Storytel AB: Storytel Group reports record revenues and EBITDA margin in the third quarter of 2024

"In the third quarter, Storytel Group delivered record-high revenue, adjusted EBITDA, and cash flow as the company continued to execute its profitable growth strategy", says Bodil Eriksson Torp, CEO, Storytel Group

Highlights
Unless otherwise specified, numbers are for Q3 2024 and are compared to Q3 2023

• Group revenue up 7% to 954 (896) MSEK, and 8% at constant exchange rates (CER)
• Streaming revenue up 5%, and 8% at constant exchange rates (CER)
• Publishing revenue up 13% with an increase in digital sales of 18% and print sales of 6%
• Adjusted Gross profit up 18% to 436 (368) MSEK, equaling a margin of 45.7% (41.1%)
• Adjusted EBITDA increased by 77% to 178 (101) MSEK, equaling a margin of 18.7% (11.3%)
• The Group updates its 2024 guidance on adjusted EBITDA margin to be around 15% (from 13%), on operational cash flow to be at least 10% (from 8%), and on organic revenue growth to be around 8% (from 10%)
• Bodil Eriksson Torp assumed the role of CEO of Storytel Group as of October 1, 2024

Financial summary

MSEK	Q3 2024	Q3 2023	Change	Jan-Sep 2024	Jan-Sep 2023	Change
Group Revenue¹	954	896	7%	2,770	2,543	9%
Streaming Revenue²	852	809	5%	2,498	2,299	9%
Publishing Revenue³	285	252	13%	793	716	11%
Adjusted Gross profit	436	368	18%	1,229	1,019	21%
Gross profit	434	368	18%	1,223	1,019	20%
Adjusted Gross margin %	45.7	41.1	4.6p	44.4	40.1	4.3p
Adjusted Operating profit	105	20	n.a	199	-49	n.a
Operating profit	87	15	n.a	110	-62	n.a
Adjusted EBITDA	178	101	77%	410	186	121%
Adjusted EBITDA margin %	18.7	11.3	7.4p	14.8	7.3	7.5p
EBITDA	161	96	67%	322	172	87%
Basic and diluted earnings per share (SEK)	0.67	-0.06	n.a	0.72	-1.29	n.a
Cash flow from operations before changes in working capital	148	79	88%	283	121	134%
Net cash flow	140	14	n.a	11	-250	n.a
Operational cash flow	146	65	n.a	306	67	n.a
Net Interest-Bearing Debt (NIBD)	202	308	-35%	202	308	-35%
NIBD/adjusted EBITDA ratio	0.4	1.5	-73%	0.4	1.5	-73%

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) Adding 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.

Certified adviser
FNCA Sweden AB is the Company's Certified Adviser.

For more information, please contact:
Mattias Frithiof, Head of Investor Relations, Storytel Group
Tel: [phone]
Email: [e-mail]

Malin Lindborn, Head of Communications, Storytel Group
Tel: [phone]
Email: [e-mail]

About Storytel
Storytel is one of the world's largest audiobook and e-book streaming services and offers more than one million titles on a global scale. Our vision is to make the world a more empathetic and creative place, with great stories to be shared and enjoyed by anyone, anywhere and anytime.

The streaming business within the Storytel Group is conducted under the brands Storytel, Mofibo and Audiobooks.com. The publishing business is managed by Storytel Books, and by the audiobook publisher StorySide. The Storytel Group operates in over 25 markets, with a focus on ten core markets: the five Nordic countries, the Netherlands, Turkey, Poland, Bulgaria, and the USA through Audiobooks.com. The headquarters are located in Stockholm, Sweden.

This information is information that Storytel AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-10-29 08:00 CET.