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Regulatory press release

Storytel delivers bottom line profitability in the second quarter 2024

“This quarter demonstrates again the results of our profitable growth strategy execution, by having delivered the best financial performance in the history of the company”, says Johannes Larcher, CEO, Storytel

Highlights

Unless otherwise specified, numbers are for Q2 2024 and are compared to Q2 2023

  • Group revenue up 9% to 924 (851) MSEK, and 8% at constant exchange rates (CER)
  • Streaming revenue up 8% and Publishing revenue up 16%
  • Adjusted Gross profit up 22% to 409 (334) MSEK, equaling a margin of 44.2% (39.2%)
  • Adjusted EBITDA increased by 178% to 128 (46) MSEK, equaling a margin of 13.8% (5.4%)
  • Exceeded 2.3 million paid subscribers on Storytel, Mofibo and Audiobooks.com
  • Internal share of content streamed reached record levels
  • After the period, on July 23, Storytel announced the appointment of Bodil Ericsson Torp as new CEO of Storytel Group, effective October 1, 2024

Financial summary

MSEK Q2 2024 Q2 2023 Change Jan-Jun 2024 Jan-Jun 2023 Change
Group Revenue[1] 924 851 9% 1,816 1,647 10%
Streaming Revenue[2] 834 774 8% 1,646 1,489 11%
Publishing Revenue[3] 263 227 16% 508 464 9%
Adjusted Gross profit 409 334 22% 794 651 22%
Gross profit 411 334 23% 789 651 21%
Adjusted Operating profit 62 -25 n.a. 94 -68 n.a.
Operating profit 47 -29 n.a. 23 -77 n.a.
Adjusted Gross margin 44.2% 39.2% 5.0p 43.7% 39.5% 4.2p
Adjusted EBITDA 128 46 178% 232 85 173%
Adjusted EBITDA margin 13.8% 5.4% 8.4p 12.8% 5.1% 7.6p
EBITDA 110 42 165% 161 76 113%
Basic and diluted earnings per share (SEK) 0.38 -0.41 193% 0.06 -1.23 105%
Cash flow from operations before changes in working capital 106 24 337% 134 42 219%
Net cash flow -32 -26 23% -129 -265 -51%
Operational cash flow 87 1 n.a. 160 2 n.a.
Net Interest-Bearing Debt (NIBD) 335 368 -9% 335 368 -9%
NIBD/adjusted EBITDA ratio 0.8 1.9 -58% 0.8 1.9 -58%

[1] The adjustments on 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. Please see Note 5 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.