Annual report
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Annual Report 2025 Acast (publ)
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Contents 03 About Acast 06 The Year in Brief 08 CEO Comments 09 Acast in Numbers 2025 10 Strategy and Business Model 14 Financial Targets and Outcome 15 Market Overview 16 Sustainability Report 27 The Share 28 Board of Directors and Group Management 32 Board of Director’s Report 35 Corporate Governance Report 40 Financial Information 86 Auditor’s Report 90 Information to Shareholders ACAST ANNUAL REPORT 2025 2
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At the center of the value chain Acast is the global authority on podcasting, building the infrastructure that serves as the single point of entry for the whole industry. This enables creators to grow and monetize across audio, video, social, and beyond, and brands to buy at scale - without walls or borders. Our marketplace hosts more than 140,000 podcasts that are distributed across any listening application and platform. This portfolio generates significant scale, delivering over one billion quarterly listens and reaching more than 115 million unique persons per month. This extensive and engaged reach is valuable to our more than 4,000 advertisers who seek to maximize the return on their ad spend in a highly appealing and engaging medium, where a deep connection exists between creators and their listeners. For our creators, Acast serves as a trusted partner for broad distribution and content monetization, a commitment demonstrated by the more than half a billion dollars we have paid out since inception. Acast underpins this marketplace with the widest data set in podcasting, significantly enhanced by the acquisition of the podcasting data company. Podchaser in 2022. This proprietary data allows us to continuously improve the precision and effectiveness of matchmaking between advertisers and target audiences. Acast is listed on Nasdaq Stockholm under the ticker symbol ACAST. About Acast ACAST ANNUAL REPORT 2025 3 More than 1BN listens/quarter Creator payouts >USD 550M More than 140,000 shows Data on 5.6M shows through Podchaser: AI-based ad segmentation More than 115m monthly uniques >4,000 advertisers ACCESS HIGH QUALITY CONTENT LISTEN ANYWHERE GROW YOUR AUDIENCE MONETIZE REACH YOUR LISTENERS SUPPORT YOUR FAVORITE PODCAST EMPLOY ADVANCED TARGETING GET MEASURABLE RESULTS ACCESS SCALE & REACH
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The path to long-term value generation About Acast ACAST ANNUAL REPORT 2025 4 Acast is well-positioned in a large and growing podcast market where advertising spend still has significant room to catch up with consumption levels. The podcast advertising market, globally estimated at over 4.7 billion USD in 2026, is projected to continue its strong structural growth trajectory, providing a substantial runway for growth. We maintain a strong global position, anchored by market-leading presence in the UK and Sweden. This foundation is complemented by accelerating growth in key strategic markets, notably in North America, which has become a primary engine of group growth, and across Europe and other emerging markets, where we see ongoing potential to expand our reach and scale. Operationally, we are seeing positive trends that drive scalability and margin expansion. This includes the increasing share of volumes transacted through low-touch channels, such as programmatic advertising, and the continuous growth in average campaign sizes. By enabling advertisers to execute large-scale, automated campaigns efficiently, Acast reduces manual operational effort and improves overall profitability. This proven model, execution discipline, and focus on high-growth segments will enable Acast to drive strong, profitable growth over the coming years.
