Slides
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Second Quarter 2026 July 28, 2026
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Bodil Eriksson Torp CEO Stefan Wård CFO Second quarter report 2026
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“Continued strong sales growth and margin expansion enables us to raise our 2026 full-year EBITDA guidance” Second quarter report 2026
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Q2 2026 Highlights Continued margin expansion ○ Net sales growth of +12.7% in constant currency (CER); +10.7% organic ○ Adjusted EBITDA of SEK 205m (161), +27% YoY ○ Net profit of SEK 100m (47); EPS of SEK 1.18 (0.54) ○ Net debt of SEK 14m at period-end (0.02x adjusted EBITDA) Strong subscriber development ○ Paying subscribers of 2.75m EoP, +7.2% YoY ○ Net additions of +11k in the quarter (+83k year-to-date) ○ Growth led by Europe (+12.8% YoY) Strengthening our Publishing platform ○ External Publishing net sales up +31.6% in CER ○ Publishing adjusted EBITDA margin expanded to 31.3% (27.4%) ○ Acquired Overamstel – first material Publishing acquisition outside the Nordics Raised full-year guidance ○ 2026 adjusted EBITDA guidance raised to SEK 900m (from SEK 870m) Main Market listing completed ○ Transfer to Nasdaq Main Market completed Focus Innovation ○ Launched Storytel Genie and Storytel Pulse Second quarter report 2026
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EBITDA Margin Adj. up 2.3pp Gross MarginNet sales up 11.7% (12.7% in CER) EBITDA Adj. +27.1% YoY Comments Q2 2026 compared with Q2 2025 ● Group net sales +12.7% in CER (+11.7% reported) ● Streaming net sales +8.3% CER ● Publishing external net sales +31.6% CER ● Gross margin of 46.3% (45.3%) ● EBITDA adj. +27.1% to SEK 205m (161), margin of 19.2% (16.8%) ● Net profit of 100m (47) ● Cash flow from operations (before working capital) 170m (140) ● Net debt/EBITDA 0.02x (0.17) MSEKSEKm SEKm Second quarter report 2026 Group financial highlights
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Second quarter report 2026 R12M net sales and adjusted EBITDA margin* R12M EBITDA adj: SEK 823m (665) +24% YoY * LTIP-related costs have been restated and are not classified as items affecting comparability (IAC). SEKm
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Comments Q2 2026 compared with Q2 2025 ● Net sales +16.3% CER, to SEK 347m ● External net sales +31.6% CER to 205m ● Gross margin of 35.8% (31.2%) ● EBITDA adj. +32% to 108m (82), margin 31.3% (27.4%) ● Operating profit +69% to 60m (36) ● Overamstel acquired in May 2026 Publishing Key metrics Q2-26 Q2-25 Change, pp Gross margin 35.8% 31.2% 4.6 EBITDA margin adj. 31.3% 27.4% 3.9 SEKm Second quarter report 2026 Publishing (SEKm) Q2-26 Q2-25 Change, % Net sales 347 299 16% Cost of sales -222 -206 8% Gross profit 124 93 33% Operating profit 60 36 69% Add back depr. 45 46 -2% Add back IAC 3 - - EBITDA adj. 108 82 32% 31.3% 35.8% 27.4% 31.2%
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Streaming Segments Nordics Net sales SEK 620m (+6.9% YoY, +6.1% CER) Paying subs. (EoP) 1,349k (+3.6% YoY) ARPU: SEK 154 Gross margin: 38.8% SE, DK, NO, FI, IS, EE Europe Net sales SEK 230m (+15.4% YoY, +18.2% CER) Paying subs. (EoP) 1,067k (+12.8% YoY) ARPU: SEK 72 Gross margin: 40.7% NL, BE, DE, IT, ES, FR, PL, BG, TR, IL Americas Net sales SEK 99m (-0.3% YoY, +1.9% CER) Paying subs. (EoP) 253k (+5.4% YoY) ARPU: SEK 129 Gross margin: 57.9% North America, Latin America APAC Net sales SEK 10m (-1.6% YoY, +4.4% CER) Paying subs. (EoP) 80k (+5.3% YoY) ARPU: SEK 45 Gross margin: 37.3% Asia Pacific, Middle East (excl. IL) Churn trend, Index (R12M) Comments Q2 2026 compared with Q2 2025 ● EoP paying subscribers +185k, +7.2% YoY ○ Nordics +47k ○ Europe +121k ○ Americas +13k ○ APAC +4k ● Net additions of +11k in the quarter; +83k year-to-date. ● Churn index broadly stable ○ Nordics, Finland is an outlier, while churn in nearly all Nordics markets was trending downwards during the quarter ● ARPU of SEK 116.4 (116.5), broadly flat: price increases offset by regional mix and FX ○ Nordics ARPU SEK 154 (151), +2.0%, mainly driven by higher price points ○ Americas ARPU SEK 129 (138), −6.5%, mainly FX and market mix Second quarter report 2026
