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Regulatory press release

Interim Report January – June 2022

Highlights

“It makes me proud to acknowledge that Storytel saw a 31% year over year streaming revenue growth excluding Russia in Q2, and a positive Group EBITDA margin of 1.6%, adjusted for items affecting comparability. This was driven by continuous growth in our priority markets in the Nordics, Europe and in the US and a continued commitment to an effective use of costs, investments and resources in line with our focused strategy.” says Ingrid Bojner, Acting CEO, Storytel.

Financial highlights

  • Streaming revenue up 29% from Q2 2021 to 704 (545) MSEK, 31% excluding Russia
  • Group Net sales increased by 28% from Q2 2021 to 781 (611) MSEK
  • Gross profit of 290 (232) MSEK, equaling a 37.2% margin
  • Gross profit excluding items affecting comparability of 315 (232) MSEK, equaling a 40.3% margin
  • EBITDA of -6 (-59) MSEK equaling a -0.7% (-9.7%) margin
  • EBITDA excluding items affecting comparability of 13 (-59) MSEK, equaling a 1.6% (-9.7%) margin
  • Basic and diluted earnings per share amounted to -0.80 (-1.88) SEK

Other highlights

  • Continued implementation across four strategic pillars including right-sizing
  • Focused investments in priority markets
  • Introduced limited-on-time subscription Basic
  • Annual General Meeting held on May 4
  • Letter of commitment to Science Based Targets initiative submitted

Table 1: Key Performance Indicators

TSEK Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022
Streaming Total1   Forecast
Revenue 545,451 583,084 605,128 698,599 704,454 724,000-731,000
Revenue excl Russia 529,197 565,949 584,495 679,654 693,464
Gross Profit 209,529 233,287 220,003 283,868 278,554
Gross margin 38.4% 40.0% 36.4% 40.6% 39.5%
Avg. Paying Subscribers2 1,626,900 1,724,000 1,784,600 2,051,000 2,031,000
ARPU 112 113 113 114 116
Streaming Nordics1
Revenue 423,323 447,199 459,018 458,555 469,390 489,000-491,000
Gross Profit 161,457 179,074 171,791 165,788 177,354
Gross margin 38.1% 40.0% 37.4% 36.2% 37.8%
Avg. Paying Subscribers 983,600 1,024,000 1,047,900 1,061,000 1,078,000
ARPU 143 146 146 144 145
Streaming Non-Nordics
Revenue 122,128 135,885 146,110 240,044 235,064 235,000-240,000
Revenue excl Russia 105,874 118,750 125,477 221,099 224,074
Gross Profit 48,073 54,213 48,212 118,080 101,190
Gross margin 39.4% 39.9% 33.0% 49.2% 43.0%
Avg. Paying Subscribers 643,300 700,000 736,700 990,000 953,000
ARPU 63 65 66 81 82
Books
Revenue 149,962 180,116 204,316 149,305 156,999
Gross Profit 85,866 119,054 128,737 84,399 78,185
Gross margin 57.3% 66.1% 63.0% 56.5% 49.8%
Group total2
Revenue 611,202 680,855 740,805 747,170 780,730
Gross Profit 232,135 279,882 281,977 288,498 290,363
Gross margin 38.0% 41.1% 38.1% 38.6% 37.2%

1 Storytel Norway is included in the figures @ 100%.
2 In the consolidated accounts, Norway is reported in accordance with the equity method. As a result, the Streaming revenue listed in Table 1 is higher than in the consolidated statement of accounts in order to provide a more accurate figure for average revenue per subscriber. Please see Note 5 for additional details.

The full report can be found as an attachment.

For more information, please contact:

Andreas Lindblom, Head of Investor Relations
Tel: +46 72 506 14 22
Email: andreas.lindblom@storytel.com

Dan Panas, Head of Global Communications & PR
Tel: +46 70 186 52 90
Email: dan.panas@storytel.com

This information is such that Storytel AB (publ) is obliged to disclose in accordance with the EU Market Abuse Regulation (EU nr 596/2014). The information was provided, through the agency of the above contact person, at the time stated in this press release, by Cision.

FNCA Sweden AB is the company’s certified adviser. FNCA can be reached at info@fnca.se or +46 8 528 00 399.

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. The headquarters is located in Stockholm, Sweden.