===== 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.