From the Interim Report January – June 2026
“Our second quarter showed continued solid growth and improved profitability. Following a strong first half and a favourable outlook for the rest of the year, we are raising our guidance for the full-year 2026.”
Strategic milestones during the quarter include our first material acquisition of a publishing business outside the Nordics, the launch of Storytel Genie, our AI assistant that provides a more personal user experience, and Storytel Pulse, our platform where authors can follow their readers and listeners in real time.
Strong first half drives raised full-year guidance
In the second quarter, our net sales increased by 12.7% at constant exchange rates (CER) year-on-year, while adjusted EBITDA grew by 27%. Adjusted EBITDA margin improved by 2.3 percentage points to 19.2%. On a rolling twelve-month basis (R12M), net sales amounted to SEK 4.16bn, with an adjusted EBITDA of SEK 823m, corresponding to a margin of 19.8%.
The strong result in the first half, together with the acquisition of Overamstel, leads us to raise our full-year 2026 guidance for adjusted EBITDA to SEK 900m, from SEK 870m previously. The guidance assumes constant exchange rates and STIP/LTIP in line with unchanged assumptions.
Streaming developing well while maintaining quality
Streaming net sales increased by 8.3% at constant exchange rates (CER) year-on-year, driven by Europe (+18.2% CER) and steady development in the Nordics (+6.1% CER). The subscriber base grew to 2.75 million (+7.2% year-on-year) after a net addition of 11,000 subscribers in the quarter. Pricing was stable in the quarter and rose in local currency across a majority of our markets. Group ARPU in SEK held steady despite currency headwinds and expected shifts in the geographic mix.
Net subscriber growth was lower than in the previous quarter, partly due to an exceptionally strong first quarter, and partly because many new users joined toward the end of the second quarter, at the start of the summer high season, and were still within their trial period. We expect these to convert to paying subscribers in the third quarter. Churn across the user base remained largely unchanged in the quarter.
In the Nordics, subscriber growth was subdued in Norway and Finland, while Sweden saw a higher net increase than in the same quarter last year. With a strong marketing plan ahead, we see good conditions for growth to accelerate in the second half, supported by a strong expected new-customer intake in the third quarter. For the full year 2026, we expect net growth in line with or above 2025 levels.
International expansion begins for Publishing
The Publishing business area showed strong development during the quarter, with external net sales growth of 32% at constant exchange rates (CER) and continued margin expansion at both gross and EBITDA level. The acquisition of Overamstel in May was our first material publishing acquisition outside the Nordics—an important milestone in executing our acquisition strategy.
Amsterdam-based Overamstel is a leading independent publisher with a growing share of digital sales. In 2025, it had net sales of SEK 190m and EBITDA of SEK 14m. The acquisition strengthens our position and advances our long-term strategy in Western Europe, giving us access to the publishing markets in the Netherlands and Belgium.
Pace of innovation accelerating with AI
We continue to lead the way in publishing and streaming through innovation that creates value for our customers and authors. AI is a natural, integral part of our products and of our development going forward.
During the quarter, we introduced Storytel Genie, a unique AI assistant for our streaming customers that makes the listening experience more personal. Among other things, it can explain why a book suits a listener and help listeners find their way back into the story. This is our most advanced feature to date, evolving the service into an interactive companion for our users.
We also launched Storytel Pulse, our most ambitious initiative for authors so far. The platform provides authors with real-time insights into reader engagement and listening habits, deepening the relationship between authors and readers. Storytel Pulse offers a deeper understanding of how books are consumed and has been very well received by authors.
Our development organization now routinely works with AI agents and has doubled its daily development pace since 2025. During the quarter, we entered a strategic partnership with Google Cloud, accelerating the development of AI and its possibilities across all teams within the Group.
Well on track toward our 2028 targets
Our first-half performance and raised full-year 2026 guidance show that we are well on track to reach the financial targets for 2028 that we first communicated at our Capital Markets Day in May 2025.
Our customers, authors and owners can expect innovation, engagement and disciplined execution to remain at the core of our business model going forward. Our passion and ambition to bring storytelling to life in all its forms, and to enable a world-leading reading and listening experience, guide everything we do, regardless of time, place or format.
Through our pace of development, we connect more authors and outstanding works with book lovers around the world and build a sustainable ecosystem where more people discover the power of the world’s stories.
In June, we launched The 2026 Story Report, our annual trend report based on more than 5,000 respondents across Sweden, Norway, Finland, Poland and Bulgaria. The report reveals a clear correlation between reading and listening to books and improved wellbeing. Depending on the market, between 84% and 93% of those who listen daily or weekly agree that audiobooks contribute to improving their wellbeing. The Story Report is part of our long-term work to highlight the value of stories for both people and society.
Since 8 June, Storytel’s B share has been listed on the Nasdaq Stockholm Main Market. The transition reflects the maturity of our corporate governance, internal controls and operational processes, and opens the door to a broader base of institutional and international investors.
Finally, I want to extend my warmest thanks to all our employees for a fantastic job, to all the authors, listeners and readers who are at the heart of everything we do, and to our owners for the trust you place in us.
Together, we are shaping the future of storytelling—in every format.
Bodil Eriksson Torp
CEO