Kvartalsrapport Q4 2025

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

–*)  
 
 
 2025  was  a  year  of  exceptional  execution  from  our  group.  We  delivered  record  
profitability
 
and
 
cash
 
flow.
 
We
 
enter
 
2026
 
in
 
good
 
shape,
 
ready
 
to
 
take
 
our
 
business
 
to
 
the
 
next
 
level.
  
Q4  Highlights   January-December  Highlights  
●  Revenue  growth  of  +12%  in  constant  exchange  rates  (CER)  ●  Streaming  revenues  +10%  at  CER  ●  Publishing  revenues  +13%  at  CER  ●  Gross  margin  of  47.0%  (46.4%)   ●  Adjusted  EBITDA  margin  of  20.0%  (18.6%)  ●  Recognition  of  deferred  tax  asset,  impact  of  +195  MSEK  on  net  profit  ●  Net  profit  for  the  period  amounted  to  300  (149)  MSEK  ●  EPS  of  4.53  (1.82),  diluted  ●  Net  cash  position  of  136  MSEK,  end  of  Q4’25 
●  Revenue  growth  of  +9%  in  constant  exchange  rates  (CER)  ●  Streaming  revenues  +8%  at  CER  ●  Publishing  revenues  +15%  at  CER  ●  Gross  margin  of  45.6%  (44.8%)  ●  Adjusted  EBITDA  margin  of  18.8%  (15.8%)  ●  Recognition  of  deferred  tax  asset,  impact  of  +195  MSEK  on  net  profit  ●  Net  profit  of  504  (213)  MSEK  ●  EPS  of  6.22  (2.54),  diluted  ●  Proposed  dividend  of  SEK  1.50  for  2025  ●  Initiated  process  for  listing  on  Nasdaq  Stockholm  Main  Market  during  2026  
 
Financial  summary  
MSEK
 Q4  2025
 Q4  2024
 Change
 
Jan-Dec  2025
 
Jan-Dec  2024
 Change
 
Group
 
Revenue¹
 
1,098
 
1,028
 
7%
 
4,023
 
3,798
 
6%
 
Streaming
 
Revenue²
 
918
 
879
 
5%
 
3,518
 
3,377
 
4%
 
Publishing
 
Revenue³
 
367
 
332
 
11%
 
1,274
 
1,125
 
13%
 
Gross
 
profit
 
516
 
477
 
8%
 
1,833
 
1,700
 
8%
 
Gross
 
margin
 
%
 
47.0
 
46.4
 
0.6p
 
45.6
 
44.8
 
0.8p
 
Operating
 
profit
 
134
 
136
 
-1%
 
423
 
246
 
72%
 
Adjusted
 
EBITDA
 
220
 
192
 
15%
 
757
 
602
 
26%
 
Adjusted
 
EBITDA
 
margin
 
%
 
20.0
 
18.6
 
1.4p
 
18.8
 
15.8
 
3.0p
 
EBITDA
 
220
 
223
 
-1%
 
747
 
544
 
37%
 
Earnings
 
per
 
share,
 
basic
 
(SEK)
 
4.56
 
1.83
 
149%
 
6.26
 
2.55
 
145%
 
Earnings
 
per
 
share,
 
diluted
 
(SEK)
 
4.53
 
1.82
 
149%
 
6.22
 
2.54
 
145%
 Cash  flow  from  operations  before  changes  in  
working
 
capital
 
217
 
232
 
-6%
 
647
 
514
 
26%
 
Cash
 
flow
 
for
 
the
 
period
 
163
 
164
 
-1%
 
86
 
175
 
-51%
 
Net
 
Interest-Bearing
 
Debt
 
(NIBD)
 
-136
 
27
 
-604%
 
-136
 
27
 
-604%
 
NIBD/adjusted
 
R12
 
EBITDA
 
ratio
 
-0.18
 
0.05
 
-428%
 
-0.18
 
0.05
 
-428%
        ¹  The  adjustments  from  segment  level  to  group  level  are  1)  Removing  Storytel  Norway  at  50%,  2)  Removing  internal  publishing  revenue  from  Net  Sales  and  adding  internal  publishing  revenue  as  cost  reduction  within  Cost  of  Sales,  3)  Costs  related  to  central  group  overhead  functions  4)  
Adding
 
result
 
from
 
Norway
 
in
 
accordance
 
with
 
the
 
equity
 
method.
 
See
 
Note
 
5
 
to
 
the
 
financial
 
statements
 
for
 
additional
 
details.
 
²
 
Streaming
 
revenue
 
includes
 
50%
 
of
 
Storytel
 
Norway’s
 
revenue
 
in
 
line
 
with
 
Storytels
 
ownership.
 ³  Publishing  revenue  includes  both  external  and  group-internal  revenue.  
 
 
1

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

CEO  Statement   
 "Our  integrated  streaming  and  publishing  
strategy
 
delivered
 
record
 
profitability
 
and
 
cash
 
flow
 
generation
 
in
 
2025.
 
As
 
we
 
enter
 
2026,
 
we
 
are
 
focused
 
on
 
scaling
 
this
 
momentum
 
by
 
leveraging
 
AI-driven
 
innovation
 
to
 
lead
 
the
 
future
 
of
 
storytelling.”
 
2025  proved  to  be  a  defining  year  for  Storytel  Group,  clearly  
affirming
 
the
 
strength
 
of
 
our
 
business
 
model.
 
Driven
 
by
 
solid
 
subscriber
 
growth
 
in
 
core
 
markets,
 
the
 
introduction
 
of
 
several
 
innovative
 
product
 
features
 
and
 
exceptional
 
publishing
 
performance
 
across
 
all
 
genres
 
and
 
formats,
 
we
 
achieved
 
record
 
profitability
 
and
 
cash
 
flow.
 
We
 
exit
 
2025
 
confident
 
in
 
our
 
ability
 
to
 
meet
 
and
 
build
 
upon
 
the
 
mid-term
 
targets
 
introduced
 
at
 
our
 
Capital
 
Markets
 
Day
 
in
 
May.
 
Our
 
improved
 
financial
 
situation
 
provides
 
the
 
flexibility
 
to
 
move
 
with
 
speed,
 
balancing
 
disciplined
 
reinvestment
 
in
 
our
 
growth
 
roadmap
 
with
 
a
 
clear
 
commitment
 
to
 
delivering
 
long-term
 
shareholder
 
value.
 
 
The  Board  of  Directors  has  concluded  that  a  transfer  of  listing  to  the  Nasdaq  Stockholm  main  market  
creates
 
better
 
conditions
 
for
 
future
 
value
 
creation.
 
The
 
work
 
to
 
prepare
 
the
 
company
 
for
 
the
 
transfer
 
has
 
begun,
 
with
 
the
 
aim
 
of
 
finalizing
 
the
 
process
 
during
 
2026.
 
Delivering  on  our  2025  targets   We  successfully  delivered  on  our  financial  targets  for  2025  (which  were  raised  following  Q3),  achieving  
topline
 
growth
 
of
 
9.2%
 
CER.
 
This
 
was
 
supported
 
by
 
8.1%
 
growth
 
in
 
Streaming
 
revenue
 
and
 
an
 
18.0%
 
increase
 
in
 
external
 
Publishing
 
revenues.
 
Our
 
EBITDA
 
margin
 
expanded
 
by
 
3
 
percentage
 
points
 
to
 
18.8%
 
(15.8%),
 
driving
 
EBITDA
 
growth
 
of
 
26%
 
to
 
SEK
 
757
 
million
 
(602).
 
Total
 
operating
 
cash
 
flow
 
amounted
 
to
 
SEK
 
573
 
million,
 
and
 
we
 
ended
 
the
 
year
 
with
 
a
 
solid
 
cash
 
position
 
of
 
SEK
 
136
 
million.
 
In  our  Streaming  segment ,  we  expanded  our  base  by  220k  (thousands)  new  paying  subscribers,  ending  
2025
 
with
 
a
 
total
 
of
 
2.67
 
million
 
(2.45)
 
subscribers.
 
In
 
the
 
Nordic
 
region,
 
we
 
added
 
60k
 
subscribers
 
for
 
a
 
total
 
of
 
1.34
 
million
 
(1.28).
 
Our
 
core
 
growth
 
markets
 
outside
 
the
 
Nordics
 
continue
 
to
 
perform
 
well,
 
contributing
 
more
 
than
 
140k
 
new
 
subscribers
 
to
 
finish
 
the
 
year
 
at
 
1.12
 
million
 
(0.97).
 
Over  the  past  year,  we  have  intensified  our  focus  on  AI-powered  user  experience,  introducing  a  range  of  
feature
 
enhancements
 
including
 
synced
 
listening
 
and
 
reading
,
 
a
 
refined
 
search
 
function
,
 
and
 
fully
 
personalised
 
content
 
discovery
.
 
A
 
key
 
milestone
 
this
 
quarter
 
was
 
the
 
launch
 
of
 
our
 
pay-per-book
 
offering,
 
expanding
 
our
 
catalogue
 
with
 
more
 
than
 
35,000
 
English
 
titles
 
available
 
for
 
individual
 
sales
 
directly
 
in
 
the
 
app.
 
Our  Publishing  segment  achieved  a  record  performance  in  2025,  delivering  18%  CER  external  topline  
growth
 
with
 
a
 
robust
 
EBITDA
 
margin
 
of
 
29.5%.
 
This
 
momentum
 
was
 
driven
 
by
 
a
 
series
 
of
 
highly
 
anticipated
 
releases
 
across
 
both
 
physical
 
and
 
digital
 
formats.
 
Norstedts
 
saw
 
a
 
strong
 
year,
 
led
 
by
 
the
 
work
 
of
 
August
 
Prize
 
winner
 
Bea
 
Uusma
 
and
 
bestseller
 
Fredrik
 
Backman,
 
while
 
Gummerus
 
enjoyed
 
 
 
2

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

significant  success  with  the  biography  of  Sanna  Marin.  Lind  &  Co  delivered  another  outstanding  year  with  
successful
 
titles
 
from
 
authors
 
such
 
as
 
Dag
 
Öhrlund
 
and
 
Mikael
 
Ressem.
 
Furthermore,
 
our
 
newest
 
acquisition,
 
Bokfabriken
,
 
has
 
exceeded
 
expectations,
 
fueled
 
by
 
the
 
popularity
 
of
 
the
 
Johan
 
Falk
 
series
 
by
 
Anders
 
Nilsson.
 
 
Well  positioned  for  future  growth   We  expect  the  global  book  market  to  continue  its  growth  for  the  foreseeable  future,  driven  by  the  sustained  
rise
 
of
 
digital
 
formats
 
such
 
as
 
audiobooks
 
and
 
ebooks.
 
