Slides
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Third Quarter 2026 27 October 2026
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Bodil Eriksson Torp CEO Stefan Wård CFO Third quarter report 2026
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“Accelerating growth, our largest subscriber increase since 2023 and continued expansion of the adjusted EBITDA margin on a rolling twelve-month basis with full-year guidance confirmed” Third quarter report 2026
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Q3 2026 Highlights Strong growth and earnings ● Net sales growth of +16.5% in constant currency (CER); +11.7% organic ● Adjusted EBITDA of 268m (232), +15.7% YoY; +24.7% excluding LTIP1 ● Net profit of 151m (138); EPS of SEK 1.83 (1.69) ● Net cash of 132m at period-end (−0.15x adjusted EBITDA) Strong subscriber development ● Net additions of +80k in the quarter (+64k), the highest since Q3 2023 ● Paying subscribers of 2.83m EoP, +7.6% YoY ● Growth led by Europe (+39k, +12.7% YoY) and the Nordics (+33k) Publishing growth accelerating ● External Publishing net sales up +53.8% in CER; +26.6% organic ● Publishing adjusted EBITDA margin expanded to 36.2% (33.4%) ● Overamstel included for the first full quarter Guidance and key events ● 2026 adjusted EBITDA guidance of 900m confirmed2 ● Buybacks of up to 300m to secure delivery under LTIP; 91m repurchased in Q3 ● Storytel Books launched in October: online bookstore for physical books in Sweden Third quarter report 2026 All amounts in SEK unless otherwise stated. ¹ LTIP costs of SEK -11m (positive effect of SEK 8m in Q3 2025), largely driven by the share price. ² Full-year adjusted EBITDA guidance is provided at constant exchange rates (CER). STIP costs are distributed across the year. LTIP is included with the impact already reported, but is assumed to be neutral for the remainder of the year.
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EBITDA Margin Adj. 22.7% (22.9%) Gross MarginNet sales up 16.4% (16.5% in CER) EBITDA Adj. +15.7% YoY Comments Q3 2026 compared with Q3 2025 All amounts in SEK unless otherwise stated. ● Group net sales +16.5% CER (+16.4% reported); +11.7% organic ● Streaming net sales +7.8% CER ● Publishing external net sales +53.8% CER ● Gross margin of 45.3% (45.4%) ● EBITDA adj. +15.7% to 268m (232), margin of 22.7% (22.9%) ● Excluding LTIP, EBITDA adj. +24.7% to 279m (224), margin of 23.7% (22.1%) ● Pretax profit of 172m (144) ● Cash flow from operations (before working capital) 246m (203) ● Net debt/EBITDA −0.15x (0.03) MSEKSEKm SEKm Third quarter report 2026 Group financial highlights
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Third quarter report 2026 R12M net sales and adjusted EBITDA margin* R12M EBITDA adj: 860m (719) +20% YoY * Since Q1 2026 LTIP-related costs have been restated and are not classified as items affecting comparability (IAC). SEKm
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Comments Q3 2026 compared with Q3 2025 All amounts in SEK unless otherwise stated. ● Net sales +30.8% CER, to SEK 423m ● External net sales +53.8% CER to 280m; +26.6% organic ● Gross margin of 36.6% (35.5%) ● EBITDA adj. +42% to 153m (108), margin 36.2% (33.4%) ● Operating profit +50% to 103m (68) ● Overamstel included for the first full quarter Publishing SEKm Third quarter report 2026 36.2% 36.6% 33.4% 35.5% Publishing (SEKm) Q3-26 Q3-25 Change, % Net sales 423 324 31% Cost of sales -268 -209 28% Gross profit 155 115 35% Operating profit 103 68 50% Add back depr. 50 40 26% Add back IAC 0 - - EBITDA adj. 153 108 42% Key metrics Q3-26 Q3-25 Change, pp Gross margin 36.6% 35.5% 1.1 EBITDA margin adj. 36.2% 33.4% 2.8
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Streaming Segments Nordics Net sales 642m (600) +7.0% YoY, +5.6% CER Paying subs. (EoP) 1,381k (1,331) +3.8% ARPU: SEK 157 (152) Gross margin: 37.6% (36.5) SE, DK, NO, FI, IS, EE Europe Net sales 246m (211) +16.3% YoY, +18.6% CER Paying subs. (EoP) 1,106k (981) +12.7% ARPU: SEK 76 (73) Gross margin: 40.7% (42,0) NL, BE, DE, IT, ES, FR, PL, BG, TR, IL Americas Net sales 101m (100) +0.6% YoY, −1.5% CER Paying subs. (EoP) 260k (240) +8.3% ARPU: SEK 131 (139) Gross margin: 59.0% (55,9) North America, Latin America APAC Net sales 11m (11) +2.9% YoY, +3.7% CER Paying subs. (EoP) 81k (77) +5.2% ARPU: SEK 46 (47) Gross margin: 35.4% (38,5) Asia Pacific, Middle East (excl. IL) Churn trend, Index (R12M) Comments Q3 2026 compared with Q3 2025 All amounts in SEK unless otherwise stated. ● EoP subscribers +200k, +7.6% YoY ○ Nordics +50k ○ Europe +125k ○ Americas +20k ○ APAC +4k ● Net adds +80k in Q3’26 (+64k); +163k YTD (+174k) ○ Europe +39k, Nordics +33k ● Churn index: stable at a low level; slight uptick from market and cohort mix ● ARPU of SEK 119.6 (118.1), +1.3%: price increases offset by regional mix ○ Nordics ARPU SEK 157 (152), +3.4%, driven by higher price points ○ Europe ARPU SEK 76 (73), +4.1% ○ Americas ARPU SEK 131 (139), −5.7%, due to mix changes Third quarter report 2026
