  149,234  -719,083  213,496  -813,523 
 Other comprehensive income 
 Items that will be reclassified to profit/loss (after tax) 
 Translation difference  62,723  -91,551  67,589  -42,161 
 Items that will not be reclassified to profit/loss (after 
 tax) 
 Revaluation of defined-benefit pension plans  12,376  -16,259  -3,799  -8,744 
 Total other comprehensive income for the period, 
 after tax 
 75,099  -107,811  63,790  -50,906 
 Total comprehensive income for the period, after 
 tax 
 224,333  -826,894  277,286  -864,429 
 Total comprehensive income for the period 
 attributable to: 
 Parent Company shareholder  216,043  -827,811  260,495  -870,092 
 Non-controlling interest  8,290  917  16,791  5,663 
 14

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

Condensed consolidated interim statements of financial position 
 TSEK  31 Dec 2024  31 Dec 2023 
 Intangible assets  1,994,356  1,902,303 
 Tangible assets  13,610  17,818 
 Right-of-use assets  70,830  84,119 
 Non-current financial assets  68,048  76,376 
 Inventory  53,132  59,808 
 Trade receivables  220,381  193,999 
 Other current receivables  345,837  370,086 
 Cash and cash equivalents  622,954  436,143 
 Total assets  3,389,147  3,140,651 
 Equity  1,551,632  1,273,182 
 Non-current liabilities  828,766  173,966 
 Trade payables  292,236  274,658 
 Other current liabilities  716,514  1,418,844 
 Total equity and liabilities  3,389,147  3,140,651 
 15

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

Condensed consolidated interim statement of changes in equity 
 31 Dec 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 
 Profit for the year  -  -  -  196,705  196,705  16,791  213,496 
 Other total comprehensive income for 
 the year  -  -  67,589  -3,799  63,790  -  63,790 
 Total comprehensive income for the 
 year 
 -  -  67,589  192,905  260,494  16,791  277,285 
 Transactions with the Group's owners 
 Dividend to minority owners  -  -  -  -  -  -7,500  -7,500 
 New share issue  21  -  -  -  21  21 
 Share-related compensations  -  -  -  8,642  8,642  -  8,642 
 Closing equity as at 12/31/2024  38,575  3,578,102  182,540  -2,322,222  1,476,995  74,636  1,551,631 
 31 Dec 2023  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 1/1/2023  38,537  3,578,102  157,112  -1,712,040  2,061,711  70,074  2,131,785 
 Profit for the year  -  -  -  -819,186  -819,186  5,663  -813,524 
 Other total comprehensive income for 
 the year  -  -  -42,161  -8,745  -50,906  -  -50,906 
 Total comprehensive income for the 
 year 
 -  -  -42,161  -827,931  -870,092  5,663  -864,429 
 Transactions with the Group's owners 
 Dividend to minority owners  -  -  -  -  -  -10,392  -10,392 
 New share issue  17  -  -  -  17  17 
 Issue expenses  -  -  -  -1,074  -1,074  -  -1,074 
 Share-related compensations  -  -  -  17,275  17,275  -  17,275 
 Closing equity as at 12/31/2023  38,554  3,578,102  114,951  -2,523,769  1,207,838  65,345  1,273,182 
 16

