Storytel Ab Class B · OMXSTO:STORY_B
Storytel Ab Class B — Q4 2025 Earnings Presentation
15 slides from Storytel Ab Class B's earnings presentation, Feb 11, 2026
Slide 1: Fourth Quarter 2025
Fourth Quarter 2025 February 11, 2026
Slide 2: Bodil Eriksson Torp, CEO and Stefan Wård, CFO
Bodil Eriksson Torp Stefan Wård CEO CFO Fourth quarter report 2025
Slide 3: 2025 was a year of exceptional execution
“2025 was a year of exceptional execution with record profitability and cash flow. We enter 2026 in good shape, ready to take our business to the next level.” Fourth quarter report 2025
Slide 4: Q4 2025 Highlights
Q4 2025 Highlights Record year-end performance ○ Revenue growth of +12% in constant exchange rates (CER) ○ Adjusted EBITDA margin of 20.0% in Q4 (18.8% FY 2025) ○ Net cash position of SEK 136m at year-end ○ DTA recognition of SEK 195m positively impacted net profit Solid Streaming performance ○ Payin
Slide 5: Group financial highlights Q4 2025
Group financial highlights Q4 2025 Comments Adjusted for IACs Q4 2025 compared with Q4 2024 Net sales up 7% (12% in CER) Record Gross Margin ● Group revenue +12% in CER (organic +11% CER) ● Streaming revenues +10% CER Publishing revenues +13% CER MSEK ● Gross margin of 47.0% (46.4%) ● EBITDA adj. +1
Slide 6: LTM-development net sales and EBITDA adj. margin
LTM-development net sales and EBITDA adj. margin LTM EBITDA adj. 757 (602) MSEK, +26% YoY MSEK Fourth quarter report 2025
Slide 7: Streaming performance Q4 2025
Streaming performance Q4 2025 Comments +9% growth in Subscribers (average) ARPU levels remain stable Q4 2025 compared with Q4 2024 Avg subscribers (thousands) ● Avg paying subs +209,000, +9% YoY ○ Nordics* +57,000, +4% YoY SEK ○ Non-Nordics Core** +139,000, +14% YoY ○ Rest of World +13,000, +7% YoY
Slide 8: Streaming segment
Streaming segment Adjusted for IACs Comments Q4 2025 compared with Q4 2024 Streaming (MSEK) Q4-25 Q4-24 Change, % FY-25 FY-24 Change, % Net sales 918 879 5% 3,518 3,377 4% ● Streaming sales +5% (+10% CER) to 918 (879) Cost of sales -518 -501 3% -2,025 -1,959 3% MSEK Adj. gross profit 401 377 6% 1,492
Slide 9: Publishing segment
Publishing segment Adjusted for IACs Comments Q4 2025 compared with Q4 2024 Publishing (MSEK) Q4-25 Q4-24 Change, % FY-25 FY-24 Change, % Net sales 367 332 11% 1,274 1,125 13% ● Net sales +11% (+13% CER) to 367 (332) MSEK Cost of sales -239 -220 9% -865 -769 12% Adj. gross profit 128 112 15% 409 356
Slide 10: Strong cash flow generation
Strong cash flow generation Comments Q4 2025 compared with Q4 2024 MSEK Q4-25 Q4-24 FY-25 FY-24 ● Cash flow from operations before working Profit before tax 131 159 357 236 capital 217 (232) MSEK ○ Q4-24 includes positive one-off of 34 MSEK Cash flow from operating activities before (Copysweden) change
Slide 11: Solid financial position
Solid financial position Comments Q4 2025 compared with Q4 2024 MSEK Q4-25 Q4-24 Goodwill 783 803 ● Cash & equivalents 686 (623) MSEK Intangible assets 1,048 1,191 Tangible assets 15 14 ● Interest bearing debt 550 (650) MSEK Right-of-use assets 130 71 Non-current financial assets 277 68 ● Equity 1,89
Slide 12: High degree of financial flexibility
High degree of financial flexibility Comments Q4 2025 compared with Q4 2024 ● Net debt of -136 (27) MSEK Net Interest-Bearing Debt (MSEK) Q4-25 Q4-24 Interest-bearing liabilities within Current liabilities 550 - ● Leverage: NIBD/EBITDA, at -0.18x (0.05) Interest-bearing liabilities within Non-curren
Slide 13: Pushing the user experience forward
Pushing the user experience forward Synced Listening Story Art Sleep Timer Recaps Allowing listeners to read along Adding visual dimension Guiding users back into the story with the audio to audiobooks after having been asleep
Slide 14: Summary
Summary ● Delivered on raised 2025 financial targets ● Solid subscriber growth, stable ARPU in local markets, falling churn ● Record strong growth in Publishing, +18% CER external growth in 2025 ● Materially improved cash flow generation, closed 2025 with net cash ● On track to meet mid-term (2028) ta
Slide 15: Storytel Group
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