Storytel AB: Storytel Group's revenue exceeding one billion SEK for the first time in a single quarter

"The strong fourth quarter concludes Storytel Group's impressive financial performance in 2024 as the company successfully continued executing its profitable growth strategy", says Bodil Eriksson Torp, CEO Storytel Group

Highlights
Unless otherwise specified, numbers are for Q4 2024 and are compared to Q4 2023

• Group revenue up 9% to 1,028 (946) MSEK, and 8% at constant exchange rates (CER).
• Streaming revenue up 7%, and 6% at constant exchange rates (CER).
• Publishing revenue up 15% with an increase in external sales of 17% and internal sales of 13%.
• Adjusted Gross profit up 29% to 477 (370) MSEK, equaling a margin of 46.4% (39.2%).
• Adjusted EBITDA increased by 96% to 192 (98) MSEK, equaling a margin of 18.6% (10.3%).
• Items Affecting Comparability (IACs) of 31 MSEK include a one-off compensation of 34 MSEK received from Copyswede relating to private copying levies in Sweden for historic periods.

• For the full year 2024, Storytel Group exceeds its guidance on organic revenue growth (actual: 9%, guidance: "around 8%"), on adjusted EBITDA margin (actual: 15.8%, guidance: "around 15%"), and on operational cash flow (actual: 12.1%, guidance: "at least 10%").

• After the period, Storytel Group acquired a majority stake in the Swedish publisher Bokfabriken. Following discussions with the Swedish Competition Authority (SCA) in February, Storytel has decided to voluntarily give the SCA an opportunity to review the transaction, even though there was no obligation to do so.

Financial summary

MSEK	Q4 2024	Q4 2023	Change	Jan-Dec 2024	Jan-Dec 2023	Change
Group Revenue¹	1,028	946	9%	3,798	3,489	9%
Streaming Revenue²	879	823	7%	3,377	3,122	8%
Publishing Revenue³	332	288	15%	1,125	1,003	12%
Adjusted Gross profit	477	370	29%	1,706	1,389	23%
Gross profit	477	228	109%	1,700	1,247	36%
Adjusted Gross margin %	46.4	39.2	7.2p	44.9	39.8	5.1p
Adjusted Operating profit	105	-2	n.a	304	-50	n.a
Operating profit	136	-680	n.a	246	-742	n.a
Adjusted EBITDA	192	98	96%	602	283	112%
Adjusted EBITDA margin %	18.6	10.3	8.3p	15.8	8.1	7.7p
EBITDA	223	-7	-3137%	544	165	231%
Earnings per share, basic (SEK)	1.83	-9.34	n.a	2.55	-10.63	n.a
Earnings per share, diluted (SEK)	1.82	-9.34	n.a	2.54	-10.63	n.a
Cash flow from operations before changes in working capital	228	-19	-1298%	510	102	401%
Net cash flow	164	-88	-286%	175	-339	-152%
Operational cash flow	153	58	n.a	459	125	n.a
Net Interest-Bearing Debt (NIBD)	27	313	-91%	27	313	-91%
NIBD/adjusted EBITDA ratio	0.05	1.11	-96%	0.05	1.11	-96%
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) 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:
Niklas Alm, Interim 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 2025-02-12 08:00 CET.