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

Condensed consolidated interim statements of cash flows 
 TSEK  Q4 2024  Q4 2023 
 Jan-Dec 
 2024 
 Jan-Dec 
 2023 
 Profit/loss after financial items  158,627  -725,892  235,609  -807,470 
 whereof interest paid  -5,059  -11,277  -36,404  -55,627 
 Adjustments for non-cash items  78,339  715,879  306,720  941,327 
 Taxes paid  -9,275  -8,999  -32,032  -31,914 
 Cash flow from operations before changes 
 in working capital 
 227,691  -19,012  510,297  101,942 
 Change in inventory  -6,138  14,047  -5,752  27,656 
 Change in operating receivables  -40,567  4,701  -9,714  60,138 
 Change in operating liabilities  90,766  70,730  48,547  58,734 
 Change in working capital  44,060  89,478  33,081  146,528 
 Cash flow from operating activities  271,752  70,465  543,378  248,470 
 Operational Capex  -38,387  -39,215  -142,186  -158,075 
 Cash flow from other investing activities  -60,400  -7,741  -82,963  -35,224 
 External borrowings  -  501,752  -  300,000 
 Repayment of debt  -  -600,000  -100,000  -650,000 
 Cash flow from other financing activities  -9,004  -13,305  -43,065  -43,698 
 Cash flow for the period  163,961  -88,044  175,165  -338,527 
 Available funds at the beginning of period  448,163  540,614  436,143  776,341 
 Cash flow for the period  163,961  -88,044  175,165  -338,527 
 Translation differences in available funds  10,830  -16,427  11,646  -1,671 
 Available funds at end of period  622,954  436,143  622,954  436,143 
 17

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

Notes to the condensed consolidated interim 
 financial statements 
 Note 1 Accounting and valuation principles 
 This interim report includes the Swedish Parent Company Storytel AB (publ), CIN 556575-2960, and its 
 subsidiaries. Storytel is one of the world's largest streaming services for audiobooks and e-books and 
 offers more than 1,400,000 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 2023 and 2024 that 
 have had a material impact on the performance and financial position of Storytel. Disclosures pursuant to 
 IAS 34.16A are also presented in the financial statements as well as related notes, and are an integral part 
 of this financial statement. 
 Note 2 Significant estimates and judgements 
 When preparing the financial statements, the company’s management and the Board must make certain 
 assessments and assumptions that affect the carrying amounts of asset and liability items and income and 
 expense items, respectively, as well as other information provided. The assessments are based on 
 experiences and assumptions that the management and the Board deem to be reasonable given the 
 prevailing circumstances. Actual outcome may then differ from these assessments if other conditions arise. 
 The estimates and assumptions are evaluated on an ongoing basis and changes in estimates are reported 
 in the period in which the change is made if the change has only affected this period, or in the period in 
 which the change is made and future periods if the change affects both the current period and future 
 periods. For other significant estimates and judgements, please refer to the most recent annual report. 
 Note 3 Definitions and key ratios including alternative 
 performance measures 
 Storytel reports a number of different items and financial key ratios in its consolidated financial statements. 
 The key ratios aim to make it easier for investors and other stakeholders to analyze and understand 
 Storytel's operations and development in the same way that the business and its development are 
 monitored by management. Of these measures, some are defined in IFRS, while others are defined in 
 neither the financial framework nor other legislation. For key ratios that are not defined in IFRS, this report 
 presents their purpose and how they relate to the financial statements presented in accordance with IFRS. 
 For definitions of financial measures and key ratios used, please see further below. 
 18

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

Note 4 Transactions with related parties 
 There were no significant changes in the scope or type of transactions with related parties to the Group 
 other than those presented in the most recent Annual Report. Any transactions with associated companies 
 take place on market terms. 
 Note 5 Business segments 
 The Group reports segment financials for its two business areas: Streaming, and Publishing. Streaming 
 consists of all streaming services operated under the brands Storytel, Mofibo, and Audiobooks.com. The 
 segment includes 50% of the joint venture in Storytel AS (“Storytel Norway”) income and expenses, to 
 represent a fair picture of its contribution to the Streaming segment. Publishing consists of all publishing 
 houses within the Storytel Group. Costs related to central group overhead functions (such as Finance, HR, 
 Legal etc.) and other group-wide items and eliminations are reported separately to bridge the segment 
 financials to total group result. 
 Both segments include internal transactions that are eliminated to reach the total group result. These 
 transactions include internal sales between the segments, where mainly the Publishing segment reports 
 internal sales to the Streaming segment. Furthermore, Storytel AS (“Storytel Norway”) sales and expenses 
 in the Streaming segment are eliminated in the Group-wide items and elimination column and the net result 
 from the joint venture is reported as Result from participation in associates. 
 Q4 2024 (TSEK)  Streaming  Publishing  Group-wide items 
 and eliminations  Group total 
 Net sales  878,788  331,942  -183,149  1,027,581 
 whereof external sales  878,788  201,381  -52,588  1,027,581 
 Cost of sales  -500,945  -219,814  170,054  -550,705 
 Gross profit  377,843  112,128  -13,095  476,876 
 Adj. Gross profit  377,319  112,304  -13,095  476,528 
 Selling and marketing expenses  -209,286  -21,142  10,972  -219,456 
 Technology and development expenses  -58,074  -3,221  -  -61,295 
 Administrative expenses  -27,966  -41,068  -27,496  -96,530 
 Other operating items  5,565  37,015  -228  42,352 
 Result from participation in associates  -  -  -6,064  -6,064 
 Operating profit/loss  88,082  83,712  -35,910  135,884 
 Adj. Operating profit/loss  92,660  50,889  -38,765  104,784 
 Add back depr.  36,254  48,419  2,112  86,785 
 EBITDA  124,336  132,131  -33,798  222,669 
 Adj. EBITDA  128,913  99,308  -36,652  191,569 
 19

