Storytel Ab (publ) Stock Earnings Reports

Storytel reported a strong Q3 2025 with 2.6 million paying subscribers (+10% YoY) and revenue growth of 9% in constant currency. Group net sales were just over SEK 1 billion (+6% reported) and adjusted EBITDA rose 26% to SEK 224 million, producing a record-high EBITDA margin of 22.1% and trailing-12-month adjusted EBITDA margin of 18.4%. Management raised full-year 2025 margin guidance to 18.0%–19.5%. ARPU declined (partly due to FX headwinds and faster growth outside the Nordics where price points are lower), but churn reached a new all-time low and subscriber engagement remains high. Streaming added 56k subs in Q3 (236k over 12 months) with particularly strong Nordic intake; non-Nordic growth continues and the company expects the international base to become the larger share over time. Publishing grew strongly (14% YoY), benefited from the Bokfabriken acquisition, and delivered improved profitability. Cash conversion is high (operating cash flow ~80–90% of EBITDA), net debt is minimal (NOK 23m) with roughly equal cash and interest-bearing debt, and management expects to be net cash in Q4 absent major investments. Strategic priorities: invest in local content and product/UX improvements, continue measured market expansion (organic, partnerships, acquisitions), pursue an active M&A agenda, and scale AI initiatives. New partnerships (e.g., Klarna) and market launches (Estonia, Chile partner) aim to support distribution and growth. Management does not view AI as an existential threat but as both a product and efficiency opportunity.