From the Annual Report 2025
“The success of Storytel Group is built on our unique ecosystem and the stories authors entrust to our publishers. This year, that foundation translated into both critical acclaim and strong commercial results across all formats.”
In 2025, Storytel proudly celebrated 20 years of pioneering the audiobook experience and bringing stories to life. This milestone year was also defined by disciplined execution against our 2028 financial targets, as presented at our Capital Markets Day in May.
We surpassed 4 billion SEK in annual revenue, achieved an adjusted EBITDA margin of 18.8 percent, and ended the year with a net cash position of SEK 136 million. Alongside these financial milestones, we continued to scale our reach and offering by welcoming Bokfabriken to the Group, expanding into Estonia, and introducing several innovative product features designed to deepen listener engagement and personalization.
Our 2025 performance confirms the strength of our integrated business model. By combining streaming and publishing, we create a unique ecosystem where content development, distribution, and audience insights reinforce one another. This strengthens our ability to attract authors, deepen customer relationships, and improve long-term profitability.
Strong financial performance
We successfully delivered on our 2025 financial targets (raised following Q3), achieving topline growth of 9.2 percent CER. This was supported by 8.1 percent growth in streaming revenue and an 18.0 percent increase in external Publishing revenues.
Our adjusted EBITDA margin expanded by 3 percentage points to 18.8 percent (15.8), driving adjusted EBITDA growth of 26 percent to SEK 757 million (602). Total operating cash flow amounted to SEK 573 million, and we closed the year with a solid cash position of SEK 136 million.
In our streaming segment, our connection with book lovers is stronger than ever. In 2025, we added 220,000 new paying subscribers, bringing our total to 2.67 million (2.45) by year-end. In the Nordics, we reached 1.34 million (1.28) subscribers, while our core growth markets outside the region grew to 1.12 million (0.97).
Churn declined to its lowest level to date during the year, supporting higher lifetime value and reflecting a stronger and more stable subscriber base.
As part of our growth strategy, we launched Storytel’s platform in Estonia in October through a strategic partnership with Digiread. We continue to leverage strategic partnerships to enable expansion while managing investment risk, as seen in our long-term agreement with RDF Media in Chile. Moreover, we integrated with Klarna’s new membership program, broadening our reach to new customer segments.
Redefining the user experience
To remain at the forefront of product innovation, we are enhancing how stories are discovered and enjoyed across formats. AI-powered features such as Synced Listening enable a seamless transition between audio and text, while Story Scan connects physical and digital books.
These enhancements deepen engagement and strengthen the relevance of our platform. We are also expanding the creative canvas through StoryArt, allowing authors to enrich the audio experience with visual material.
Additionally, our new pay-per-book model has unlocked access to over 35,000 English titles, offering even greater flexibility.
A landmark year for Publishing
The success of Storytel Group is built on our unique ecosystem and the stories authors entrust to our publishers. This year, that foundation translated into both critical acclaim and strong commercial results across all formats.
As a result, our Publishing segment achieved a record performance in 2025, delivering 18 percent CER external topline growth with a robust EBITDA margin of 29.5 percent.
In Sweden, Norstedts Förlagsgrupp celebrated publishing Nobel Laureate László Krasznahorkai, while Bea Uusma’s Vitön won the August Prize and became a top-selling non-fiction title. Releases from Björn Borg and Fredrik Backman also drew significant sales and acclaim.
The addition of Bokfabriken brought the highly successful Johan Falk series to the Group. In Finland, Gummerus excelled with Sanna Marin’s bestselling biography and Paavo Teittinen’s Finlandia Prize-winning work.
On the Storytel platform, listeners engaged with popular series including Emelie Schepp’s Jana Berzelius, Dag Öhrlund’s Truut, and the Nis Jacob series. True Stories continue to resonate with our audience, with titles such as Familjehemsflickan in Sweden and Tiger Kings of Næstved in Denmark generating high engagement and media attention.
Promoting reading for the next generation
Our mission is to help people find the right stories at the right time. With over 1.25 million people enriching their lives with at least one book per month on our platform, our social impact grows with every new member of our community.
We translate this commitment into action by annually supporting initiatives such as The Reading Ladder for Swedish preschoolers and The Great Reading Challenge, which engaged fourth-graders in reading more than 1.1 million hours this year, representing around 20 minutes per student per day.
In 2025, children globally spent nearly 69 million hours listening to stories on Storytel—moments that are vital for building vocabulary and emotional intelligence. By inspiring young readers to embrace the joy of books, we hope to spark a lifelong love of reading.
Looking ahead
In 2025, we sharpened our focus through a new Executive Management Team and the appointments of Stefan Wård (CFO) and Åsa Wilson (CPO). Beyond leadership, we improved efficiency by updating our organization and operating model while strengthening our data and technology capabilities.
We enter 2026 with a clear roadmap and a strengthened financial position. Our priority is to build on this momentum by remaining the best partner for our authors and publishers while continuing to deliver the most innovative and engaging user experience for our loyal book lovers.
The achievements of this anniversary year would not be possible without the passion, commitment, and professionalism of our employees, whose expertise and dedication drive our business to new heights every day.
I also want to express my deepest thanks to our authors for placing their trust in us to bring their stories to life. Finally, I am grateful to our investors and partners for their continued confidence as we build the next chapter of Storytel Group’s journey together.
Thank you for being part of our story.
March 26, 2026
Bodil Eriksson Torp
CEO, Storytel Group