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

Q4 2023 (TSEK)  Streaming  Publishing  Group-wide items 
 and eliminations  Group total 
 Net sales  823,038  287,821  -164,760  946,099 
 whereof external sales  823,038  172,698  -49,637  946,099 
 Cost of sales  -490,970  -372,480  145,732  -717,718 
 Gross profit  332,068  -84,659  -19,028  228,381 
 Adj. Gross profit  340,966  48,499  -19,029  370,436 
 Selling and marketing expenses  -206,435  -29,453  4,830  -231,058 
 Technology and development expenses  -91,694  -16,153  -  -107,846 
 Administrative expenses  -512,065  -19,438  -40,083  -571,586 
 Other operating items  -1,945  -238  -16  -2,199 
 Result from participation in associates  -  -  4,337  4,337 
 Operating profit/loss  -480,071  -149,940  -49,959  -679,970 
 Adj. Operating profit/loss  45,862  -11,916  -35,825  -1,879 
 Add back depr.  528,074  135,535  9,029  672,638 
 EBITDA  48,003  -14,405  -40,930  -7,332 
 Adj. EBITDA  74,340  50,053  -26,796  97,597 
 Jan-Dec 2024 (TSEK)  Streaming  Publishing  Group-wide items 
 and eliminations  Group total 
 Net sales  3,376,867  1,125,054  -703,945  3,797,976 
 whereof external sales  3,376,867  624,947  -203,838  3,797,976 
 Cost of sales  -1,960,242  -774,048  636,124  -2,098,166 
 Gross profit  1,416,624  351,006  -67,820  1,699,810 
 Adj. Gross profit  1,417,712  355,760  -67,820  1,705,652 
 Selling and marketing expenses  -809,357  -71,638  26,487  -854,508 
 Technology and development expenses  -243,827  -21,637  10,490  -254,974 
 Administrative expenses  -99,724  -133,693  -129,725  -363,142 
 Other operating items  -7,620  44,196  -10,570  26,006 
 Result from participation in associates  -  -  -6,861  -6,861 
 Operating profit/loss  256,096  168,235  -177,999  246,332 
 Adj. Operating profit/loss  304,405  141,127  -141,988  303,544 
 Add back depr.  127,926  162,670  7,526  298,122 
 EBITDA  384,022  330,905  -170,473  544,454 
 Adj. EBITDA  432,331  303,797  -134,462  601,666 
 20

