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First Quarter 2025 PDF Free Download

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First Quarter 2025 PDF Free Download

First Quarter 2025 PDF free Download. Think more deeply and widely.

First Quarter
2025
First Quarter
2025
April 29, 2025
“The first quarter
delivered solid financial
results, reflecting
strong momentum
across both the
Streaming and
Publishing segments”
First quarter report 2025
Bodil Eriksson Torp
CEO
Jonas Olson
Head of Finance
Operational highlights Q1 2025
Strong momentum
○Strong Publishing sales growth in external and internal channels
○Streaming reached a new milestone - surpassing 2.5 million
paying subscribers
Profitability improvements
○Gross profit improvement and economies of scale led to greater
profitability
○High-quality content increased consumption from internal
publishers
○Positive paid churn trend and highly engaged subscriber base
○Expected 3% ARPU decrease
Acquisitions
○Majority stake in Bokfabriken AB acquired - voluntary
SCA review opportunity
First quarter report 2025
Group Financial Highlights Q1 2025
Net sales up 7%
Adjusted EBITDA Margin up 4.0 pp
Adjusted EBITDA up 44%
MSEK
Adjusted EBITDA (excl IAC) MSEK
Gross Profit Margin up 2.0 pp
Adjusted EBITDA Margin (excl IAC)
First quarter report 2025
Comments
Q1 2025 compared with Q1 2024
●Group revenue up 7% at constant
exchange rates
●Driven by a solid development in
both Streaming and particularly in the
Publishing segment
●Substantial increase in both Gross
Profit (up 12%) and Adjusted EBITDA
(up 44%)
●Gross Profit margin and adjusted
EBITDA margin increased to 44.4%
respectively 15.7%
●Cash flow from operations before
change in working capital amounted
to 88 (28) MSEK
●Strong financial position
LTM-development Net sales and adj. EBITDA margin
First quarter report 2025
Streaming Performance Q1 2025
11% Increase in Average Subscribers
Downward churn trend, Index (R12)
ARPU remain at a high level
Revenue, all markets*
SEK
MSEK
Average Subscribers (thousands)
* Nordics revenue includes 100% of Storytel Norway’s revenue. See also footnote 4 on page 8 of the interim report.
First quarter report 2025
Comments
Q1 2025 compared with Q1 2024
●Average number of subscribers
increased by 245,000, up 11%
○Of which 86,000, up 7%, in
the Nordics
○Storytel’s Non-Nordics Core
markets* increased by
143,000 equal to 16%
○Subscriber numbers in the
Rest of World up 16,000
●ARPU remained at a high level
and decreased by 3%, which
was expected
●Continued focus on average CLV
relative to the acquisition cost
●High engagement, paid churn
developed well and remains at an
all-time low
* The Netherlands, Poland, Bulgaria, Turkey, and all of
the operations of Audiobooks.com
Streaming segment
Revenue (MSEK) Paying subscribers (Thousands)
Streaming (MSEK) Q1-25 Q1-24 Change, %
Net sales 862.1 812.3 6%
Cost of sales -493.1 -474.0 4%
Gross profit 369.0 338.3 9%
Operating profit 61.3 18.5 231%
Add back depr. 32.5 31.3 4%
EBITDA 93.9 49.8 89%
Key metrics Q1-25 Q1-24 Change, p.p.
Gross margin 42.8% 41.6% 1.2
EBITDA margin 10.9% 6.1% 4.8
First quarter report 2025
Comments
Q1 2025 compared with Q1 2024
●Net sales up 6% to 862 (812)
MSEK, and 6% at constant
exchange rates
○Nordics: revenue +3%,
subscribers +7%, ARPU -4%
○Non-Nordics Core: revenue
+18%, subscribers +16%,
ARPU 1%
○Rest of World: revenue +2,
subscribers +9%, ARPU -7%
●Gross profit up 9% to 369 (338)
MSEK, with a margin of 42.8%
(41.6%)
●EBITDA up 89% to 94 (50)
MSEK, with a margin of 10.9%
(6.1%)
●Operating profit improved by
231% to 61 (19) MSEK
Publishing segment
