Storytel AB (FRA:DST) Q4 2025 Earnings Call Highlights: Record Profitability and Strategic Moves

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Thu, February 12, 2026 at 12:03 AM GMT+9 3 min read

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Release Date: February 11, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Storytel AB (FRA:DST) reported record high profitability and strong cash flow generation for Q4 and the full year 2025.

The streaming business saw a 9% increase in subscribers, reaching 2.7 million paying subscribers by the end of 2025.

The publishing segment achieved an 18% external revenue growth in constant currency, with expanding profitability.

The company announced plans to transfer its listing to NASDAQ Stockholm's main market, expected to be completed in 2026.

Storytel AB (FRA:DST) delivered a 12% sales growth in constant currencies and a 15% EBD growth in Q4.

Negative Points

The average ARPU is declining due to a higher ARPU in Nordic markets compared to non-Nordic markets.

There was a negative impact from working capital of 75 million due to internal issues, although these have been resolved.

Operating expenses increased significantly in Q4, primarily due to higher marketing spend.

The company faces a challenging competitive environment, particularly in Sweden, with new entrants like Spotify.

Churn levels in non-Nordic core markets remain higher compared to Nordic markets, attributed to the maturity profile and aggressive subscriber intake.

Q & A Highlights

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Q: Can you provide more details on the timeline and implications of Storytel’s main market listing on NASDAQ Stockholm? A: We aim to complete the listing process during 2026, ideally by mid-year. This move will provide us with greater capital allocation flexibility, but we cannot comment further on specific shareholder strategies at this time. (Unidentified_3)

Q: What is Storytel’s approach to non-Nordic content acquisitions in 2026? A: We have an active M&A agenda with a high appetite for acquisitions, particularly in publishing, to expand our proven business model beyond the Nordics. We are currently engaged in numerous discussions across different markets. (Unidentified_2)

Q: How has the competitive landscape in Sweden affected Storytel, especially with new entrants? A: Despite the competitive environment, we grew our subscriber base in Sweden during Q4 and for the full year. The competition remains challenging but manageable, and we have not seen any significant changes in Q4 compared to Q3. (Unidentified_3)

Q: Is there a shift in consumer preference towards English language titles, and how does the Penguin Random House partnership fit into this? A: While local content remains crucial, offering English titles through Penguin Random House adds value for customers who desire them. This partnership is about expanding our offerings rather than shifting focus. Local content continues to be a priority. (Unidentified_2)

Story continues  

Q: How is Storytel managing churn rates, and what impact does this have on new customer intake? A: Our churn rates are decreasing as our subscriber base matures, with long-term customers showing high loyalty. While new markets initially experience higher churn, the growing proportion of loyal customers helps reduce overall churn rates over time. (Unidentified_3)

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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