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

Jan-Dec 2023 (TSEK)  Streaming  Publishing  Group-wide items 
 and eliminations  Group total 
 Net sales  3,121,624  1,003,478  -635,882  3,489,220 
 whereof external sales  3,121,624  561,541  -193,945  3,489,220 
 Cost of sales  -1,879,592  -918,745  556,442  -2,241,895 
 Gross profit  1,242,032  84,733  -79,439  1,247,326 
 Adj. Gross profit  1,250,929  217,890  -79,438  1,389,381 
 Selling and marketing expenses  -775,273  -92,192  22,288  -845,177 
 Technology and development expenses  -265,923  -37,094  -  -303,017 
 Administrative expenses  -624,297  -113,311  -131,626  -869,234 
 Other operating items  7,440  5,686  21  13,147 
 Result from participation in associates  -  -  14,608  14,608 
 Operating profit/loss  -416,021  -152,175  -174,152  -742,348 
 Adj. Operating profit/loss  109,912  -14,151  -146,207  -50,446 
 Add back depr.  646,204  250,424  10,415  907,043 
 EBITDA  230,183  98,248  -163,738  164,693 
 Adj. EBITDA  256,519  162,707  -135,792  283,434 
 Note 6 Revenue from contracts with customers 
 Q4 2024 (TSEK)  Streaming  Publishing  Group total 
 Type of product or service 
 Revenue from subscriptions of streaming service  803,397  -  803,397 
 Revenue from publishing activities  -  201,381  201,381 
 Other  22,803  -  22,803 
 Revenue from contracts with customers  826,200  201,381  1,027,581 
 Q4 2023 (TSEK)  Streaming  Publishing  Group total 
 Type of product or service 
 Revenue from subscriptions of streaming service  758,937  -  758,937 
 Revenue from publishing activities  -  172,698  172,698 
 Other  14,465  -  14,465 
 Revenue from contracts with customers  773,402  172,698  946,099 
 21

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

Jan-Dec 2024 (TSEK)  Streaming  Publishing  Group total 
 Type of product or service 
 Revenue from subscriptions of streaming service  3,094,924  -  3,094,924 
 Revenue from publishing activities  -  624,947  624,947 
 Other  78,105  -  78,105 
 Revenue from contracts with customers  3,173,029  624,947  3,797,976 
 Jan-Dec 2023 (TSEK)  Streaming  Publishing  Group total 
 Type of product or service 
 Revenue from subscriptions of streaming service  2,855,510  -  2,855,510 
 Revenue from publishing activities  -  561,541  561,541 
 Other  72,170  -  72,170 
 Revenue from contracts with customers  2,927,680  561,541  3,489,220 
 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 Q4 2024, IACs of 31.1 MSEK relate mainly to one-off compensation of 34.4 MSEK from Copyswede 
 that relates to private copying levies in Sweden for historic periods.  Remaining IACs relate to the group’s 
 share-based incentive schemes totaling 0.6 MSEK, discontinued operations of the Austrian streaming 
 company Storytel Gmbh of -0.2 MSEK, and -3.6 MSEK that relate to restructuring charges from 
 organizational changes. 
 For the full year, IACs totaling -17.0 MSEK relate to the group’s share-based incentive schemes, IACs 
 totaling -10.0 MSEK relate to the divestment of the Finnish publisher Aula & Co and discontinued 
 operations of the Storytel Brasil Distribuição de Audiolivros Ltda and the Austrian streaming company 
 Storytel Gmbh, IACs totaling -64.6 MSEK relate to restructuring charges from organizational changes, and 
 IACs totaling 34.4 MSEK relate to one-off compensation from Copyswede with regards to private copying 
 levies in Sweden for historic periods. 
 22

