Storytel came into this Q3 2026 print with momentum in the share price and a reputation as a streaming platform that finally cracked profitability. The stock closed at SEK116.8 on 28 October, up over the past week and quarter, yet the real story sits in the latest quarter.
Management delivered a strong headline. Net sales reached SEK1,179.5m and net income landed at SEK142.3m, with basic earnings per share at SEK1.84. For an audio subscription and publishing player long judged on scale before profits, that earnings power, not the short term price move, is now the focal point.
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Q3 2026 Storytel Earnings Summary
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Revenue (Q3 2026 vs Q3 2025):SEK 1,179.5m vs. SEK 1,013.4m (up about 16%)
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Net Income (Q3 2026 vs Q3 2025):SEK 142.3m vs. SEK 131.3m (up about 8%)
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Basic EPS (Q3 2026 vs Q3 2025):SEK 1.84 vs. SEK 1.70 (up about 8%)
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Adjusted EBITDA (Q3 2026 vs Q3 2025):SEK 268m vs. prior period level not disclosed in this set (reported growth of 16% with a 22.7% margin)
Tired of skimming through dense tables and raw quarterly figures? See Storytel's full financial picture, with a clear view of profitability and earnings quality, laid out in an easy visual format in our company report for Storytel.
Storytel's Europe And Margins Thesis On Trial
The bullish script says Storytel must keep scaling outside the Nordics while protecting profitability.
"The main thing that has to go right is that Storytel continues to grow outside the Nordics while keeping churn low and sustaining higher publishing and group EBITDA margins as it invests more in growth and acquisitions."
Q3 moves this from aspiration to evidence. Europe led subscriber intake with 39,000 net adds and 18.6% constant currency sales growth, confirming the non Nordic growth engine. Publishing delivered SEK 423m in revenue and a 36.2% adjusted EBITDA margin. This is now a clear profit pool supporting the group's 22.7% margin while Storytel steps up marketing and M&A investment.
One Narrative has put a figure on that disagreement. → See the Narrative with its higher Fair Value, assumptions and all .
Storytel Bear Case: ARPU Fears Hit A Speed Bump
The bearish view hinges on Storytel's pricing power cracking as lower priced markets and partnerships gain weight.
"Although international streaming subscriber numbers in Europe and other non Nordic regions continue to rise and now exceed the Nordic base, the shift toward lower priced markets and partnership customers, combined with weaker currencies in the Americas, is already visible in a 5% to 7% year on year decline in ARPU that may weigh on future revenue growth relative to subscriber growth."
Q3 shows the milestone many bears expected has not arrived. Streaming ARPU rose about 3.4%, while subscribers grew 7.6%. Pressure is visible in the Americas, where ARPU fell roughly 5.7%, yet group level pricing still moved higher. That points to a mixed picture rather than clear confirmation that cheaper subscribers are already capping revenue per listener.
Hunt For Mispriced Earnings Power
Storytel just showed how a solid profit story can change the conversation around a subscription stock. The real opportunity is finding shares that could be undervalued before the market price reflects their earnings power.
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Company 2 - 23% below our estimate - rides growing placements of its Mako systems as surgeons adopt robotic assistance for more complex joint procedures.
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Three companies from the same screener. Open the full list of 191 companies trading below our fair value estimates →
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include STORY-B.ST .
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