The
 
scale
 
of
 
this
 
opportunity
 
is
 
underscored
 
by
 
the
 
fact
 
that
 
in
 
our
 
core
 
markets
 
of
 
Europe
 
and
 
North
 
America,
 
the
 
number
 
of
 
monthly
 
active
 
audiobook
 
users
 
nearly
 
doubled
 
between
 
2020
 
and
 
2025.
 
With
 
industry
 
projections
 
suggesting
 
this
 
user
 
base
 
will
 
double
 
again
 
over
 
the
 
next
 
five
 
years,
 
we
 
see
 
significant
 
further
 
growth
 
potential
 
across
 
our
 
entire
 
footprint.
 
Our  goal  is  to  remain  the  frontrunner  in  enriching  lives  through  exceptional  stories.  We  are  committed  to  
providing
 
an
 
industry-leading
 
user
 
experience
 
while
 
maintaining
 
a
 
high
 
market
 
share
 
in
 
our
 
core
 
markets.
 
At
 
the
 
heart
 
of
 
this
 
ambition
 
is
 
our
 
commitment
 
to
 
the
 
creative
 
community;
 
today,
 
our
 
publishers
 
are
 
proud
 
to
 
partner
 
with
 
tens
 
of
 
thousands
 
of
 
authors.
 
On  track  to  deliver  on  our  mid-term  targets   We  are  well  on  track  to  achieving  our  mid-term  targets  of  a  10%  topline  CAGR  and  an  EBITDA  margin  
exceeding
 
20%
 
by
 
2028.
 
These
 
targets
 
imply
 
a
 
revenue
 
level
 
of
 
SEK
 
5.5
 
billion,
 
with
 
EBITDA
 
reaching
 
SEK
 
1.1
 
billion
 
by
 
2028.
 
Our
 
sales
 
growth
 
in
 
2025
 
reached
 
9%
 
CER,
 
with
 
our
 
EBITDA
 
margin
 
standing
 
at
 
just
 
below
 
19%.
 
For
 
2026,
 
we
 
have
 
set
 
a
 
firm
 
target
 
of
 
reaching
 
at
 
least
 
SEK
 
870
 
million
 
in
 
EBITDA
 
on
 
an
 
organic
 
basis.
 
Looking
 
further
 
ahead,
 
we
 
expect
 
to
 
surpass
 
SEK
 
1
 
billion
 
in
 
EBITDA
 
and
 
3
 
million
 
subscribers
 
during
 
2027.
 
Having  achieved  strong  efficiency  gains,  we  recognize  significant  potential  for  further  improvement,  
particularly
 
through
 
the
 
integration
 
of
 
AI
 
into
 
our
 
internal
 
processes.
 
With
 
our
 
operations
 
now
 
streamlined,
 
our
 
primary
 
focus
 
is
 
shifting
 
toward
 
accelerating
 
top-line
 
growth.
 
This
 
momentum
 
will
 
be
 
driven
 
by
 
a
 
combination
 
of
 
organic
 
initiatives
 
and
 
strategic
 
M&A
 
opportunities.
 
We
 
ended
 
the
 
year
 
with
 
a
 
net
 
cash
 
position
 
of
 
SEK
 
136
 
million.
 
Our
 
financial
 
framework
 
includes
 
a
 
leverage
 
target
 
to
 
remain
 
below
 
1.5x
 
Net
 
Debt/EBITDA.
 
We
 
believe
 
this
 
financial
 
profile
 
allows
 
us
 
to
 
pursue
 
an
 
active
 
M&A
 
strategy
 
while
 
simultaneously
 
continuing
 
to
 
distribute
 
returns
 
to
 
our
 
shareholders.
 
As  we  close  2025,  our  purpose  remains  clear:  Leading  the  future  of  storytelling.  We  move  the  world  
through
 
stories
.
 
Our
 
goal
 
is
 
to
 
invite
 
even
 
more
 
readers
 
and
 
listeners
 
into
 
our
 
world
 
-
 
offering
 
stories
 
that
 
inspire,
 
entertain,
 
and
 
brighten
 
everyday
 
moments.
 
Thanks  to  the  incredible  hard  work  of  our  team  members,  we  are  proud  to  celebrate  another  record  year.  
As
 
we
 
shape
 
the
 
next
 
chapter
 
of
 
storytelling,
 
we
 
remain
 
focused
 
on
 
creating
 
meaningful,
 
lasting
 
value
 
for
 
our
 
customers,
 
authors,
 
publishers,
 
and
 
shareholders
 
alike.
 
We
 
enter
 
2026
 
with
 
immense
 
optimism,
 
and
 
I
 
invite
 
you
 
all
 
to
 
continue
 
this
 
journey
 
with
 
us.
 
Bodil  Eriksson  Torp   
CEO
 
 
 
3

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

Group  performance
 
  
Development  Q4  2025  
Comparative  figures  in  brackets  pertain  to  the  fourth  quarter  2024.  Adjusted  figures  exclude  Items  affecting  comparability  (IACs);  see  note  7  for  further  details.   
Net  sales  Group  net  sales  increased  by  7%  to  1,098.2  (1,027.6)  MSEK,  in  the  quarter.  Currency  effects  had  a  material  negative  impact  on  growth.  Sales  growth  in  constant  exchange  rates  (CER)  was  12%,  with  organic  growth  at  11%  (CER).   The  increase  in  net  sales  was  driven  by  a  particular  strong  quarter  in  the  Publishing  segment.  Continued  growth  in  the  Streaming  segment  with  solid  growth  in  subscriber  intake.   The  acquisition  of  Bokfabriken  contributed  11.0  MSEK  to  external  net  sales  in  the  quarter.    
Gross  profit   Cost  of  sales  increased  to  -582.3  (-550.7)  MSEK  and  gross  profit  increased  by  8%  amounting  to  515.8  (476.9)  MSEK.  The  gross  margin  increased  
to
 
47.0%
 
(46.4%).
 
EBITDA   Reported  EBITDA  decreased  1%  to  219.8  (222.7)  MSEK.  This  corresponds  to  an  EBITDA  margin  of  20.0%  (21.7%). Q4’24  EBITDA  included  a  one-time  income  from  Copyswede  of  34.4  MSEK.   Items  Affecting  Comparability  (IACs)  of  0.2  (31.1)  MSEK,  see  IAC  note  7  for  details.  Adjusted  EBITDA  for  the  quarter  increased  by  15%  to  219.6  (191.6)  MSEK,  for  a  margin  of  20.0%  (18.6%).  Operating  expenses  increased  12%  to  381.9  (341.0)  MSEK, with  marketing  expenses  as  the  main  driver.  
  
 
4

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

Operating  profit   Operating  profit  (EBIT)  for  the  quarter  amounted  to  133.9  (135.9)  MSEK  with  a  margin  of  12.2%  (13.2%).  Q4  last  year  included  a  one-time  income  from  Copyswede  of  34.4  MSEK  (included  in  Other  operating  items).  Both  the  adjusted  operating  profit  and  the  adjusted  margin  increased  compared  to  last  year.  While  selling  and  marketing  expenses  increased  by  6%  to  -232.1  (-219.5)  MSEK,  it  decreased  year  over  year  as  a  share  of  revenues,  to  21.1%  (21.4%).  Technology  and  development  expenses  decreased  by  9%  to  -55.5  (-61.3)  MSEK,  mainly  due  to  lower  number  of  FTE’s  resulting  in  lower  personnel  costs.  General  and  administrative  expenses  decreased  slightly  by  3%  to  -93.6  (-96.5)  MSEK.   Other  operating  items  amounted  to  4.1  (42.4)  MSEK,  consisting  primarily  of  FX  gains/losses  on  USD  and  EUR  operating  items.  Previous  year  
includes
 
the
 
one-time
 
income
 
from
 
Copyswede.
 
Net  profit   Profit  before  tax  for  the  quarter  amounted  to  131.0  (158.6)  MSEK.  Net  financial  totaled  -3.0  (22.7)  MSEK,  of  which  -0.6 (-5.1) MSEK  were  net  interest  expenses,  and  -2.8 (27.3)  MSEK  from  FX,  mainly  from  a  USD  denominated  commitment  derived  from  the  acquisition  of  Audiobooks.com.  Taxes  for  the  quarter  amounted  to  168.9  (-9.4)  MSEK,  including  a  positive  one-off  impact  of  SEK  195m  from  capitalization  of  deferred  tax  assets.  The  previously  unrecognized  deferred  tax  asset  relates  to  accumulated  losses  in  Sweden. Net  profit  for  the  quarter  amounted  to  299.9  (149.2)  MSEK.  Earnings  per  share  for  the  quarter  totaled   4.56  (1.83)  SEK,  before  dilution  and  4.53  (1.82)  SEK  after  dilution.  
 
 
 
Cash  flow   Cash  flow  from  operations  before  changes  in  working  capital  amounted  to  216.9  (231.7)  MSEK,  primarily  explained  by  one-time  income  from  Copyswede  in  2024  and  higher  tax  paid  in  2025.  The  change  in  working  capital  was  13.7  (44.1)  MSEK,  resulting  in  cash  flow  from  operating  activities  of  230.6  (275.8)  MSEK  in  the  quarter.   Cash  flow  from  investing  activities  was  -55.7  (-98.8)  MSEK,  of  which  operational  Capex  was  -52.2  (-38.4).  Previous  year  includes  investment  in  IP-rights.  Cash  flow  from  financing  activities  was  -12.0  (-9.0)  MSEK.  Total  cash  flow  for  the  quarter  was  162.9  (164.0)  MSEK. 
Financial  position,  equity  &  liquidity   At  the  end  of  the  period,  the  Group  had  686.4  (623.0)  MSEK  in  cash  and  cash  equivalents.  The  equity-to-asset  ratio  was  53.2% (45.8).  Total  equity  was  1,899.3  (1,551.6)  MSEK.  
Total  non-current  liabilities  amounted  to  184.9  (828.8)  MSEK  and  total  current  liabilities  amounted  to  1,486.2  (1,008.8)  MSEK.  The  change  compared  to  last  year  is  due  to  the  reclassification  of  the  external  financing  which  was  renewed  at  the  beginning  of  2026  and  therefore  classified  as  current  liabilities  at  the  end  of  2025.  
The  group  had  a  net  cash  position  on  the  balance  sheet  at  the  end  of  2025.  Hence,  the  reported  net  interest-bearing  debt  (NIBD)  was  -136.4  (27.0)  MSEK  at  the  end  of  2025  due  to  positive  cash  flow.  The  NIBD/adjusted  EBITDA  ratio  was  -0.18 (0.05).  
 
