FULLTEXT DEL 1 AV 1

Kvartalsrapport Q4 2024

===== 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.