Slides
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Fourth Quarter 2025 February 11, 2026
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Bodil Eriksson Torp CEO Stefan Wård CFO Fourth quarter report 2025
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“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
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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 ○ Paying subscribers reached 2.67 million EoP, +9% YoY ○ Churn rates continued lower throughout the year ○ Stable ARPU levels YoY (excl FX-effects) ○ New product launched Pay-per-book, expanding catalogue with +35,000 English titles High Revenue growth in Publishing ○ External Publishing revenues growth +21% CER YoY ○ Strong releases with several award winning titles ○ Uusma's Vitön (Norstedts), best-selling Swedish non-fiction book in 2025 Main Market listing process initiated ○ Transfer to Nasdaq Stockholm Main Market in 2026 Fourth quarter report 2025 Q4 2025 Highlights
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Group financial highlights Q4 2025 Adjusted for IACs Net sales up 7% (12% in CER) Adj. EBITDA Margin up 1.4 pp Adj. EBITDA +15% YoY Record Gross Margin Fourth quarter report 2025 Comments Q4 2025 compared with Q4 2024 ● Group revenue +12% in CER (organic +11% CER) ● Streaming revenues +10% CER Publishing revenues +13% CER ● Gross margin of 47.0% (46.4%) ● EBITDA adj. +15% to 220 (192) MSEK, margin of 20.0% (18.6%) ● Net profit for the period amounted to 300 (149) MSEK ● Cash flow from operations (before working capital) 217 (232) MSEK ● NIBD/EBITDA -0.18x (0.05) MSEKMSEK
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LTM EBITDA adj. 757 (602) MSEK, +26% YoY Fourth quarter report 2025 LTM-development net sales and EBITDA adj. margin MSEK
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Streaming performance Q4 2025 +9% growth in Subscribers (average) Downward churn trend, Index (R12) ARPU levels remain stable Comments Q4 2025 compared with Q4 2024 ● Avg paying subs +209,000, +9% YoY ○ Nordics* +57,000, +4% YoY ○ Non-Nordics Core** +139,000, +14% YoY ○ Rest of World +13,000, +7% YoY ● ARPU levels stable in local markets YoY in CER ● Downtrend in Churn continues *Nordics revenue includes 100% of Storytel Norway’s revenue. See also footnote 1 under Streaming geographical performance split table of the interim report **The Netherlands, Poland, Bulgaria, Turkey, and all of the operations of Audiobooks.com Fourth quarter report 2025 Avg subscribers (thousands) SEK
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Comments Q4 2025 compared with Q4 2024 ● Streaming sales +5% (+10% CER) to 918 (879) MSEK ○ Nordics: sales +2% (+5% CER), subs +4%, ARPU -2% ○ Non-Nordics Core: sales +8% (+21% CER), subs +14%, ARPU -6% ○ Rest of World: sales +4% (+11% CER), subscribers +7%, ARPU -2% ● Gross margin adj. of 43.6% (42.9%) ● EBITDA adj. +8% to 139 (129) MSEK ○ margin of 15.1% (14.7%) ● Operating profit adj. +21% to 112 (93) MSEK ● IACs in EBITDA was 1.6 (-4.6) MSEK Streaming (MSEK) Q4-25 Q4-24 Change, % Net sales 918 879 5% Cost of sales -518 -501 3% Adj. gross profit 401 377 6% Operating profit 112 93 21% Add back depr. 27 36 -26% Adj. EBITDA 139 129 8% Key metrics Q4-25 Q4-24 Change, p.p. Adj. gross margin 43.6% 42.9% 0.7 Adj. EBITDA margin 15.1% 14.7% 0.4 Fourth quarter report 2025 FY-25 FY-24 Change, % 3,518 3,377 4% -2,025 -1,959 3% 1,492 1,418 5% 381 304 25% 129 128 0% 509 432 18% FY-25 FY-24 Change, p.p. 42.4% 42.0% 0.4 14.5% 12.8% 1.7 Streaming segment Adjusted for IACs Revenue (MSEK)