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Comments Q2 2026 compared with Q2 2025 ● Streaming net sales +8.3% CER, to SEK 960m (890) ○ Nordics: +6.1% CER ○ Europe: +18.2% CER ○ Americas: +1.9% CER ● Gross margin of 41.2% (40.9%) ● EBITDA Adj. +32% to 143m (108), margin of 14.9% (12.2%) ● Operating profit +41% to 108m (77) Streaming Net sales (SEKm) Streaming (SEKm) Q2-26 Q2-25 Change, % Net sales 960 890 8% Cost of sales -564 -526 7% Gross profit 396 364 9% Operating profit 108 77 41% Add back depr. 32 31 3% Add back IAC 3 - - EBITDA adj. 143 108 32% Key metrics Q2-26 Q2-25 Change, pp Gross margin 41.2% 40.9% 0.3 EBITDA margin adj. 14.9% 12.2% 2.7 899 890 923 945 914 960 Second quarter report 2026
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Operating cash flow funds M&A and dividend Comments Q2 2026 compared with Q2 2025 ● Cash flow from operations before working capital SEK 170m (140) ● Change in working capital SEK -21m (15); normal seasonal fluctuations ● Cash flow from operating activities SEK 150m (155); SEK 285m year-to-date (184) ● Cash flow from investing SEK -237m (-50), mainly acquisitions (-176m) and intangibles (-62m) ● Cash flow from financing SEK -100m (-154): of which -140m is the dividend ● Cash flow for the period SEK -187m (-49) ● Cash at the end of period SEK 536m and total available funds SEK 1,086m SEKm Q2-26 Q2-25 Jan-Jun 2026 Profit before tax 114 61 205 Cash flow from operating activities before change in working capital 170 140 305 Change in working capital -21 15 -20 Cash flow from operating activities 150 155 285 Cash flow from investing activities -237 -50 -285 Cash flow from financing activities -100 -154 -159 Cash flow for the period -187 -49 -159 Translation differences in available funds 4 0 9 Cash at the beginning of period 720 534 686 Cash at end of period 536 485 536 Second quarter report 2026
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Comments Q2 2026 compared with Q2 2025 ● Net debt of SEK 14m at period-end (net debt of SEK 115m a year ago) ● Leverage: net debt/adjusted EBITDA of 0.02x (0.17x) ● Balance sheet remains ungeared despite acquisitions and dividend ● Equity-to-assets ratio 54.4% (46.1%) ● Interest-bearing debt SEK 550m, non-current ● Overamstel acquisition the main driver of the increase in goodwill, intangible assets, inventory, receivables, trade payables and deferred tax liabilities Improved financial position SEKm Q2-26 Q2-25 2025 Intangible assets 2,005 1,903 1,831 Tangible assets 14 17 15 Right-of-use assets 125 61 130 Non-current financial assets 316 73 277 Inventories 114 84 72 Trade receivables 220 226 220 Other current receivables 383 315 339 Cash and cash equivalents 536 485 686 Total assets 3,712 3,164 3,570 Equity 2,019 1,458 1,899 Non-current liabilities 743 159 185 Trade payables 302 269 245 Other current liabilities 647 1,278 1,241 Total equity and liabilities 3,712 3,164 3,570 Net Interest-Bearing Debt (SEKm) Q2-26 Q2-25 Interest-bearing liabilities within Current liabilities 0 600 Interest-bearing liabilities within Non-current liabilities 550 0 Cash and cash equivalents 536 485 Total Net Interest-Bearing Debt (NIBD) 14 115 NIBD / adjusted R12 EBITDA ratio 0.02 0.17
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● Net sales +12.7% CER and EBITDA adj. margin of 19.2% (up 2.3pp) ● 2026 EBITDA adj. guidance raised to SEK 900m (from SEK 870m) ● Fast, ambitious innovation delivering Storytel Genie and Storytel Pulse ● Strong financials support an active M&A agenda ● Well on track to deliver on our mid-term (2028) targets ● Main Market listing completed during Q2 Summary Second quarter report 2026
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Q&A