 
 
5

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

Development  January-December  2025  
Comparative  figures  in  brackets  pertain  to  the  period  January-December  2024.  Adjusted  figures  exclude  Items  affecting  comparability  (IACs);  see  note  7  for  further  details.  
Net  sales   Group  net  sales  for  the  period  increased  by  6%  to  4,022.7  (3,798.0)  MSEK.  The  acquisition  of  Bokfabriken  contributed  36.4  MSEK  to  net  sales.  The  organic  growth  in  net  sales  was  5%.  Organic  growth  was  driven  by  solid  performances  in  both  the  Streaming  and  the  Publishing  segments.  Headwind  from  FX  had  a  significant  impact  on  growth.  Group  net  sales  growth  at  constant  exchange  rates  (CER)  was  9%  for  2025.   
Gross  profit   Cost  of  sales  for  the  period  was  -2,190.1  (-2,098.2)  MSEK  while  the  gross  profit  increased  by  8%  amounting  to  1,832.6  (1,699.8)  MSEK.  
The
 
gross
 
margin
 
increased
 
to
 
45.6%
 
(44.8%).
 
EBITDA   Adjusted  EBITDA  increased  by  26%  to  756.6  (601.7)  MSEK,  for  a  margin  of  18.8%  (15.8%).  Reported  EBITDA  increased  37%  to  747.4  (544.5)  MSEK  and  the  margin  to  18.6%  (14.3%).   During  the  period,  Storytel  Group  recognized  Items  Affecting  Comparability  (IACs)  of  -9.3  (-57.2)  MSEK,  see  IAC  note  7  for  details.  Operating  costs  decreased  2%  to  1,440.2  (1,472.6)  MSEK, due  to  continued  cost  discipline.  
Operating  profit   Operating  profit  (EBIT)  for  the  period  improved  to  422.6  (246.3)  MSEK  and  the  margin  to  10.5%  (6.5%).  The  improvement  is  driven  by  higher  gross  profit  and  lower  operating  expenses  mainly  due  to  reduced  staff  costs  and  continued  cost  discipline.  Selling  and  marketing  expenses  increased  3%  to  -883.6  (-854.5)  MSEK.  The  cost  increase  was  mainly  related  to  customer  acquisition  initiatives.    
 
Technology  and  development  expenses  decreased  by  13%  to  -221.1  (-255.0)  MSEK,  mainly  impacted  by  IACs  of  -26.0  MSEK  related  to  reorganization  efforts  in  the  comparable  period.  General  and  administrative  expenses  decreased  by  8%  to  -335.4  (-363.1)  MSEK,  mainly  due  to  IAC  related  to  reorganization  in  the  comparable  period.   Other  operating  items  amounted  to  25.6  (26.0)  MSEK,  and  was  mainly  related  to  receiving  insurance  compensation  and  divestment  of  a  minority  shareholding.  
Net  profit   Profit  before  tax  amounted  to  357.1  (235.6)  MSEK.  Net  financial  items  for  the  period  totaled  -65.5  (-10.7)  MSEK.  The  amount  includes  -19.0 (-36.4) MSEK  of  net  interest  costs,  as  well  as  -47.9  (26.7) MSEK  of  currency  effects.  Taxes  amounted  to  146.9  (-22.1)  MSEK.  The  tax  result  was  positively  affected  by  the  recognition  of  deferred  tax  assets  of  195  MSEK,  attributable  to  accumulated  tax  losses  from  previous  years.  Net  profit  for  the  period  amounted  to  504.0  (213.5)  MSEK.  Earnings  per  share  for  the  period  totaled  6.26  (2.55)  SEK,  before  dilution  and  6.22  (2.54)  after  dilution.   
Cash  flow   Cash  flow  from  operations  before  changes  in  working  capital  amounted  to  647.4  (514.3)  MSEK,  driven  by  higher  operating  profits.   The  change  in  working  capital  was  -74.8  (33.1)  MSEK,  resulting  in  cash  flow  from  operating  activities  of  572.6  (547.4)  MSEK.  The  build  up  in  working  capital  during  2025  was  higher  than  expected.  We  have  initiated  actions  to  improve  our  working  capital  profile  for  2026.    Cash  flow  from  investing  activities  was  -252.1  (-229.2)  MSEK,  including  the  acquisition  of  Bokfabriken  in  2025  and  acquisition  of  IP-rights  in  2024. Operational  Capex  was  -161.6  (-142.2).   Cash  flow  from  financing  activities  was  -234.9  (-143.1)  MSEK  and  includes  a  loan  repayment  of  the  credit  facility  of  -100  MSEK  and  a  dividend  payment  of  -77  MSEK.  Total  cash  flow  for  the  period  was  85.6  (175.2)  MSEK.  
 
 
6

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

Segment  performance:  Streaming  
The  group  reports  segment  financials  for  its  two  business  areas:  Streaming  and  Publishing.  The  primary,  
but
 
not
 
the
 
sole,
 
performance
 
measure
 
used
 
by
 
management
 
to
 
steer
 
the
 
business
 
is
 
EBITDA.
  
 The  Streaming  segment  consists  of  all  audiobook  and  ebook  streaming  services  operated  under  the  
brands
 
Storytel,
 
Mofibo
 
and
 
Audiobooks.com.
 
KPIs
 
are
 
presented
 
on
 
a
 
regional
 
level:
 
Nordics
 
(Sweden,
 
Denmark,
 
Norway,
 
Finland,
 
Iceland,
 
and
 
Estonia),
 
Non-Nordics
 
Core
 
(the
 
Netherlands,
 
Poland,
 
Bulgaria,
 
Turkey,
 
and
 
Audiobooks.com),
 
and
 
Rest
 
of
 
World
 
(all
 
remaining
 
markets).
 
Streaming  performance  
 
 
MSEK
 Q4  2025
 Q4  2024
 Change
 
Jan-Dec  2025
 
Jan-Dec  2024
 Change
 
Net
 
sales
 
918.4
 
878.8
 
5%
 
3,518.0
 
3,376.9
 
4%
 
Cost
 
of
 
sales
 
-517.7
 
-500.9
 
3%
 
-2,025.5
 
-1,960.2
 
3%
 
Gross
 
profit
 
400.7
 
377.8
 
6%
 
1,492.5
 
1,416.6
 
5%
 
Selling
 
and
 
marketing
 
expenses
 
-209.1
 
-209.3
 
0%
 
-823.3
 
-809.4
 
2%
 
Technology
 
and
 
development
 
expenses
 
-49.9
 
-58.1
 
-14%
 
-198.3
 
-243.8
 
-19%
 
Administrative
 
expenses
 
-27.1
 
-28.0
 
-3%
 
-93.1
 
-99.7
 
-7%
 
Other
 
operating
 
items
 
-1.0
 
5.6
 
-119%
 
-1.5
 
-7.6
 
-80%
 
Operating
 
profit/loss
 
113.6
 
88.1
 
29%
 
376.3
 
256.1
 
47%
 
Add
 
back
 
Depreciation
 
&
 
Amortization
 
26.8
 
36.3
 
-26%
 
128.6
 
127.9
 
0%
 
EBITDA
 
140.4
 
124.3
 
13%
 
504.8
 
384.0
 
31%
 
GM
 
%
 
43.6
 
43.0
 
0.6p
 
42.4
 
42.0
 
0.5p
 
EBITDA
 
%
 
15.3
 
14.1
 
1.1p
 
14.4
 
11.4
 
3.0p
 
 
In  the  Streaming  segment’s  accounts,  net  sales  include  50%  of  Storytel  Norway’s  revenue  in  line  with  Storytel's  ownership.  In  
the
 
consolidated
 
accounts,
 
Storytel
 
Norway
 
is
 
reported
 
in
 
accordance
 
with
 
the
 
equity
 
method.
 
Internal
 
costs
 
are
 
included
 
in
 
Cost
 
of
 
sales.
 
As
 
a
 
result,
 
the
 
table
 
shows
 
higher
 
net
 
sales
 
and
 
costs
 
than
 
in
 
the
 
consolidated
 
accounts.
 
See
 
Note
 
5
 
for
 
additional
 
details.
  
The  segment  delivered  continued  growth  in  net  sales  and  profitability  improved  further,  due  to  solid  paybase  growth,  stable  ARPU  levels  in  CER  and  maintained  strict  cost  discipline.  Currency  fluctuations  had  a  material  impact  on  the  reported  growth  in  the  quarter.  
Net  sales  and  gross  profit  Streaming  net  sales  for  the  quarter  increased  by  5%  to  918.4  (878.8)  MSEK. The  growth  rate  at  constant  exchange  rates  (CER)  was  10%.  Net  sales  for  the  period  increased  4%  to  3,518.0  (3,376.9)  MSEK,  and  by  8%  CER.  The  growth  in  net  sales  was  mainly  driven  by  a  higher  number  of  avg.  subscribers  which  increased  by  9%,  year  on  year.  ARPU  decreased  by  4%  to  119  (124)  SEK  in  the  quarter,  fully  explained  by  currency  headwinds.   
Nordics  grew  revenues  by  2%  (5%  in  CER),  with  an  avg.  subscriber  growth  of  4%  in  Q4.  Non-Nordics  Core  grew  revenues  by  8%  (21%  in  CER)  with  avg.  subscriber  growth  of  14%. Gross  profit  increased  by  6%  to  400.7  (377.8)  MSEK  in  the  quarter  and  5%  to  1,492.5  (1,416.6)  MSEK  for  the  full  year.  The  gross  margin  improved  to  43.6%  (43.0%)  in  Q4  and  to  42.4%  (42.0%),  for  FY’2025.  
EBITDA  and  operating  profit  EBITDA  increased  13%  in  the  quarter  to  140.4  (124.3)  MSEK  and  31%  in  FY’2025  to  504.8  (384.0)  MSEK.  The  EBITDA  margin  was  15.3%  (14.1%)  in  Q4  and  14.4%  (11.4%)  for  FY’2025.  The  improvement  is  driven  by  higher  gross  profit  and  lower  operating  expenses.  
 
 
7

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

Operating  profit  increased  29%  to  113.6  (88.1)  MSEK  in  the  quarter  and  47%  to  376.3  (256.1)  MSEK  in  FY'2025.  
Business  developments  The  catalogue  was  expanded  by  more  than  35,000  English-language  titles,  made  available  for  individual  purchase  directly  in  the  app  following  the  launch  of  the  pay-per-book  model.   
We  continued  to  strengthen  our  product  and  platform  with  a  clear  focus  on  user  value,  personalization,  and  long  term  scalability.    A  multi-market  partnership  was  entered  with  Klarna  through  their  global  membership  program.   
 
