From the Interim Report January – March 2026
Storytel Group entered 2026 with clear momentum, supported by robust subscriber growth, continued margin expansion, and strong cash flow generation.
Our transition to the Nasdaq Stockholm main market is progressing as planned, a milestone that reflects our maturity as a Group and our commitment to long-term value creation.
A solid start to 2026
We delivered a solid financial performance in the first quarter, characterised by steady organic growth and improving profitability. The Group generated an organic net sales growth of 7.9% in CER and an adjusted EBITDA margin of 17.0% (14.1%) in the quarter. In our Streaming segment, the paying subscriber base increased to 2.74m at the end of the period, +72k for the period and +8.1% year-on-year (YoY). At the end of the period we achieved a net cash position of SEK 220m (-116).
On a rolling twelve-month (R12M) basis, the Group continues to demonstrate financial strength and operational discipline. Net sales reached SEK 4.05bn with an adjusted EBITDA of SEK 780m, yielding a solid 19.3% margin. This profitability translated into net profit of SEK 572m, resulting in an EPS of SEK 7.12. Furthermore, our ability to convert earnings into liquidity remains a core strength, with cash flow from operations totalling SEK 679m after changes in working capital.
Robust subscriber growth in the Nordics
Our Nordic Streaming segment remained on a positive trajectory in Q1, with a net intake of 11,000 paying subscribers. The Nordic region delivered its highest first-quarter intake since the pandemic. Nearly half (47%) of our Nordic subscriber base has maintained their subscription for over five years, which continues to drive a favourable decline in our churn rate.
Outside the Nordics, we expanded our reach by adding 61,000 paying subscribers, including 44,000 within our European footprint. Poland remains our primary engine of growth, complemented by meaningful contributions from Bulgaria, Turkey, and the continued success of our strategic partnerships.
By scaling AI-augmented development, we have accelerated our pace of innovation to increase our customer value proposition. In Q1, we launched StoryArt, a new format integrating immersive visuals into our audiobooks. We expanded Synced Listening and Reading across a significant share of our catalogue in multiple markets. Our product innovations are rooted in our customers’ lifestyles. Recent survey data from Storytel Sweden shows that a majority of users listen to audiobooks at bedtime, primarily to relax (85%) or as an aid to fall asleep (65%). To support this habit, we introduced AI-powered recaps to our sleep timer, a feature helping more than 300,000 book lovers effortlessly pick up where they left off the next morning.
Strengthening our publishing portfolio
Our Publishing segment delivered continued growth in operating profit during the quarter, supported by a 9.2% increase in external sales. Bokfabriken marked its first full year within the Storytel Group, and their performance has surpassed our expectations. They serve as a clear example of how we can generate synergies across our publishing and streaming businesses.
We have continued to build on this strategy during the quarter. Gummerus launched its new digital imprint, JUJU, while Norstedts Förlagsgrupp acquired Lavender Lit, a publisher specialising in romance and feelgood fiction. We also strengthened our offering in these popular genres by acquiring the romance and feelgood catalogue of the Danish publisher Palatium through Storyside.
In Sweden, Norstedts’ performance was driven by the release of Handbok för superhjältar 11, a new series from I Just Want To Be Cool, and strong volumes during the annual national book sale. Notably, Sammy Jeridi’s Ibbe Seger series became the most consumed Q1 title in the Storyside catalogue, ranking among the top five titles nationally. Bokfabriken pushed creative boundaries with Guldskytten, Patrick Ekwall’s real-time audiobook experience produced during the 2026 Winter Olympics, with chapters written, narrated, and published daily on Storytel – which further demonstrates the powerful synergies across our Group.
Delivering on our roadmap
We remain well on track to deliver on our 2026 guidance and mid-term financial targets for 2028. This year, we expect to generate an adjusted EBITDA of at least SEK 870m, with a trajectory to cross SEK 1.0bn in 2027 and exceed SEK 1.1bn in 2028.
Our robust financial profile provides the strategic flexibility to pursue an active M&A agenda while simultaneously enhancing shareholder returns through continued distributions. We are committed to sustaining this positive momentum and successfully executing our transition to the main market during Q2.
Our progress is driven by the people behind it. To our employees, thank you for your commitment and craft as we shape the future of storytelling together. To our shareholders, thank you for your continued trust and partnership on our storytelling journey.
Bodil Eriksson Torp
CEO