Storytel Group (STORY) Q3 2025 earnings summary

Executive summary

• Achieved record-high profitability and robust cash flow generation in Q3 2025, with strong customer intake, all-time-low paid churn, and reinforced confidence in 2025 and mid-term targets.

• Paying subscriber base grew 10% year-over-year to 2.6 million, with high engagement and low churn.

• Strategic focus on strengthening the Nordics, accelerating growth in core non-Nordic markets, and expanding into new markets through partnerships.

• Launched innovative product features and successfully integrated Bokfabriken.

• Appointed Stefan Wård as new CFO in October 2025.

Financial highlights

• Group revenue rose 6% to 1,013 MSEK in Q3 2025 (9% at constant exchange rates); streaming revenue up 4% (7% CER), publishing up 14% (16% CER).

• Adjusted EBITDA increased 26% to 224 MSEK, with a margin of 22.1% (up from 18.7%).

• Net profit for Q3 2025 was 138 MSEK, up from 55 MSEK year-over-year; EPS before dilution was 1.70 SEK.

• Cash flow from operations before changes in working capital increased 37% to 203 MSEK.

• Net interest-bearing debt reduced to 23 MSEK, with a NIBD/adjusted R12 EBITDA ratio of 0.03.

Outlook and guidance

• Raised 2025 adjusted EBITDA margin guidance to 18.0-19.5% (from 17.5-19.0%).

• Full-year 2025 guidance: revenue growth of 7-10% at constant currency, 10% subscriber base growth, operational capex below 5% of revenue.

• Mid-term targets for 2028: revenue CAGR above 10% (CER), EBITDA margin above 20%, net debt/EBITDA (LTM) below 1.5x.

• Confident in achieving updated 2025 targets and expect to finish the year strongly.