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Comments Q4 2025 compared with Q4 2024 ● Net sales +11% (+13% CER) to 367 (332) MSEK ● Gross margin adj. of 34.9% (33.8%) ● EBITDA adj. +19% to 118 (99) MSEK, margin of 32.2% (29.9%) ● Operating profit adj. +20% to 61 (51) MSEK ● Bokfabriken contributed with 24 MSEK to net sales ● IACs in EBITDA was 1.2 (32.8) MSEK Fourth quarter report 2025 Publishing (MSEK) Q4-25 Q4-24 Change, % Net sales 367 332 11% Cost of sales -239 -220 9% Adj. gross profit 128 112 15% Adj. operating profit 61 51 20% Add back depr. 57 48 18% Adj. EBITDA 118 99 19% Key metrics Q4-25 Q4-24 Change, p.p. Adj. gross margin 34.9% 33.8% 1.1 Adj. EBITDA margin 32.2% 29.9% 2.3 FY-25 FY-24 Change, % 1,274 1,125 13% -865 -769 12% 409 356 15% 188 141 34% 188 163 15% 376 304 24% FY-25 FY-24 Change, p.p. 32.1% 31.6% 0.5 29.5% 27.0% 2.5 Publishing segment Adjusted for IACs MSEK
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Fourth quarter report 2025 MSEK Q4-25 Q4-24 FY-25 FY-24 Profit before tax 131 159 357 236 Cash flow from operating activities before change in working capital 217 232 647 514 Change in working capital 14 44 -75 33 Cash flow from operating activities 231 276 573 547 Cash flow from other investing activities -3 -60 -90 -87 Operational Capex -52 -38 -162 -142 Cash flow from financing activities -12 -9 -235 -143 Cash flow for the period 163 164 86 175 Translation differences in available funds -3 11 -22 12 Available funds at the beginning of period 527 448 623 436 Available funds at end of period 686 623 686 623 Strong cash flow generation Comments Q4 2025 compared with Q4 2024 ● Cash flow from operations before working capital 217 (232) MSEK ○ Q4-24 includes positive one-off of 34 MSEK (Copysweden) ● Change in working capital of 14 (44) MSEK, headwind from timing effects in AP and liabilities ● Cash flow from financing activities -12 (-9) MSEK ● Total cash flow for the period 163 (164) MSEK Adjustments for non-cash items relates mainly to depreciation and amortization, FX movements and changes in provisions
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Comments Q4 2025 compared with Q4 2024 ● Cash & equivalents 686 (623) MSEK ● Interest bearing debt 550 (650) MSEK ● Equity 1,899 (1,552) MSEK ● Equity-to-asset ratio 53% (46%) Fourth quarter report 2025 MSEK Q4-25 Q4-24 Goodwill 783 803 Intangible assets 1,048 1,191 Tangible assets 15 14 Right-of-use assets 130 71 Non-current financial assets 277 68 Total non-current assets 2,253 2,147 Inventories 72 53 Trade receivables 239 220 Other current receivables 320 346 Cash and cash equivalents 686 623 Total current assets 1,317 1,242 Total assets 3,570 3,389 Equity 1,899 1,552 Non-current liabilities 185 829 Trade payables 245 292 Other current liabilities 1,241 717 Total equity and liabilities 3,570 3,389 Solid financial position
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Comments Q4 2025 compared with Q4 2024 ● Net debt of -136 (27) MSEK ● Leverage: NIBD/EBITDA, at -0.18x (0.05) Fourth quarter report 2025 Net Interest-Bearing Debt (MSEK) Q4-25 Q4-24 Interest-bearing liabilities within Current liabilities 550 - Interest-bearing liabilities within Non-current liabilities - 650 Cash and cash equivalents 686 623 Total Net Interest-Bearing Debt (NIBD) -136 27 NIBD / adjusted R12 EBITDA ratio -0.18 0.05 High degree of financial flexibility
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Story Art Adding visual dimension to audiobooks Synced Listening Allowing listeners to read along with the audio Sleep Timer Recaps Guiding users back into the story after having been asleep Pushing the user experience forward
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● 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) targets ● 2026 EBITDA target of at least SEK 870m ● Propose dividend of SEK 1.50 (1.00) ● Main Market listing process initiated aimed for 2026 Fourth quarter report 2025 Summary
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Q&A