Streaming  geographical  performance  split  
  
TSEK
 Q4  2024
 Q1  2025
 Q2  2025
 Q3  2025
 Q4  2025
  
Jan-Dec  2024
 
Jan-Dec  2025
 
All
 
Markets
          
Revenue¹
 
908,573
 
898,939
 
889,767
 
922,652
 
944,739
  
3,502,425
 
3,656,098
  
Gross
 
profit
 
368,661
 
373,941
 
363,791
 
367,992
 
387,999
  
1,413,346
 
1,493,723
  
Gross
 
margin
 
40.6%
 
41.6%
 
40.9%
 
39.9%
 
41.1%
  
40.4%
 
40.9%
 
 
Avg.  Paying  
Subscribers
 
2,441,000
 
2,500,000
 
2,546,000
 
2,602,000
 
2,650,000
  
2,337,000
 
2,572,000
  
ARPU
 
(SEK/month)
 
124
 
120
 
116
 
118
 
119
  
125
 
118
 
Nordics
          
Revenue¹
 
592,008
 
578,191
 
580,334
 
600,504
 
603,872
  
2,307,465
 
2,362,902
  
Gross
 
profit
 
212,264
 
219,452
 
218,004
 
219,197
 
226,698
  
851,854
 
883,352
  
Gross
 
margin
 
35.9%
 
38.0%
 
37.6%
 
36.5%
 
37.5%
  
36.9%
 
37.4%
 
 
Avg.  Paying  
Subscribers
 
1,279,000
 
1,274,000
 
1,284,000
 
1,320,000
 
1,336,000
  
1,233,000
 
1,304,000
  
ARPU
 
(SEK/month)
 
154
 
151
 
151
 
152
 
151
  
156
 
151
 
Non-Nordics
 
Core
          
Revenue
 
273,871
 
277,309
 
267,967
 
278,361
 
296,499
  
1,027,895
 
1,120,136
  
Gross
 
profit
 
140,700
 
138,662
 
131,107
 
132,727
 
143,815
  
501,120
 
546,312
  
Gross
 
margin
 
51.4%
 
50.0%
 
48.9%
 
47.7%
 
48.5%
  
48.8%
 
48.8%
 
 
Avg.  Paying  
Subscribers
 
966,000
 
1,023,000
 
1,058,000
 
1,075,000
 
1,105,000
  
914,000
 
1,062,000
  
ARPU
 
(SEK/month)
 
95
 
90
 
84
 
86
 
89
  
94
 
88
 
Rest
 
of
 
the
 
World
          
Revenue
 
42,695
 
43,439
 
41,466
 
43,787
 
44,368
  
167,065
 
173,060
  
Gross
 
profit
 
15,697
 
15,827
 
14,679
 
16,068
 
17,486
  
60,372
 
64,060
  
Gross
 
margin
 
36.8%
 
36.4%
 
35.4%
 
36.7%
 
39.4%
  
36.1%
 
37.0%
 
 
Avg.  Paying  
Subscribers
 
196,000
 
203,000
 
204,000
 
207,000
 
209,000
  
190,000
 
205,000
  
ARPU
 
(SEK/month)
 
73
 
71
 
68
 
71
 
71
  
73
 
70
  
1  Revenue  includes  100%  of  Storytel  Norway’s  revenue  to  provide  a  more  accurate  figure  for  average  revenue  per  subscriber  (ARPU).  In  the  Streaming  segment’s  accounts,  revenue  includes  50%  of  Storytel  Norway’s  revenue  in  line  with  Storytel’s  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

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

Streaming  subscriber  development   
 
 
 
9

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

Segment  performance:  Publishing  
The  group  reports  financials  for  its  two  business  areas:  Streaming  and  Publishing.  The  primary,  but  not  the  
sole,
 
performance
 
measure
 
used
 
by
 
management
 
to
 
steer
 
the
 
business
 
is
 
EBITDA.
 The  Publishing  segment  
consists
 
of
 
all
 
publishing
 
houses
 
within
 
Storytel
 
Group:
 
Norstedts
 
Publishing
 
Group,
 
Lind
 
&
 
Co,
 
Gummerus,
 
Bokfabriken,
 
People’s
 
and
 
our
 
global
 
digital
 
audio
 
publisher
 
Storyside.
 
The
 
Publishing
 
segment
 
also
 
includes
 
external
 
sales
 
from
 
content
 
productions.
 
Publishing  Performance   
MSEK
 Q4  2025
 Q4  2024
 Change
 
Jan-Dec  2025
 
Jan-Dec  2024
 Change
 
Net
 
sales
 
367.1
 
331.9
 
11%
 
1,273.9
 
1,125.1
 
13%
 
Cost
 
of
 
sales
 
-238.5
 
-219.8
 
8%
 
-864.3
 
-774.0
 
12%
 
Gross
 
profit
 
128.6
 
112.1
 
15%
 
409.5
 
351.0
 
17%
 
Selling
 
and
 
marketing
 
expenses
 
-27.9
 
-21.1
 
32%
 
-84.9
 
-71.6
 
19%
 
Technology
 
and
 
development
 
expenses
 
-5.6
 
-3.2
 
75%
 
-22.8
 
-21.6
 
6%
 
Administrative
 
expenses
 
-38.0
 
-41.1
 
-8%
 
-125.5
 
-133.7
 
-6%
 
Other
 
operating
 
items
 
5.2
 
37.0
 
-86%
 
11.7
 
44.2
 
-74%
 
Operating
 
profit/loss
 
62.2
 
83.7
 
-26%
 
188.0
 
168.2
 
12%
 
Add
 
back
 
Depreciation
 
&
 
Amortization
 
57.2
 
48.4
 
18%
 
188.1
 
162.7
 
16%
 
EBITDA
 
119.4
 
132.1
 
-10%
 
376.2
 
330.9
 
14%
 
GM
 
%
 
35.0
 
33.8
 
1.3p
 
32.2
 
31.2
 
1.0p
 
EBITDA
 
%
 
32.5
 
39.8
 
-7.3p
 
29.5
 
29.4
 
0.1p
 
 
In  the  Publishing  segment ’s  accounts,  group- internal  sales  are  included  in  net  sales.  As  a  result,  the  table  shows  higher  net  
sales
 
than
 
in
 
the
 
consolidated
 
accounts.
 
See
 
Note
 
5
 
for
 
additional
 
details.
 
 
The  segment  delivered  strong  growth  and  significantly  improved  the  gross  margin  in  the  quarter.  Revenue  grew  partly  due  to  the  addition  of  Bokfabriken,  but  also  driven  by  a  lineup  of  several  award  winning  titles. 
Net  sales  and  gross  profit  Net  sales  in  the  quarter  increased  by  11%  to  367.1  (331.9)  MSEK  and  by  13%  to  1,273.9  (1,125.1)  FY’2025,  driven  by  strong  print  sales.  The  acquisition  of  Bokfabriken  contributed  24.1  MSEK  to  net  sales  in  the  quarter  and  79.6  MSEK  in  FY’2025.  
Cost  of  sales  grew  slower  than  net  sales,  resulting  in  a  growth  in  gross  profit  of  15%  in  the  quarter  to  128.6  (112.1)  MSEK  and  17%  in  the  period  to  409.5  (351.0). This  corresponds  to  a  gross  margin  of  35.0%  (33.8%)  and  32.2%  
(31.2%)
 
respectively.
 
EBITDA  and  operating  profit  EBITDA  decreased  by  -10%  in  the  quarter  to  119.4  (132.1)  MSEK  and  increased  by  14%  for  the  full  year  to  376.2  (330.9),  representing  a  margin  of  32.5%  (39.8%)  and  29.5%  (29.4%)  respectively.  The  decrease  in  the  quarter  is  fully  related  to  the  one-time  income  of  34.4  MSEK,  from  Copyswede  in  2024.  The  adjusted  EBITDA  margin  increased  by  2.3  percentage  points  in  the  quarter  and  2.5  percentage  points  in  FY’2025.    
Operating  profit  decreased  -26%  to  62.2  (83.7)  MSEK  in  the  quarter  but  increased  12%  to  188.0  (168.2)  MSEK  in  FY’2025, also  affected  by  the  one-time  income  in  2024.  
Business  developments  
Norstedts  Förlagsgrupp  was  awarded  the  Nobel  Prize  in  Literature  for  László  Krasznahorkai  and  Bea  Uusma’s  Vitön  became  one  of  the  year’s  best-selling  non-fiction  titles  in  Sweden.  
 
 
10

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

Gummerus  saw  success  with  the  biography  of  former  Finnish  Prime  Minister  Sanna  Marin.  
 