Publishing sales (MSEK) GM% & EBITDA% development
Publishing (MSEK) Q1-25 Q1-24 Change, %
Net sales 283.4 245.3 16%
Cost of sales -210.8 -188.2 12%
Gross profit 72.6 57.1 27%
Operating profit 21.7 11.0 97%.
Add back depr. 44.7 42.7 5%
EBITDA 66.4 53.7 24%
Key metrics Q1-25 Q1-24 Change, p.p.
Gross margin 25.6% 23.3% 2.3
EBITDA margin 23.4% 21.9% 1.5
First quarter report 2025
Comments
Q1 2025 compared with Q1 2024
●Net sales up 16% to 283 (245) MSEK
●Gross profit up 27% to 73 (57) MSEK,
with a margin of 25.6% (23.3%)
●EBITDA up 24% to 66 (54) MSEK, with
a margin of 23.4% (21.9%)
●Operating profit increased 100% to 22
(11) MSEK
Cash flow generation
MSEK Q1-25 Q1-24 2024
Profit before tax 20.8 -14.9 235.6
Cash flow from operating activities before
change in working capital
87.8 28.0 514.3
Change in working capital -58.8 -27.0 33.1
Cash flow from operating activities 29.0 1.0 547.4
Cash flow from investing activities -62.0 -7.3 -87.0
Operational Capex
Cash flow from financing activities
-30.6
-9.4
-31.1
-59.2
-142.2
-143.1
Cash flow for the period -72.9 -96.7 175.2
Available funds at the beginning of period 623.0 436.1 436.1
Available funds at end of period 533.6 351.8 623.0
First quarter report 2025
Comments
Q1 2025 compared with Q1 2024
Adjustments for non-cash items relate to
depreciation and amortization, FX movements
and changes in provisions
●Cash flow from operating activities
before changes in working capital
increased to 88 (28) MSEK
●Change in working capital of -59 (-27)
MSEK are mainly due to seasonality in
accrued expenses
●Cash flow from investing activities and
operational cash flow was -93 (-38)
MSEK reflecting mainly acquisitions as
well as operational capex
●Total cash flow for the period was -73
(-97) MSEK
MSEK Q1-25 Q1-24 Q4-24
Intangible assets 1,968 1,939 1,994
Tangible assets 18 17 14
Right-of-use assets 64 70 71
Non-current financial assets 72 66 68
Inventory 81 59 53
Trade receivables 206 198 220
Other current receivables 311 303 346
Cash and cash equivalents 534 352 623
Total assets 3,252 3,004 3,389
Equity 1,527 1,287 1,552
Non-current liabilities 825 826 829
Trade payables 245 256 292
Other current liabilities 655 635 717
Total equity and liabilities 3,252 3,004 3,389
Strong financial position
First quarter report 2025
Comments
●Cash and cash equivalents were
534 (352) MSEK, increased due to
the strong cash flow generation
during recent quarters
●Equity increased to 1,527 (1,287)
MSEK
●The equity-to-asset ratio was
47%
Substantially improved leverage ratio
Net Interest-Bearing Debt (MSEK) Q1-25 Q1-24 Q4-24
Interest-bearing liabilities within Current
liabilities - 49.4 -
Interest-bearing liabilities within
Non-current liabilities 650.0 647.8 650.0
Cash and cash equivalents 533.6 351.8 623.0
Total Net Interest-Bearing Debt (NIBD) 116.4 345.4 27.0
NIBD / adjusted EBITDA ratio 0.18 1.0 0.05
First quarter report 2025
Comments
Q1 2025 compared with Q1 2024
●Net interest-bearing debt was 116
(345) MSEK
●The leverage ratio, NIBD to
adjusted EBITDA, improved to
0.18 (0.99)
Summary
●Celebrate 20 years of leading innovation in storytelling
●Compelling catalogue with over 1.6 million titles
●Proudly recognize authors and narrators with Storytel Awards
●New milestone - surpassing 2.5 million paying subscribers
●Continued focus on AI
●High engagement and a continued decline in churn
●Targeting audience segmentation gives lower SAC
●Strong momentum and financial position creates flexibility
●Continued organic growth with improved profitability
First quarter report 2025
PRESENTATION TITLE
Capital Markets Day
When?
May 15 at 13.30
Where?
Storytel Group HQ
Riddarholmen / Stockholm
Q&A