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

TSEK  Q4 2024  Q4 2023  Jan-Dec 2024  Jan-Dec 2023 
 Share-based incentive schemes  550  -6,521  -16,957  -20,333 
 Divestment/Discontinued operations  -213  -9,000  -10,043  -9,000 
 Organizational changes  -3,636  -21,899  -64,611  -21,899 
 Write downs  -  -631,741  -  -631,741 
 Changes in accounting policies  -  -8,932  -  -8,932 
 One-off compensation  34,399  -  34,399  - 
 EBIT  31,100  -678,091  -57,212  -691,902 
 Add back depr.  -  573,162  -  573,162 
 EBITDA  31,100  -104,929  -57,212  -118,741 
 Items affecting comparability (IACs) effect on the P&L 
 TSEK  Q4 2024  Q4 2023  Jan-Dec 2024  Jan-Dec 2023 
 Cost of sales  349  -142,055  -5,842  -142,055 
 Selling and marketing expenses  -1,407  -10,184  -11,165  -10,184 
 Technology and development expenses  -821  -34,433  -25,973  -34,433 
 Administrative expenses  -1,198  -490,709  -38,061  -504,520 
 Other operating items  34,176  -  23,829  - 
 Result from participation in associates  -  -710  -  -710 
 Operating profit/loss  31,100  -678,091  -57,212  -691,902 
 Add back depr.  -  573,162  -  573,162 
 EBITDA  31,100  -104,929  -57,212  -118,741 
 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 
 Storytel's acquisition option (put/call option) refers to the future acquisition of the remaining 6.7 % shares 
 in Earselect AB, which will result in an additional transferred consideration of 4,045 TSEK, after the 
 consideration paid in the period, see note 9. The acquisition option is reported at fair value in the 
 statement of financial position, measured in accordance with IFRS 9 and categorized in accordance with 
 23

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

Level 3 of the IFRS 13 fair value hierarchy. Since the price of the option is not dependent on any conditions 
 beyond the time aspect, and since the discounting effect attributable to the time value is insignificant, no 
 discounting has taken place, and the carrying amount is considered to correspond to the fair value of the 
 acquisition option. 
 Financial liabilities valued at fair value (TSEK)  Jan-Sep 2024  Jan-Dec 2023 
 Opening balance  8,634  13,124 
 Consideration paid  -4,067  -4,530 
 Reversed due to divestment  -522  - 
 Change in value recognized in profit/loss  -  40 
 Closing balance  4,045  8,634 
 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  . 
 Note 9 Business combinations 
 A consideration of 4,067 TSEK for Storytel’s acquisition option in Earselect was paid during the period. 
 Storytel obtained a further 6.6% ownership and owned at the end of the period 93.3% of Earselect. 
 Note 10 Net interest-bearing debt (NIBD) 
 Net Interest-Bearing Debt (NIBD) is defined as total interest-bearing liabilities (excluding lease liabilities) 
 plus dividend payables, less cash and cash equivalents and interest-bearing assets. 
 TSEK  31 Dec 2024  31 Dec 2023 
 Interest-bearing liabilities within Current liabilities  -  749,238 
 Interest-bearing liabilities within Non-current liabilities  650,000  - 
 Cash and cash equivalents  622,954  436,143 
 Total Net Interest-Bearing Debt (NIBD)  27,046  313,124 
 24

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

Condensed parent company interim statements of comprehensive income 
 TSEK  Q4 2024  Q4 2023  Jan-Dec 
 2024 
 Jan-Dec 
 2023 
 Net sales  9,032  17,129  46,043  46,142 
 Gross profit  9,032  17,129  46,043  46,142 
 Selling, marketing and administrative 
 expenses  -15,231  -11,177  -59,672  -41,973 
 Other operating items  -4  -2  -42  18 
 Operating profit  -6,203  5,950  -13,670  4,187 
 Net financial items  -5,930  -6,986  -22,639  -19,276 
 Profit/loss before taxes  -12,133  -1,036  -36,309  -15,089 
 Tax  -  -  -  - 
 Profit/loss for period  -12,133  -1,036  -36,309  -15,089 
 Parent Company´s condensed 
 statement of comprehensive income 
 Profit for the period  -12,133  -1,036  -36,309  -15,089 
 Total comprehensive income for 
 the period  -12,133  -1,036  -36,309  -15,089 
 Condensed parent company interim statements of financial position 
 TSEK  31 Dec 2024  31 Dec 2023 
 Non-current financial assets  4,634,422  4,916,244 
 Current receivables  752,429  102,977 
 Cash and cash equivalents   286,060  40,992 
 Total assets  5,672,911  5,060,213 
 Equity   4,159,382  4,195,738 
 Non-current liabilities  650,000  - 
 Current liabilities  863,529  864,476 
 Total equity and liabilities  5,672,911  5,060,213 
 25

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

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