Other  information  
Full  time  employees  The  average  number  of  employees  (FTE)  was 520 for  the  period.  During  the  fourth  quarter  2024,  the  average  number  of  FTE:s  was  526.  
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  9.4  (9.0)  MSEK  in  the  quarter  and  22.7  (46.0)  for  the  period. Profit  before  tax  was  29.6  (-12.1)  MSEK,  and  net  profit  was  29.6  (-12.1)  MSEK  for  the  quarter.  For  the  period  the  profit  before  tax  was  -12.9  (-36.3)  and  net  profit  was  -12.9  (-36.3)  MSEK.  Total  equity  amounted  to  4,072.7  (4,159.4)  MSEK.  The  condensed  income  statement  and  balance  sheet  for  the  Parent  Company  are  presented  in  the  financial  statements  for  the  Parent  Company.  
Risks  and  uncertainty  factors  The  Group  is  subject  to  significant  risks  and  uncertainties.  The  most  relevant  risk  factors  are  described  in  the  Annual  and  Sustainability  Report  2024  and  include  operational,  strategic,  legal  &  compliance,  cyber,  and  financial  risks.  Geopolitical  concerns  including  the  ongoing  war  in  Ukraine  and  the  situation  in  the  Middle  East  as  well  as  potential  changes  in  trade  policies  and  tariffs  add  uncertainty  from  a  global,  macroeconomic  perspective.  Storytel  previously  announced  and  phased  out  its  operations  in  Russia  by  the  third  quarter  of  2022,  and  as  of  December  31,  2025,  despite  prevailing  uncertainties,  the  group  is  not  aware  of  any  remaining  material  balance  sheet  exposure.  
Significant  events  during  the  period On  October  1,  Storytel  Group  announced  that  it  had  appointed  Stefan  Wård  as  new  CFO,  effective  on  October  6.  He  joins  from  Pareto  Securities  where  he  served  as  Head  of  Research  Sweden  for  the  past  eight  years.  Stefan  is  part  of  the  executive  management  team,  reporting  to  Group  CEO  Bodil  Eriksson  Torp.  On  October  13,  Storytel  launched  in  Estonia.  The  Estonian  service  will  be  operated  by  Storytel  Finland's  Helsinki  office.   
On  October  14,  Storytel  Group  announced  that  it  entered  a  partnership  with  RDF  Media,  a  leading  Chilean  and  Latam  radio,  digital  audio  and  podcast  production  company,  to  accelerate  audiobook  growth  in  Chile.  On  October  27,  Storytel  Group  announced  that  it  will  integrate  its  audiobook  and  e-book  offering  directly  into  Klarna’s  new  global  membership  program  across  14  markets.  On  December  9,  it  was  announced  that  Storytel  expands  its  library  with  thousands  of  international  English-language  audiobook  bestsellers,  available  through  individual  sales.  On  December  16,  Storytel  Group  announced  a  partnership  with  Ringier  Axel  Springer  Polska,  introducing  an  exclusive  bundle  subscription  package  to  Polish  customers.   
Significant  events  after  the  period   Subsequent  to  the  balance  sheet  date,  the  Group  renewed  its  loan  facility.  As  a  result,  the  loan  classified  as  a  current  liability  in  the  balance  sheet  as  of  31  December  2025  has  been  reclassified  as  a  non-current  liability.  After  the  reporting  period,  the  Board  of  Directors  concluded  on  a  transfer  of  listing  to  the  Nasdaq  Stockholm  Main  Market  during  2026.   After  the  reporting  period,  the  Board  of  Directors  proposed  a  dividend  of  1.50  SEK.  For  more  information  and  a  full  list  of  announcements,  please  visit:  www.storytelgroup.com/en/newsroom/   
Number  of  shares  and  share  capital  as  of  December  31,  2025 There  were  77,307,204  ( 77,150,803)  registered  shares  in  issuance  at  the  end  of  the  period,  divided  between  635  Class  A  shares  and  77,306,569  Class  B  shares.  Share  capital  totaled 38,653,602.0 (38,575,401.50) SEK  as  of  December  31,  2025.   
The  shareholder  structure  is  presented  at:  https://www.storytelgroup.com/en/investor-relations/shareholder-structure/    
 
11

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

Full-year  2026  guidance 
The  Group’s  financial  target  for  the  full  year  2026  is  to  organically  achieve  an  EBITDA  of  at  least  870  MSEK.   
The  EBITDA  target  is  in  line  with  our  mid-term  targets  and  will  be  generated  by  a  combination  of  organic  growth  and  continued  satisfactory  profitability.    
Mid-term  financial  targets 
In  May  2025,  Storytel  Group’s  Board  of  Directors  decided  on  the  below  2028  financial  targets.  
●  Revenue  CAGR  to  exceed  10  percent  in  constant  currency  rates  ●  EBITDA  margin  to  exceed  20  percent  ●  Net  debt/EBITDA  (LTM)  below  1.5x  
Auditor's  review  This  interim  report  has  not  been  audited  or  reviewed  by  the  auditors  of  the  company.  
Information  about  Nasdaq  First  North  Growth  Market  Nasdaq  First  North  Growth  Market  (“First  North”)  is  an  alternative  marketplace  operated  by  the  constituent  exchanges  of  Nasdaq  Stockholm.  It  does  not  have  the  same  legal  status  as  a  regulated  marketplace.  Companies  quoted  on  First  North  are  subject  to  First  North’s  rules  rather  than  the  legal  requirements  set  for  trading  on  a  regulated  marketplace.  An  investment  in  a  company  trading  on  First  North  implies  higher  risk  than  an  investment  in  a  listed  company.  Companies  must  apply  to  the  exchange  and  gain  approval  before  trading  on  First  North  may  commence.  A  Certified  Adviser  guides  the  company  through  the  listing  process  and  ensures  that  the  company  continuously  satisfies  First  North’s  standards.  
 Financial  calendar  Annual  report  Week  13,  2026  Interim  Report  January-March  2026  April  28,  2026  Annual  General  Meeting  May  5,  2026  Interim  Report  January-June  2026  July  28,  2026   Interim  Report  January-September  2026  October  27,  2026  Year-End  Report  January-December  2026  February  10,  2027  
 For  more  information  
Stefan  Wård,  CFO  and  Head  of  Investor  Relations  Cell:  +46  73  182  01  43  Email:  stefan.ward@storytel.com,  investorrelations@storytel.com  Web:  www.storytelgroup.com,  www.storytel.com  
 
Storytel  AB  (publicly  traded)  Mailing  address:  Box  24167,  104  51  Stockholm  Office:  Tryckerigatan  4,  111  28  Stockholm  CIN:  556575-2960  
 
 
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.
 
 
The  content  of  this  interim  report  was  decided  Stockholm,   February  11,  2026   
 
 
 
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
 
above
 
contact
 
persons,
 
at
 
8:00
 
a.m.
 
CET
 
on
 
February
 
11,
 
2026.
 
 
 
13

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

Group  financial  statements  
Condensed  statement  of  income  
TSEK
 Q4  2025
 Q4  2024
 Jan-Dec  2025
 Jan-Dec  2024
 
Net
 
sales
 
1,098,185
 
1,027,581
 
4,022,734
 
3,797,976
 
Cost
 
of
 
sales
 
-582,322
 
-550,705
 
-2,190,138
 
-2,098,166
 
Gross
 
profit
 
515,863
 
476,876
 
1,832,596
 
1,699,810
 
Selling
 
and
 
marketing
 
expenses
 
-232,143
 
-219,456
 
-883,649
 
-854,508
 
Technology
 
and
 
development
 
expenses
 
-55,489
 
-61,295
 
-221,104
 
-254,974
 
Administrative
 
expenses
 
-93,559
 
-96,530
 
-335,405
 
-363,142
 
Other
 
operating
 
income
 
8,201
 
46,633
 
42,913
 
63,881
 
Other
 
operating
 
expenses
 
-4,081
 
-4,280
 
-17,266
 
-37,875
 
Result
 
from
 
participation
 
in
 
associates
 
-4,861
 
-6,064
 
4,527
 
-6,861
 
Operating
 
profit/loss
 
133,931
 
135,884
 
422,612
 
246,332
 
Financial
 
income
 
-3,373
 
30,952
 
18,685
 
41,169
 
Financial
 
expenses
 
419
 
-8,209
 
-84,196
 
-51,892
 
Profit/loss
 
before
 
taxes
 
130,977
 
158,627
 
357,101
 
235,609
 
Tax
 
168,892
 
-9,393
 
146,901
 
-22,114
 
Profit/loss
 
for
 
the
 
period
 
299,869
 
149,234
 
504,002
 
213,496
 
Profit
 
for
 
the
 
period
 
attributable
 
to:
 
    
Parent
 
Company
 
shareholder
 
293,910
 
140,944
 
483,038
 
196,705
 
Non-controlling
 
interest
 
5,959
 
8,290
 
20,964
 
16,791
 
Earnings
 
per
 
share,
 
SEK
     
Group
 
total,
 
basic
 
4.56
 
1.83
 
6.26
 
2.55
 
Group
 
total,
 
diluted
 
4.53
 
1.82
 
6.22
 
2.54
 Condensed  statement  of  comprehensive  income
 
TSEK
 Q4  2025
 Q4  2024
 Jan-Dec  2025
 Jan-Dec  2024
 
Profit/loss
 
for
 
the
 
period,
 
after
 
tax
 
299,869
 
149,234
 
504,002
 
213,496
 
Other
 
comprehensive
 
income
 
    
Items
 
that
 
will
 
be
 
reclassified
 
to
 
profit/loss
 
(after
 
tax)
     
Translation
 
difference
 
-14,745
 
62,723
 
-119,700
 
67,589
 
Items
 
that
 
will
 
not
 
be
 
reclassified
 
to
 
profit/loss
 
(after
 
tax)
     
Revaluation
 
of
 
defined-benefit
 
pension
 
plans
 
25,482
 
12,376
 
19,615
 
-3,799
 
Total  other  comprehensive  income  for  the  period,  
after
 
tax
 
10,737
 
75,099
 
-100,085
 
63,790
 
Total
 
comprehensive
 
income
 
for
 
the
 
period,
 
after
 
tax
 
310,606
 
224,333
 
403,916
 
277,285
 
Total  comprehensive  income  for  the  period  
attributable
 
to:
 
    
Parent
 
Company
 
shareholder
 
304,661
 
216,043
 
382,988
 
260,495
 
Non-controlling
 
interest
 
5,945
 
8,290
 
20,929
 
16,791
 
 
 
 
14

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

Condensed  consolidated  interim  statement  of  financial  position  
TSEK
 31  Dec  2025
 31  Dec  2024
 
Goodwill
 
782,689
 
803,007
 
Intangible
 
assets
 
1,048,196
 
1,191,349
 
Tangible
 
assets
 
15,167
 
13,610
 
Right-of-use
 
assets
 
129,929
 
70,830
 
Non-current
 
financial
 
assets
 
277,253
 
68,048
 
Total
 
non-current
 
assets
 
2,253,233
 
2,146,844
 
Inventories
 
72,310
 
53,132
 
Trade
 
receivables
 
238,967
 
220,381
 
Other
 
current
 
receivables
 
319,517
 
345,837
 
Cash
 
and
 
cash
 
equivalents
 
686,395
 
622,954
 
Total
 
current
 
assets
 
1,317,189
 
1,242,303
 
   
Total  assets  3,570,422  3,389,147  
Total  equity  
1,899,323
 
1,551,632
 
Total  non-current  liabilities  
184,884
 
828,766
 
Trade
 
payables
 
245,078
 
292,236
 
Other
 
current
 
liabilities
 
1,241,138
 
716,514
 
Total
 
current
 
liabilities
 
1,486,215
 
1,008,750
 
   
Total  equity  and  liabilities  3,570,422  3,389,147  
    
 
 
15

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

Condensed  consolidated  interim  statement  of  changes  in  equity  
31  Dec  2025
 Equity  attributable  to  shareholders  in  parent  company
 
TSEK
 
Share  
capital
 
Oth.  cap.  contri  
-butions
 
Translation  
difference
 
Retained  
earnings
 
Total
 
Non-  controlling  
interests
 
Total  
equity
 
Opening
 
equity
 
as
 
of
 
1/1/2025
 
38,575
 
3,578,102
 
182,540
 
-2,322,222
 
1,476,995
 
74,636
 
1,551,632
 
Non-controlling  interest  from  acquisition  of  Bokfabriken  AB  
-
 
-
 
-
 
-
 
-
 
34,431
 
34,431
 
Total  comprehensive  income  for  the  period:  
       
