Storytel Group (STORY) Q3 2026 earnings summary

Executive summary

• Q3 net sales reached SEK 1,179.5m, up 16.5% in constant exchange rates (CER), including 11.7% organic growth; adjusted EBITDA increased 15.7% to SEK 268.2m.

• Streaming added 80,000 paying subscribers, the highest quarterly increase since Q3 2023; FY2026 adjusted EBITDA guidance of SEK 900m was reaffirmed.

Financial highlights

• Net sales rose 16.4% reported to SEK 1,179.5m and 16.5% CER; organic growth was 11.7%.

• Adjusted EBITDA was SEK 268.2m, up 15.7%, with a 22.7% margin; excluding LTIP costs, it was SEK 279.4m, up 24.7%, with a 23.7% margin.

• Net profit was SEK 151.3m versus SEK 138m; diluted EPS was SEK 1.83 versus SEK 1.69. Pre-tax profit was SEK 172m.

• Operating cash flow before working capital was SEK 246m; cash flow from operating activities was SEK 285m, up from SEK 158m.

Outlook and guidance

• FY2026 adjusted EBITDA guidance of SEK 900m was reaffirmed; meeting the ambition for full-year subscriber additions at least in line with 2025 requires stronger Q4 additions than Q4 2025 and is not assured.

• 2028 targets include net sales CAGR above 10% CER, adjusted EBITDA margin above 20% and net debt/EBITDA below 1.5x.

• Marketing spend will not be reduced in Q4 given subscriber-growth opportunities; publishing earnings are typically weighted toward Q4, with Overamstel adding to normal seasonality.