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Comments Q3 2026 compared with Q3 2025 All amounts in SEK unless otherwise stated. ● Streaming net sales +7.8% CER, to 1,000m (923) ○ Nordics: +5.6% CER ○ Europe: +18.6% CER ○ Americas: −1.5% CER ● Gross margin of 40.5% (39.9%) ● EBITDA adj. −2% to 153m (156), margin of 15.3% (16.9%) ● Operating profit +1% to 119m (118) Streaming Net sales (SEKm) 890 923 945 914 960 1000 Third quarter report 2026 Streaming (SEKm) Q3-26 Q3-25 Change, % Net sales 1,000 923 8% Cost of sales -595 -555 7% Gross profit 405 368 10% Operating profit 119 118 1% Add back depr. 32 38 -15% Add back IAC 2 - - EBITDA adj. 153 156 -2% Key metrics Q3-26 Q3-25 Change, pp Gross margin 40.5% 39.9% 0.6 EBITDA margin adj. 15.3% 16.9% -1.6
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Strong operating cash flow Comments Q3 2026 compared with Q3 2025 All amounts in SEK unless otherwise stated. ● Cash flow from operations before working capital 246m (203), +21% ● Change in working capital 40m (−45), mainly timing effects in operating liabilities ● Cash flow from operating activities 285m (158); 570m year-to-date (342) ● Cash flow from investing −44m (−54), mainly intangibles (−48m), partly offset by a dividend from Storytel Norway (+6m) ● Cash flow from financing −102m (−59), mainly share buybacks (−91m) and lease amortisation (−11m) ● Cash flow for the period 140m (45) ● Cash at the end of period 682m and total available funds 1,232m Third quarter report 2026 SEKm Q3-26 Q3-25 Jan-Sep 2026 R12M Profit before tax 172 144 377 508 Cash flow from operating activities before change in working capital 246 203 551 768 Change in working capital 40 -45 19 33 Cash flow from operating activities 285 158 570 801 Cash flow from investing activities -44 -54 -329 -384 Cash flow from financing activities -102 -59 -260 -272 Cash flow for the period 140 45 -19 144 Translation differences in available funds 6 -3 14 11 Cash at the beginning of period 536 485 686 527 Cash at end of period 682 527 682 682
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Third quarter report 2026 SEKm SEKm R12M Operating cash flow after CAPEX: 587 (373) +57% YoY Strong operating cash flow after CAPEX
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Comments Q3 2026 compared with Q3 2025 All amounts in SEK unless otherwise stated. ● Net cash of 132m at period-end (net debt of 23m a year ago) ● Leverage: net debt/adjusted EBITDA of −0.15x (0.03x) ● Equity-to-assets ratio 53.5% (49.7%) ● Interest-bearing debt 550m, non-current ● Total liquidity of 1,232m including the unused credit facility ● Overamstel acquisition the main driver of the increase in intangible assets compared with last year Strong financial position SEKm Q3-26 Q3-25 2025 Intangible assets 2,002 1,871 1,831 Tangible assets 14 17 15 Right-of-use assets 116 62 130 Non-current financial assets 309 76 277 Inventories 108 85 72 Trade receivables 277 235 220 Other current receivables 428 322 339 Cash and cash equivalents 682 527 686 Total assets 3,935 3,195 3,570 Equity 2,104 1,589 1,899 Non-current liabilities 750 158 185 Trade payables 359 241 245 Other current liabilities 722 1,208 1,241 Total equity and liabilities 3,935 3,195 3,570 Net Interest-Bearing Debt (SEKm) Q3-26 Q3-25 Interest-bearing liabilities within Current liabilities 0 550 Interest-bearing liabilities within Non-current liabilities 550 0 Cash and cash equivalents 682 527 Total Net Interest-Bearing Debt (NIBD) -132 23 NIBD / adjusted R12 EBITDA ratio -0.15 0.03
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Book Discovery made hyper-personal Author Insights made real-time
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Third quarter report 2026 Summary ● Net sales +16.5% CER and adjusted EBITDA +15.7% to SEK 268m (+24.7% excl. LTIP) ● +80k net additions, the highest in a quarter since Q3 2023 ● Publishing external net sales +53.8% CER, with Overamstel included for the first full quarter ● 2026 EBITDA adj. guidance of SEK 900m confirmed ● Strong cash flow and financial strength support active M&A and distributions ● Well on track to deliver on our 2028 targets
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Q&A