Profit
 
for
 
the
 
period
 
-
 
-
 
-
 
483,038
 
483,038
 
20,964
 
504,002
 Other  total  comprehensive  income  for  
the
 
period
 
-
 
-
 
-119,665
 
19,615
 
-100,050
 
-35
 
-100,085
 
Total  comprehensive  income  for  the  
period
 
-
 
-
 
-119,665
 
502,653
 
382,988
 
20,929
 
403,916
 
Transactions
 
with
 
the
 
Group's
 
owners
        
Dividend
 
SEK
 
1.00
 
per
 
share
 
-
 
-
 
-
 
-77,151
 
-77,151
 
-
 
-77,151
 
Dividend
 
to
 
minority
 
owners
 
-
 
-
 
-
 
-
 
-
 
-21,193
 
-21,193
 
New
 
share
 
issue
 
78
 
-
 
-
 
-
 
78
  
78
 
Share-related
 
compensations
 
-
 
-
 
-
 
7,609
 
7,609
 
-
 
7,609
 
Closing
 
equity
 
as
 
at
 
12/31/2025
 
38,654
 
3,578,102
 
62,875
 
-1,889,110
 
1,790,519
 
108,802
 
1,899,323
 
  
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
 
Total  comprehensive  income  for  the  period:  
       
Profit
 
for
 
the
 
period
 
-
 
-
 
-
 
196,705
 
196,705
 
16,791
 
213,496
 Other  total  comprehensive  income  for  
the
 
period
 
-
 
-
 
67,589
 
-3,799
 
63,790
 
-
 
63,790
 
Total  comprehensive  income  for  the  
period
 
-
 
-
 
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
 
1,551,632
 
 
 
16

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

Condensed  consolidated  interim  statements  of  cash  flows 
TSEK
 Q4  2025
 Q4  2024
 Jan-Dec  2025
 Jan-Dec  2024
 
Profit/loss
 
after
 
financial
 
items
 
130,977
 
158,627
 
357,101
 
235,609
 
whereof
 
interest
 
received
 
6,832
 
5,666
 
12,763
 
13,147
 
whereof
 
interest
 
paid
 
-7,451
 
-10,725
 
-31,785
 
-49,551
 
Adjustments
 
for
 
non-cash
 
items
 
101,050
 
82,387
 
358,095
 
310,766
 
Taxes
 
paid
 
-15,155
 
-9,275
 
-67,830
 
-32,032
 
Cash  flow  from  operations  before  changes  
in
 
working
 
capital
 
216,873
 
231,739
 
647,366
 
514,343
 
Change
 
in
 
inventory
 
8,576
 
-6,138
 
-6,837
 
-5,752
 
Change
 
in
 
operating
 
receivables
 
-22,114
 
-40,567
 
-8,686
 
-9,714
 
Change
 
in
 
operating
 
liabilities
 
27,216
 
90,766
 
-59,289
 
48,547
 
Change
 
in
 
working
 
capital
 
13,678
 
44,060
 
-74,811
 
33,081
      
Cash
 
flow
 
from
 
operating
 
activities
 
230,551
 
275,800
 
572,554
 
547,424
      
Operational
 
Capex
 
-52,233
 
-38,387
 
-161,594
 
-142,186
 
Cash
 
flow
 
from
 
other
 
investing
 
activities
 
-3,443
 
-60,400
 
-90,491
 
-87,008
 
Cash
 
flow
 
from
 
investing
 
activities
 
-55,676
 
-98,788
 
-252,085
 
-229,194
 
Repayment
 
of
 
debt
 
-
 
-
 
-100,000
 
-100,000
 
Dividends
 
paid
 
-3,193
 
-
 
-98,344
 
-7,500
 
Cash
 
flow
 
from
 
other
 
financing
 
activities
 
-8,829
 
-9,004
 
-36,546
 
-35,565
 
Cash
 
flow
 
from
 
financing
 
activities
 
-12,023
 
-9,004
 
-234,890
 
-143,065
      
Cash
 
flow
 
for
 
the
 
period
 
162,852
 
163,961
 
85,579
 
175,165
      Cash  and  cash  equivalents  at  the  beginning  of  
period
 
526,754
 
448,163
 
622,954
 
436,143
 
Cash
 
flow
 
for
 
the
 
period
 
162,852
 
163,961
 
85,579
 
175,165
 
Translation
 
differences
 
in
 
cash
 
and
 
cash
 
equivalents
 
-3,211
 
10,830
 
-22,138
 
11,646
 
Cash
 
and
 
cash
 
equivalents
 
at
 
end
 
of
 
period
 
686,395
 
622,954
 
686,395
 
622,954
 
 
 
 
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
 
1,500,000
 
titles
 
globally
 
with
 
a
 
presence
 
in
 
over
 
25
 
markets.
 
Our
 
vision
 
is
 
to
 
make
 
the
 
world
 
a
 
more
 
empathetic
 
and
 
creative
 
place
 
through
 
fantastic
 
stories
 
that
 
can
 
be
 
shared
 
and
 
appreciated
 
by
 
anyone,
 
anywhere
 
and
 
at
 
any
 
time.
 
The
 
Streaming
 
operations
 
within
 
Storytel
 
Group
 
are
 
carried
 
out
 
under
 
the
 
brands
 
Storytel,
 
Mofibo
 
and
 
Audiobooks.com.
 
The
 
publishing
 
business
 
is
 
managed
 
by
 
Storytel
 
Books
 
and
 
the
 
audiobook
 
publisher
 
Storyside.
 
The
 
Parent
 
Company
 
is
 
a
 
limited
 
liability
 
company
 
with
 
its
 
registered
 
office
 
in
 
Stockholm,
 
Sweden.
 
The
 
head
 
office
 
is
 
at
 
Tryckerigatan
 
4,
 
111
 
28
 
Stockholm,
 
Sweden.
 
 
Storytel  applies  the  International  Financial  Reporting  Standards  (IFRS)  as  they  have  been  adopted  by  the  
EU.
 
This
 
consolidated
 
interim
 
report
 
was
 
prepared
 
in
 
accordance
 
with
 
IAS
 
34
 
Interim
 
Financial
 
Reporting,
 
recommendation
 
RFR
 
1
 
issued
 
by
 
the
 
Swedish
 
Financial
 
Reporting
 
Board,
 
and
 
the
 
Annual
 
Accounts
 
Act
 
(1995:1554),
 
where
 
applicable.
  
 
The  interim  report  for  the  Parent  Company  was  prepared  in  accordance  with  Chapter  9  of  the  Annual  
Accounts
 
Act
 
(Interim
 
Report)
 
and
 
recommendation
 
RFR
 
2
 
issued
 
by
 
the
 
Swedish
 
Financial
 
Reporting
 
Board.
 
The
 
same
 
accounting
 
principles,
 
bases
 
for
 
calculation
 
and
 
assessments
 
were
 
applied
 
to
 
the
 
Group
 
and
 
the
 
Parent
 
Company
 
as
 
in
 
the
 
most
 
recent
 
annual
 
report.
 
A
 
detailed
 
description
 
of
 
the
 
Group’s
 
other
 
applied
 
accounting
 
principles
 
and
 
new
 
and
 
pending
 
standards
 
is
 
included
 
in
 
the
 
most
 
recently
 
published
 
annual
 
report.
 
There  are  no  new  IFRS  standards  or  amendments  of  existing  IFRS  standards  during  2024  and  2025  that  
have
 
had
 
a
 
material
 
impact
 
on
 
the
 
performance
 
and
 
financial
 
position
 
of
 
Storytel.
 
Disclosures
 
pursuant
 
to
 
IAS
 
34.16A
 
are
 
also
 
presented
 
in
 
the
 
financial
 
statements
 
as
 
well
 
as
 
related
 
notes,
 
and
 
are
 
an
 
integral
 
part
 
of
 
this
 
financial
 
statement.
 
Note  2  Significant  estimates  and  judgements  
When  preparing  the  financial  statements,  the  company’s  management  and  the  Board  must  make  certain  
assessments
 
and
 
assumptions
 
that
 
affect
 
the
 
carrying
 
amounts
 
of
 
asset
 
and
 
liability
 
items
 
and
 
income
 
and
 
expense
 
items,
 
respectively,
 
as
 
well
 
as
 
other
 
information
 
provided.
 
The
 
assessments
 
are
 
based
 
on
 
experiences
 
and
 
assumptions
 
that
 
the
 
management
 
and
 
the
 
Board
 
deem
 
to
 
be
 
reasonable
 
given
 
the
 
prevailing
 
circumstances.
 
Actual
 
outcome
 
may
 
then
 
differ
 
from
 
these
 
assessments
 
if
 
other
 
conditions
 
arise.
 
The
 
estimates
 
and
 
assumptions
 
are
 
evaluated
 
on
 
an
 
ongoing
 
basis
 
and
 
changes
 
in
 
estimates
 
are
 
reported
 
in
 
the
 
period
 
in
 
which
 
the
 
change
 
is
 
made
 
if
 
the
 
change
 
has
 
only
 
affected
 
this
 
period,
 
or
 
in
 
the
 
period
 
in
 
which
 
the
 
change
 
is
 
made
 
and
 
future
 
periods
 
if
 
the
 
change
 
affects
 
both
 
the
 
current
 
period
 
and
 
future
 
periods.
 
For
 
other
 
significant
 
estimates
 
and
 
judgements,
 
please
 
refer
 
to
 
the
 
most
 
recent
 
annual
 
report.
 
 
Note  3  Definitions  and  key  ratios  including  alternative  
performance
 
measures
 
Storytel  reports  a  number  of  different  items  and  financial  key  ratios  in  its  consolidated  financial  statements.  
The
 
key
 
ratios
 
aim
 
to
 
make
 
it
 
easier
 
for
 
investors
 
and
 
other
 
stakeholders
 
to
 
analyze
 
and
 
understand
 
Storytel's
 
operations
 
and
 
development
 
in
 
the
 
same
 
way
 
that
 
the
 
business
 
and
 
its
 
development
 
are
 
monitored
 
by
 
management.
 
Of
 
these
 
measures,
 
some
 
are
 
defined
 
in
 
IFRS,
 
while
 
others
 
are
 
defined
 
in
 
neither
 
the
 
financial
 
framework
 
nor
 
other
 
legislation.
 
For
 
key
 
ratios
 
that
 
are
 
not
 
defined
 
in
 
IFRS,
 
this
 
report
 
 
 
18

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

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.
 
