Storytel Group reports strong subscriber growth and continued margin expansion in the first quarter 2026
“Storytel Group entered 2026 with clear momentum, supported by robust subscriber growth, continued margin expansion, and strong cash flow generation”, says Bodil Eriksson Torp, CEO Storytel Group.
Q1 Highlights
- Net sales amounted to SEK 979m (953) for the period.
- Net sales growth of 7.9% in constant exchange rates (CER).
- Streaming net sales growth of 7.4% at CER. External Publishing net sales growth of 9.2% at CER.
- Adjusted EBITDA margin of 17.0% (14.1%), driven by improved profitability in both business areas.
- Operating profit increased 61% from SEK 55m to 88m.
- Net profit amounted to SEK 86m (19), with basic and diluted EPS of SEK 1.06 (0.20).
- Net debt amounted to SEK -220m (116), reflecting strong cash flow generation.
- New segment structure improving transparency into our international growth engine.
- Paying subscribers amounted to 2.74m (2.53), with net additions of +72k in the period, on track to exceed 3m in 2027.
- Nordic paying subscribers amounted to 1.34m (1.28), with net additions of +11k in the period.
- Europe paying subscribers amounted to 1.06m (0.94), surpassing 1m for the first time, driven by Poland and the Netherlands.
- Group ARPU (SEK/month) amounted to SEK 113 (120), decreased by 5.5%, with FX accounting for 85% of the decline.
Outlook 2026
Adjusted EBITDA guidance of at least SEK 870m for 2026.
Financial summary
| MSEK | Q1 2026 | Q1 2025 | Change | R12M | FY 2025 |
| Net sales | 979 | 953 | 3% | 4,049 | 4,023 |
| Net sales growth, %³ | 2.7 | 6.8 | -4.1pp | - | 5.9 |
| Net sales growth CER, %³ | 7.9 | 7.0 | 0.9pp | - | 9.2 |
| Organic growth CER, %³ | 7.5 | 6.8 | 0.7pp | - | 8.3 |
| Total Segment Streaming Net sales¹ | 877 | 862 | 2% | 3,533 | 3,518 |
| Total Segment Publishing Net sales² | 288 | 283 | 2% | 1,278 | 1,274 |
| Gross profit | 442 | 423 | 5% | 1,852 | 1,833 |
| Gross margin %³ | 45.2 | 44.4 | 0.8pp | 45.7 | 45.6 |
| Adjusted EBITDA³ | 166 | 135 | 24% | 780 | 748 |
| Adjusted EBITDA margin %³ | 17.0 | 14.1 | 2.9pp | 19.3 | 18.6 |
| EBITDA | 163 | 135 | 21% | 776 | 747 |
| EBITDA margin %³ | 16.6 | 14.1 | 2.5pp | 19.2 | 18.6 |
| Operating profit (EBIT) | 88 | 55 | 61% | 456 | 423 |
| EBIT margin %³ | 9.0 | 5.8 | 3.2pp | 11.3 | 10.5 |
| Net profit | 86 | 19 | 361% | 572 | 504 |
| Earnings per share, basic (SEK) | 1.06 | 0.20 | 430% | 7.12 | 6.26 |
| Earnings per share, diluted (SEK) | 1.06 | 0.20 | 428% | 7.08 | 6.22 |
| Cash flow from operating activities | 135 | 29 | 367% | 679 | 573 |
| Net Debt³ | -220 | 116 | - | -220 | -136 |
| Net Debt/adjusted R12 EBITDA ratio³ | -0.28 | 0.18 | - | -0.28 | -0.18 |
| End of period subscribers (thousands) | 2,737 | 2,532 | 8% | - | 2,666 |
| ARPU (SEK/month) | 113 | 120 | -6% | - | 118 |
¹ Streaming net sales includes 50% of Storytel Norway’s net sales in line with Storytel’s ownership and differ from IFRS consolidated figures See note 5 for more details.
² Publishing net sales includes both external and group-internal net sales. See note 5 Business Segments for more details.
³ Alternative Performance Measure (APM). See “Alternative Performance Measures” for definitions, purpose and reconciliation.