“Our integrated streaming and publishing strategy delivered record profitability and cash flow generation for 2025. As we enter 2026, we are focused on scaling this momentum by leveraging AI-driven innovation to lead the future of storytelling”, says Bodil Eriksson Torp, CEO Storytel Group.
Q4 Highlights
- Revenue growth of +12% in constant exchange rates (CER)
- Streaming revenues +10% at CER
- Publishing revenues +13% at CER
- Gross margin of 47.0% (46.4%)
- Adjusted EBITDA margin of 20.0% (18.6%)
- Recognition of deferred tax asset, impact of +195 MSEK on net profit
- Net profit for the period amounted to 300 (149) MSEK
- EPS of 4.53 (1.82), diluted
- Net cash position of 136 MSEK, end of Q4’25
January-December Highlights
- Revenue growth of +9% in constant exchange rates (CER)
- Streaming revenues +8% at CER
- Publishing revenues +15% at CER
- Gross margin of 45.6% (44.8%)
- Adjusted EBITDA margin of 18.8% (15.8%)
- Recognition of deferred tax asset, impact of 195 MSEK on net profit
- Net profit of 504 (213) MSEK
- EPS of 6.22 (2.54), diluted
- Proposed dividend of SEK 1.50 for 2025
- Initiated process for listing on Nasdaq Stockholm Main Market during 2026
Financial summary
| MSEK | Q4 2025 | Q4 2024 | Change | Jan-Dec 2025 | Jan-Dec 2024 | Change |
| Group Revenue¹ | 1,098 | 1,028 | 7% | 4,023 | 3,798 | 6% |
| Streaming Revenue² | 918 | 879 | 5% | 3,518 | 3,377 | 4% |
| Publishing Revenue³ | 367 | 332 | 11% | 1,274 | 1,125 | 13% |
| Gross profit | 516 | 477 | 8% | 1,833 | 1,700 | 8% |
| Gross margin % | 47.0 | 46.4 | 0.6p | 45.6 | 44.8 | 0.8p |
| Operating profit | 134 | 136 | -1% | 423 | 246 | 72% |
| Adjusted EBITDA | 220 | 192 | 15% | 757 | 602 | 26% |
| Adjusted EBITDA margin % | 20.0 | 18.6 | 1.4p | 18.8 | 15.8 | 3.0p |
| EBITDA | 220 | 223 | -1% | 747 | 544 | 37% |
| Earnings per share, basic (SEK) | 4.56 | 1.83 | 149% | 6.26 | 2.55 | 145% |
| Earnings per share, diluted (SEK) | 4.53 | 1.82 | 149% | 6.22 | 2.54 | 145% |
| Cash flow from operations before changes in working capital | 217 | 232 | -6% | 647 | 514 | 26% |
| Cash flow for the period | 163 | 164 | -1% | 86 | 175 | -51% |
| Net Interest-Bearing Debt (NIBD) | -136 | 27 | -604% | -136 | 27 | -604% |
| NIBD/adjusted R12 EBITDA ratio | -0.18 | 0.05 | -428% | -0.18 | 0.05 | -428% |
| ¹ The adjustments from segment level to group level are: 1) Removing Storytel Norway at 50%, 2) Removing internal publishing revenue from Net Sales and adding internal publishing revenue as cost reduction within Cost of Sales, 3) Costs related to central group overhead functions 4) Adding result from Norway in accordance with the equity method. See Note 5 to the financial statements for additional details. | ||||||
| ² Streaming revenue includes 50% of Storytel Norway’s revenue in line with Storytels ownership. | ||||||
| ³ Publishing revenue includes both external and group-internal revenue. | ||||||