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  2025  (TSEK)
 Streaming
 Publishing
 
Group-wide  items  and  eliminations
 
Group  total
 
Net
 
sales
 
918,400
 
367,068
 
-187,283
 
1,098,185
 
whereof
 
external
 
sales
 
918,400
 
232,473
 
-52,688
 
1,098,185
 
whereof
 
internal
 
sales
 
-
 
134,595
 
-134,595
 
-
 
Cost
 
of
 
sales
 
-517,673
 
-238,468
 
173,819
 
-582,322
 
Gross
 
profit
 
400,727
 
128,600
 
-13,464
 
515,863
 
Selling
 
and
 
marketing
 
expenses
 
-209,119
 
-27,928
 
4,905
 
-232,143
 
Technology
 
and
 
development
 
expenses
 
-49,850
 
-5,639
 
-
 
-55,489
 
Administrative
 
expenses
 
-27,148
 
-37,982
 
-28,430
 
-93,559
 
Other
 
operating
 
items
 
-1,040
 
5,160
 
-
 
4,120
 
Result
 
from
 
participation
 
in
 
associates
 
-
 
-
 
-4,861
 
-4,861
 
Operating
 
profit/loss
 
113,570
 
62,211
 
-41,850
 
133,931
 
Adj.
 
Operating
 
profit/loss
 
111,991
 
61,014
 
-39,275
 
133,730
 
Add
 
back
 
Depreciation
 
&
 
Amortization
 
26,807
 
57,167
 
1,881
 
85,855
 
EBITDA
 
140,377
 
119,378
 
-39,969
 
219,786
 
Adj.
 
EBITDA
 
138,799
 
118,180
 
-37,394
 
219,585
 
Depreciation
 
&
 
Amortization
 
-26,807
 
-57,167
 
-1,881
 
-85,855
 
Operating
 
profit/loss
 
113,570
 
62,211
 
-41,850
 
133,931
 
Net
 
financial
 
items
 
-
 
-
 
-
 
-2,954
 
Profit/loss
 
before
 
taxes
 
-
 
-
 
-
 
130,977
  
 
 
19

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

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
 
whereof
 
internal
 
sales
 
-
 
130,561
 
-130,561
 
-
 
Cost
 
of
 
sales
 
-500,945
 
-219,814
 
170,054
 
-550,705
 
Gross
 
profit
 
377,843
 
112,128
 
-13,095
 
476,876
 
Selling
 
and
 
marketing
 
expenses
 
-209,286
 
-21,142
 
10,973
 
-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
 
Depreciation
 
&
 
Amortization
 
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
 
Depreciation
 
&
 
Amortization
 
-36,254
 
-48,419
 
-2,112
 
-86,785
 
Operating
 
profit/loss
 
88,082
 
83,712
 
-35,910
 
135,884
 
Net
 
financial
 
items
 
-
 
-
 
-
 
22,743
 
Profit/loss
 
before
 
taxes
 
-
 
-
 
-
 
158,627
 
 
Jan-Dec  2025  (TSEK)
 Streaming
 Publishing
 
Group-wide  items  and  eliminations
 
Group  total
 
Net
 
sales
 
3,517,961
 
1,273,862
 
-769,089
 
4,022,734
 
whereof
 
external
 
sales
 
3,517,961
 
711,846
 
-207,072
 
4,022,734
 
whereof
 
internal
 
sales
 
-
 
562,016
 
-562,016
 
-
 
Cost
 
of
 
sales
 
-2,025,499
 
-864,315
 
699,676
 
-2,190,138
 
Gross
 
profit
 
1,492,462
 
409,547
 
-69,412
 
1,832,596
 
Selling
 
and
 
marketing
 
expenses
 
-823,314
 
-84,937
 
24,602
 
-883,649
 
Technology
 
and
 
development
 
expenses
 
-198,276
 
-22,828
 
-
 
-221,104
 
Administrative
 
expenses
 
-93,059
 
-125,454
 
-116,892
 
-335,405
 
Other
 
operating
 
items
 
-1,534
 
11,690
 
15,490
 
25,646
 
Result
 
from
 
participation
 
in
 
associates
 
-
 
-
 
4,527
 
4,527
 
Operating
 
profit/loss
 
376,279
 
188,018
 
-141,684
 
422,612
 
Adj.
 
Operating
 
profit/loss
 
380,771
 
187,786
 
-136,694
 
431,862
 
Add
 
back
 
Depreciation
 
&
 
Amortization
 
128,553
 
188,135
 
8,082
 
324,770
 
EBITDA
 
504,832
 
376,153
 
-133,602
 
747,383
 
Adj.
 
EBITDA
 
509,324
 
375,921
 
-128,612
 
756,633
 
Depreciation
 
&
 
Amortization
 
-128,553
 
-188,135
 
-8,082
 
-324,770
 
Operating
 
profit/loss
 
376,279
 
188,018
 
-141,684
 
422,612
 
Net
 
financial
 
items
 
-
 
-
 
-
 
-65,511
 
Profit/loss
 
before
 
taxes
 
-
 
-
 
-
 
357,101
   
 
20

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

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
 
whereof
 
internal
 
sales
 
-
 
500,107
 
-500,107
 
-
 
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
 
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
 
Depreciation
 
&
 
Amortization
 
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
 
Depreciation
 
&
 
Amortization
 
-127,926
 
-162,670
 
-7,526
 
-298,122
 
Operating
 
profit/loss
 
256,096
 
168,235
 
-177,999
 
246,332
 
Net
 
financial
 
items
 
-
 
-
 
-
 
-10,722
 
Profit/loss
 
before
 
taxes
 
-
 
-
 
-
 
235,609
  
 
 
 
 
21

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

Note  6  Revenue  from  contracts  with  customers 
Q4  2025  (TSEK)
 Streaming
 Publishing
 Group  total
 
Type  of  product  or  service  
   
Revenue
 
from
 
subscriptions
 
of
 
streaming
 
service
 
839,363
 
-
 
839,363
 
Revenue
 
from
 
publishing
 
activities
 
-
 
232,473
 
232,473
 
Revenue
 
from
 
invoiced
 
licenses
 
26,349
 
-
 
26,349
 
Revenue
 
from
 
contracts
 
with
 
customers
 
865,713
 
232,473
 
1,098,185
     
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
 
Revenue
 
from
 
invoiced
 
licenses
 
22,803
 
-
 
22,803
 
Revenue
 
from
 
contracts
 
with
 
customers
 
826,200
 
201,381
 
1,027,581
     
Jan-Dec  2025  (TSEK)
 Streaming
 Publishing
 Group  total
 
Type  of  product  or  service  
   
Revenue
 
from
 
subscriptions
 
of
 
streaming
 
service
 
3,241,953
 
-
 
3,241,953
 
Revenue
 
from
 
publishing
 
activities
 
-
 
711,846
 
711,846
 
Revenue
 
from
 
invoiced
 
licenses
 
68,935
 
-
 
68,935
 
Revenue
 
from
 
contracts
 
with
 
customers
 
3,310,888
 
711,846
 
4,022,734
     
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
 
Revenue
 
from
 
invoiced
 
licenses
 
78,105
 
-
 
78,105
 
Revenue
 
from
 
contracts
 
with
 
customers
 
3,173,029
 
624,947
 
3,797,976
  
 
 
 
 
 
22

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

Note  7  Items  affecting  comparability  (IACs)  
Items  affecting  comparability  (IACs)  include  items  of  a  significant  character  that  distort  comparisons  over  
time,
 
such
 
as
 
costs
 
related
 
to
 
acquisitions,
 
divestments,
 
and
 
market
 
exits;
 
restructuring
 
costs;
 
significant
 
impairments
 
and
 
write-downs;
 
as
 
well
 
as
 
expenses,
 
or
 
reversals
 
of
 
expenses,
 
arising
 
from
 
the
 
group’s
 
share-based
 
incentive
 
schemes.
 
During  2025,  IACs  of  -8.8  MSEK  relate  to  the  Group’s  share-based  incentive  schemes  and  -0.4  MSEK  
relate
 
to
 
list
 
change.
 
TSEK
 Q4  2025
 Q4  2024
 Jan-Dec  2025
 Jan-Dec  2024
 
Share-based
 
incentive
 
schemes
 
641
 
550
 
-8,810
 
-16,957
 
Divestment
 
and
 
structural
 
changes
 
-
 
-213
 
-
 
-10,043
 
Organizational
 
changes
 
-
 
-3,636
 
-
 
-64,611
 
List
 
change
 
-440
 
-
 
-440
 
-
 
One-off
 
compensation
 
-
 
34,399
 
-
 
34,399
 
EBIT
 
201
 
31,100
 
-9,250
 
-57,212
 
Add
 
back
 
depr.
 
-
 
-
 
-
 
-
 
EBITDA
 
201
 
31,100
 
-9,250
 
-57,212
  
Items  affecting  comparability  (IACs)  effect  on  the  P&L  
TSEK
 Q4  2025
 Q4  2024
 Jan-Dec  2025
 Jan-Dec  2024
 
Cost
 
of
 
sales
 
571
 
349
 
348
 
-5,842
 
Selling
 
and
 
marketing
 
expenses
 
245
 
-1,407
 
-1,845
 
-11,165
 
Technology
 
and
 
development
 
expenses
 
320
 
-821
 
-1,252
 
-25,973
 
Administrative
 
expenses
 
-935
 
-1,198
 
-6,502
 
-38,061
 
Other
 
operating
 
items
 
-
 
34,176
 
-
 
23,829
 
Operating
 
profit/loss
 
201
 
31,100
 
-9,250
 
-57,212
 
Add
 
back
 
depr.
 
-
 
-
 
-
 
-
 
EBITDA
 
201
 
31,100
 
-9,250
 
-57,212
  
 
 
 
23

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

Note  8  Financial  instruments  
Valuation  hierarchy   
The  levels  of  the  valuation  hierarchy  are  described  as  follows:   
Level  1  –  Listed  prices  (unadjusted)  in  active  markets  for  identical  assets  and  liabilities.   
Level  2  –  Observable  input  data  for  the  asset  or  liability  other  than  quoted  prices  included  in  Level  1,  either  
directly
 
(i.e.,
 
price
 
quotations)
 
or
 
indirectly
 
(i.e.,
 
derived
 
from
 
price
 
quotations).
  
 
Level  3  –  Asset  or  liability  input  data  that  is  not  based  on  observable  market  data  (i.e.,  non-observable  
input
 
data).
 
