Slides
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Year-end report Oct-Dec 2025
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Greg Glenday Chief Executive Officer In the Room Anders Hägg Chief Financial Officer and Deputy CEO
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Uniquely positioned at the center of the podcasting value chain Creator payouts $550M USD More than 140,000 shows More than 1BN listens/quarter More than 115M uniques/month Data on 5.6M shows through Podchaser: discoverability and matchmaking More than 4,000 advertisers CONSUME EVERYWHERE ACCESS HIGH QUALITY CONTENT SUPPORT YOUR FAVORITE PODCAST ACCESS SCALE & REACHGET MEASURABLE RESULTS EMPLOY ADVANCED TARGETING MONETIZE GROW YOUR AUDIENCE REACH YOUR LISTENERS
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Big Shows and Publishers, Massive Impact Niche Shows, Engaged Audiences at Scale Full spectrum of creators
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CEO Update 1
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Financial highlights Q4 2025 27% SALES GROWTH 31% ORGANIC GROWTH 6% ADJ. EBIT MARGIN 9% ADJ. EBITDA MARGIN Consistent execution drives year-end strength
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Financial highlights January — December 2025 29% SALES GROWTH 33% ORGANIC GROWTH 1% ADJ. EBIT MARGIN 5% ADJ. EBITDA MARGIN First ever full year with positive operating profit and cash-flow
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Signing of Le MondeNasdaq Stockholm listing Business events Q4 2025 Acquisition of Wake Word Studios
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Deepening our footprint in Germany • Acquisition of Wake Word Studios - a leading German creative audio and video studio, and the media planning platform Podius • Accelerates Acast Creative Studios global rollout • Brings 50+ titles generating more than 2m monthly listens • Meets the rising need for integrated audio, video, and social campaigns • Combines Wake Word’s creative DNA with Acast’s global sales engine and tech • Strategic move improving our position to capture long-term tailwinds in Europe’s second largest ad-market
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Financials 2
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Listens (m) ARPL (SEK) Listens and Average Revenue Per Listen 1,1621,1241,1041,0941,0641,1091,1021,1081,117 0.43 0.37 0.43 0.43 0.54 0.48 0.55 0.58 0.66 Listens (m) ARPL (SEK) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 0 500 1,000 1,500 0.24 0.48 0.72 0.96 Listens (m) ARPL (SEK) Listens (m) 1,064 1,117 0.54 0.66 Listens (millions) ARPL (SEK) Q4 2024 Q4 2025 0 400 800 1,200 0.00 0.25 0.50 0.75 Listens back to growth • Listens expanded by 5% Y/Y. • Average Revenue Per Listen (ARPL) increased by 21% Y/Y. • ARPL reached a record-high of SEK 0.66 in Q4 25, driven by sustained upward momentum.
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SEKm Net sales 578 733 Net sales Q4 2024 Q4 2025 0 250 500 750 1000 SEKm Growth Y/Y Net sales 494 413 478 475 578 535 607 642 733 9% 25% 24% 12% 17% 30% 27% 35% 27% Net sales Net sales growth Y/Y Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 0 300 600 900 —% 20% 40% 27% 31% organic net sales growth • Net sales increased by 27% Y/Y. • Adjusted for FX and M&A, the organic growth was 31%. • Solid business momentum continued into the seasonally strong fourth quarter. • Growth was predominantly driven by North America, augmented by positive development in Europe.
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Ad sales breakdown *Reclassification of ad-related revenue and what is generated by SaaS and subscription revenues in 2024. The difference between total net sales and net sales from ads is recurring revenue. Net sales break down 2019 2020 2021 2022 2023 2024 2025 Listens (M's) 1,950 2,976 3,735 5,139 5,019 4,385 4,436 Listens growth 47 % 53 % 26 % 38 % (2) % (13) % 1 % Ad-Slots (#) 5.0 5.0 5.2 5.5 6.2 6.8 8.4 Inventory (M's) 9,750 14,880 18,675 28,421 30,969 29,665 37,325 Inventory growth n.a. 53 % 26 % 52 % 9 % (4) % 26 % Sell Through Rate 21 % 22 % 28 % 29 % 27 % 41 % 43 % CPM/pricing (USD) 18 19 22 16 15 13 15 Net Sales from Ads (SEKm) 332 545 994 1,291 1,454 1,836* 2,410 Total Net Sales (SEKm) 361 591 1,026 1,390 1,636 1,944 2,517 Net Sales growth 90 % 64 % 74 % 36 % 18 % 19 % 29 % ARPL (SEK) 0.19 0.20 0.27 0.27 0.33 0.44 0.57
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SEKm Gross profit 228 292 Gross profit Q4 2024 Q4 2025 0 100 200 300 400 28% SEKm Gross margin Gross profit 119 159 185 192 228 200 245 252 292 24% 39% 39% 40% 40% 37% 40% 39% 40% Gross profit Gross margin Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 0 120 240 360 —% 20% 40% 60% Healthy gross margin • Gross margin of 40%, reflecting a gross profit increase of 28%. • No material changes to product mix in the quarter. • Sustained gross margin stability.