 
Acquisition  option   
During  Q1  2025  Storytel  acquired  the  remaining  6.7  %  shares  in  Earselect  AB,  which  resulted  in  an  
additional
 
transferred
 
consideration
 
of
 
4,045
 
TSEK.
 
 
Financial  liabilities  valued  at  fair  value  (TSEK)
 Jan-Dec  2025
 Jan-Dec  2024
 
Opening
 
balance
 
4,045
 
8,634
 
Consideration
 
paid
 
-4,045
 
-4,067
 
Reversed
 
due
 
to
 
divestment
 
-
 
-522
 
Closing
 
balance
 
-
 
4,045
 
    
Other  receivables  and  liabilities   
For  current  receivables  and  liabilities,  such  as  accounts  receivable  and  trade  payables,  and  for  non-current  
liabilities
 
with
 
variable
 
interest
 
rates,
 
the
 
carrying
 
amount
 
is
 
considered
 
to
 
be
 
a
 
good
 
approximation
 
of
 
the
 
fair
 
value.
 
 
 
 
24

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

Note  9  Business  combinations  
A  consideration  of  4,045  TSEK  for  Storytel’s  acquisition  option  in  Earselect  was  paid  during  the  period.  
Storytel
 
obtained
 
a
 
remaining
 
6.7%
 
ownership
 
and
 
owned
 
at
 
the
 
end
 
of
 
the
 
period
 
100%
 
of
 
Earselect.
 
 
On  January  31,  Storytel  Group  announced  that  the  company  has  acquired  a  70  percent  majority  stake  in  
Swedish
 
publisher
 
Bokfabriken,
 
one
 
of
 
Sweden's
 
largest
 
general
 
publishing
 
houses.
 
The
 
preliminary
 
purchase
 
price
 
allocation
 
is
 
presented
 
below. 
MSEK
  
Intangible
 
assets
 
58.5
 
Right-of-use
 
assets
 
1.9
 
Inventories
 
16.9
 
Cash
 
and
 
cash
 
equivalents
 
7.4
 
Trade
 
receivables
 
and
 
other
 
receivables
 
10.2
 
Trade
 
payables
 
and
 
other
 
payables
 
-15.7
 
Lease
 
liabilities
 
-1.9
 
Deferred
 
tax
 
liability
 
-12.0
 
Net
 
identifiable
 
assets
 
65.3
 
Goodwill
 
49.7
 
Purchase
 
price
 
at
 
100%
 
of
 
net
 
identifiable
 
assets
 
115.0
 
Acquired
 
shares
 
70%
 
Purchase
 
price
 
80.6
  Net  sales  from  Bokfabriken  amounted  to  79.6  MSEK  since  the  acquisition  date,  of  which  external  sales  
recognized
 
in
 
the
 
Group’s
 
statement
 
of
 
comprehensive
 
income
 
totaled
 
36.4
 
MSEK.
 
The
 
impact
 
on
 
operating
 
profit
 
was
 
16.5
 
MSEK
 
during
 
the
 
period.
  
Note  10  Net  interest-bearing  debt  (NIBD)  
Net  Interest-Bearing  Debt  (NIBD)  is  defined  as  total  interest-bearing  liabilities  (excluding  lease  and  
pensions
 
liabilities)
 
plus
 
dividend
 
payables,
 
less
 
cash
 
and
 
cash
 
equivalents
 
and
 
interest-bearing
 
assets.
 
TSEK
 31  Dec  2025
 31  Dec  2024
 
Interest-bearing
 
liabilities
 
within
 
Current
 
liabilities
 
550,000
 
-
 
Interest-bearing
 
liabilities
 
within
 
Non-current
 
liabilities
 
-
 
650,000
 
Cash
 
and
 
cash
 
equivalents
 
686,395
 
622,954
 
Total
 
Net
 
Interest-Bearing
 
Debt
 
(NIBD)
 
-136,395
 
27,046
 
 
 
 
25

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

Condensed  parent  company  interim  statement  of  income 
 
TSEK
 Q4  2025
 Q4  2024
 Jan-Dec  2025
 Jan-Dec  2024
 
Net
 
sales
 
9,436
 
9,032
 
22,741
 
46,043
 
Gross
 
profit
 
9,436
 
9,032
 
22,741
 
46,043
 
Selling,
 
marketing
 
and
 
administrative
 
expenses
 
-12,940
 
-15,231
 
-49,111
 
-59,672
 
Other
 
operating
 
gains
 
210
 
25
 
2,044
 
25
 
Other
 
operating
 
losses
 
-
 
-29
 
-
 
-66
 
Operating
 
profit/loss
 
-3,294
 
-6,203
 
-24,326
 
-13,670
 
Other
 
interest
 
income
 
and
 
similar
 
profit/loss
 
items
 
12,166
 
9,188
 
23,969
 
32,752
 
Interest
 
expense
 
and
 
similar
 
profit/loss
 
items
 
-8,767
 
-15,119
 
-42,030
 
-55,391
 
Appropriations
 
29,450
 
-
 
29,450
 
-
 
Profit/loss
 
before
 
taxes
 
29,555
 
-12,133
 
-12,937
 
-36,309
 
Tax
 
-
 
-
 
-
 
-
 
Profit/loss
 
for
 
the
 
period
 
29,555
 
-12,133
 
-12,937
 
-36,309
 
 
Parent  Company’s  condensed  statement  of  comprehensive  income  
 
TSEK
 Q4  2025
 Q4  2024
 Jan-Dec  2025
 Jan-Dec  2024
 
Parent  Company´s  condensed  statement  of  comprehensive  income  
    
Profit
 
for
 
the
 
period
 
29,555
 
-12,133
 
-12,937
 
-36,309
 
Total  comprehensive  income  for  the  period  
29,555
 
-12,133
 
-12,937
 
-36,309
 
  
 Condensed  parent  company  interim  statement  of  financial  position   
TSEK
 31  Dec  2025
 31  Dec  2024
 
Total
 
non-current
 
assets
 
4,627,088
 
4,634,422
 
Current
 
receivables
 
52,990
 
201,721
 
Cash
 
and
 
cash
 
equivalents
 
384,296
 
286,060
 
Total
 
current
 
assets
 
437,286
 
487,781
 
Total
 
assets
 
5,064,374
 
5,122,203
 
Equity
 
4,072,712
 
4,159,382
 
Non-current
 
liabilities
 
-
 
650,000
 
Current
 
liabilities
 
991,661
 
312,822
 
Total
 
equity
 
and
 
liabilities
 
5,064,374
 
5,122,203
 
 
 
26

===== SIDA 27 =====

Definitions  and  key  ratios  including  alternative  performance  measures   
 
 
27  
Net  sales  Operating  main  income,  invoiced  costs,  incidental  revenue  and  revenue  adjustments.  
Net  sales  growth  rate,  %  Net  sales  for  the  current  year  divided  by  the  previous  year’s  net  sales.  
Net  sales  growth  rate,  %,  CER  
Net  sales  growth  rate,  where  the  current  year’s  net  sales  are  calculated  at  the  exchange  rates  prevailing  in  the  previous  year.  
Gross  profit  Profit  after  cost  of  sales.   
Gross  profit  %,  Gross  margin  Gross  profit  as  a  percentage  of  net  sales.  
Operating  profit  (EBIT)  Profit  before  interest  and  tax.  
Operating  margin  (EBIT  margin)  Operating  profit  as  a  percentage  of  net  sales.   
Profit/loss  before  taxes  Profit  after  financial  income  and  expenses,  before  tax.  Profit  margin  (%)  Profit  after  tax  as  a  percentage  of  net  sales.  
Equity-to-assets  ratio  (%)  
Adjusted  equity  (including  non-controlling  interests)  as  a  percentage  of  the  balance  sheet  total.  
Equity  
The  net  assets  of  the  business,  i.e.,  the  difference  between  assets  and  liabilities,  including  non-controlling  interests.  
Balance  sheet  total  The  company’s  total  assets.  
FTE  Full-Time  Equivalents.  
Number  of  employees  Average  number  of  employees  during  the  financial  year.  ARPU  Average  Revenue  Per  User  (subscriber)  per  month.  
Average  paying  subscribers  
The  average  number  of  paying  subscribers  during  the  period.  For  Family  subscriptions,  each  standard  stream  (not  so-called  Kids  Mode)  is  considered  one  paying  subscriber.  
CER  Constant  Exchange  Rates.  EBITDA  Earnings  before  interest,  taxes,  depreciation  and  amortization.  EBITDA  margin  EBITDA  as  percentage  of  Net  Sales.  
12  months  (LTM)  EBITDA   
Earnings  before  interest,  taxes,  depreciation,  and  amortization  for  the  past  twelve-month  period.  
Revenue  (Streaming  Segment)  
Sales  from  audiobook  and  e-book  streaming  services  on  all  Storytel  platforms,  considering  50%  of  Storytel  Norway’s  revenue  in  line  with  Storytels  ownership.  Revenue  (Streaming  KPI)  ARPU  times  (Avg.)  Paying  Subscribers.  See  also  footnote  4  on  page  8.  
Revenue  (Publishing  Segment)  
Physical  books  and  digital  sales  from  all  publishing  houses  in  the  group,  including  group-internal  revenue  from  Storytel.  For  the  consolidated  group  accounts,  internal  publishing  revenue  is  eliminated.  See  also  footnote  1  on  page  1.  
Items  affecting   comparability  (IAC)  
IACs  include  items  of  a  significant  character  that  distort  comparisons  over  time,  such  as  costs  related  to  acquisitions,  divestments,  and  market  exits;  restructuring  costs;  significant  impairments  and  write-downs;  expenses,  or  reversals  of  expenses,  arising  from  the  group’s  share-based  incentive  schemes.  Adjusted  cost  of  sales,  gross  profit,  expenses,  EBITDA,  and  operating  profit  
Adjusted  key  figures  -  cost  of  sales,  gross  profit,  expenses,  EBITDA,  and  operating  profit  -  reflect  the  underlying  key  figure  when  excluding  items  affecting  comparability.  
Operational  Capex  Investments  into  product  &  tech  and  audiobook  productions.  
Operational  Cash  Flow  Adjusted  EBITDA  less  Operational  Capex.  
Net  Interest-Bearing  Debt  (NIBD)  Net  Debt  
Net  Interest-Bearing  Debt  (NIBD)  also  called  Net  Debt  is  defined  as  total  interest-bearing  liabilities  (excluding  lease  and  pension  liabilities)  plus  dividend  payables,  less  cash  and  cash  equivalents  and  interest-bearing  assets.  
NIBD/adjusted  R12  EBITDA  ratio  NIBD  divided  by  adjusted  EBITDA  for  the  last  twelve  months.