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SEKm Net sales 349 404 Net sales - Europe Q4 2024 Q4 2025 0 250 500 SEKm Contribution profit 82 94 23% 23% Contribution profit - Europe Contribution margin - Europe Q4 2024 Q4 2025 — 50 100 —% 20% 40% SEKm Contribution profit 23 53 12% 19% Contribution profit - North America Contribution margin - North America Q4 2024 Q4 2025 — 30 60 —% 20% 40% SEKm Net sales 184 275 Net sales - North America Q4 2024 Q4 2025 — 200 400 Europe North America Other markets North America fuelling group growth SEKm Contribution profit 6 8 15% 14% Contribution profit - Other markets Contribution margin - Other markets Q4 2024 Q4 2025 — 4 8 —% 10% 20% SEKm Net sales 45 54 Net sales - Other markets Q4 2024 Q4 2025 — 50 100 16% 50% 21%
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SEKm Net sales 677 694 775 2023 2024 2025 — 500 1,000 SEKm Contribution profit 118 170 184 17% 24% 24% Contribution profit Contribution margin 2023 2024 2025 0 100 200 SEKm Contribution profit -35 53 136 -10% 11% 17% Contribution profit Contribution margin 2023 2024 2025 -50 50 150 SEKm Net sales 360 495 796 2023 2024 2025 0 500 1000 US UK SWE SEKm Contribution profit 43 62 67 28% 32% 30% Contribution profit Contribution margin 2023 2024 2025 0 40 80 SEKm Net sales 153 195 223 2023 2024 2025 0 100 200 300 61% US growth in FY2025
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SEKm Adj. EBIT 17 41 3% 6% Adj. EBIT Adj. EBIT margin % Q4 2024 Q4 2025 0 15 30 45 2% 4% 6% 8% SEKm Adj. EBIT (LTM) -75 -56 -47 -22 2 25 -4% -3% -2% -1% 0% 1% Adj. EBIT (LTM) Adj. EBIT margin % (LTM) Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025 -100 0 100 -10% 0% 10% Scaling revenue base fuels profitability expansion • EBIT of SEK 64m. Adjusted for IAC of SEK -22.6m, the adjusted EBIT margin was 6%. • Steady progress in profitability continues on the back of expanding revenues. • Adjusted EBIT margin of 1% in FY 2025.
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SEKm Operating cash flow (LTM) 29 34 79 27 50 62 Operating cash flow (LTM) Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025 0 25 50 75 100 SEKm Operating cash flow 55 67 Operating cash flow Q4 2024 Q4 2025 0 25 50 75 • The operating cash flow amounted to SEK 67m, including SEK 1m in positive working capital changes. • Full-year operating cash flow of SEK 62m. • Closed the year with robust cash position of SEK 589m. Improving cash flows on back of profitability increase
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Wrap-up 3
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Key takeaways Sustained growth momentum Another quarter of high business activity, anchored in the US and bolstered by consistent contributions from Europe and Other Markets. Operational leverage Delivered a 4%-p Y/Y expansion in adjusted operating profit margin in FY25 — a clear indicator of enhanced operational efficiency. Strengthened German footprint Enhanced market position through the acquisition of Wake Word Studios and the Podius media planning platform. A validation of our strategy We enter 2026 with a proven framework to capture an increasing share of the global advertising shift toward podcasting.
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Q&A 4
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Key dates Apr 17, 2026 - Annual report for the period January 1 - December 31, 2025 May 5, 2026 - Interim report for the period January 1- March 31, 2026 investors.acast.com/subscribe acast.com/news shows.acast.com/acast-financial-reporting Follow us