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A global perspective We operate with global reach and scale, while being there for you locally About Acast ACAST ANNUAL REPORT 2025 5 15 We are present in 15 markets globally, offering local expertise to podcasters and advertisers +1 bn quarterly listens, around the world across different apps and platforms 460 co-workers and consultants. Acast’s largest representation is in Sweden, UK and the US
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Significant events in 2025 • Acast completed the acquisition of the award-winning creative studio Wonder Media Network (WMN). With the acquisition, the new unit Acast Creative Studios is formed, offering advertisers integrated campaigns from concept to production and delivery, reaching audiences through audio, video, social media, live events and more. • In April, the company held a capital markets day where it presented its strategic direction along with new financial targets for the full year 2025. In October, these targets were updated with a longer-term perspective. Acast targets to achieve an organic net sales CAGR of more than 15% for the period 2025–2028 and an operating margin of 10% by 2028. • The Athletic, a New York Times company reporting on daily events and major moments in the world of sports, chose Acast as its exclusive advertising-sales partner. The Athletic adds more than 35 sports podcasts to Acast’s network, together generating over 100 million global listens annually. • Acast Creative Studios delivered its first in-house production with the launch of the podcast Mind If We Talk? in collaboration with BetterHelp. • In June, the board appointed Greg Glenday as the new CEO and Group President of Acast. Greg Glenday previously served as Chief Business Officer at Acast since 2023 and brings more than a decade of experience in senior roles at global companies, including Chief Revenue Officer at Shazam and CEO of Lightbox. • Acast has entered into a partnership with Magnite, the world’s largest independent sell-side platform (SSP) for advertising, to expand the company’s ability to offer programmatic advertising in podcasts. Through this partnership, Acast’s extensive podcast catalogue, with more than 140,000 podcasts generating over 1 billion listens per quarter, becomes available to advertisers via Magnite’s platform. • In October, Anders Hägg was appointed new CFO and Deputy CEO of Acast, taking office in January 2026. Anders Hägg has extensive experience in financial leadership and a broad international background from his previous roles at Scandi Standard, Arla Foods and Unilever. Most recently, he served as CFO at Food Folk (McDonald’s in the Nordics). • In November, trading in Acast’s shares began on Nasdaq Stockholm’s main market. The share is listed in the Mid Cap segment with the same ticker symbol (ACAST). • Acast entered into a partnership with the French media group Le Monde. Through this collaboration, Acast becomes the ad sales partner for the Le Monde Group’s audio and video podcasts. • At the end of the year, Acast acquired Wake Word Studios, a leading Munich and Berlin-based creative audio and video studio, and original content producer. The acquisition significantly strengthens Acast’s position in Germany and marks the further scaling of Acast's successful Acast Creative Studios proposition that was initiated at the beginning of the year. The year in brief ACAST ANNUAL REPORT 2025 6
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Key figures TSEK 2025 2024 Net sales 2,516,851 1,943,701 Net sales growth (%) 29% 19% Organic net sales growth (5) 33% 18% Gross profit 989,412 764,196 Gross margin (%) 39% 39% EBITDA 72,361 24,312 EBITDA margin (%) 3% 1% Adj. EBITDA* 115,776 25,939 Adj. EBITDA margin (%)* 5% 1% EBIT (Operating profit/loss) -18,035 -57,511 Operating margin (%) -1% -3% Adj. EBIT* 25,380 -55,883 Adj. EBIT margin (%)* 1.0% -3% Items affecting comparability* -43,415 -1,628 Profit/loss for the year -112,411 78,215 Cash flow from operating activities 62,176 34,390 Basic earnings per share (SEK) -0.62 0.43 Diluted earnings per share (SEK) -0.62 0.42 Listens (millions) 4,436 4,385 Average revenue per listen, ARPL (SEK) 0.57 0.44 *Adjusted EBITDA and adjusted EBIT are key figures used to facilitate a fair comparison between two comparable periods and to show the underlying trend in the ongoing operations excluding items that affect comparability with other periods. **Items affecting comparability for 2025 consist of SEK 47.6 million in costs related to the CEO change, SEK 12.6 million in costs for list change, a revenue of SEK 18.8 million attributable to low-priced acquisitions for the acquisition of Wake Word, and SEK 2.0 million in acquisition costs. Items affecting comparability for the full year 2024 relate to acquisition costs for Wonder Media Network, which was acquired on January 2, 2025. Definitions and purpose are found on page 83-84 and reconciliation is found on page 85-86. The year in brief ACAST ANNUAL REPORT 2025 7 2.5 SEK BN, Net sales 33% net sales growth 5% adj. EBITDA margin 1% adj. EBIT margin
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A year defined by progress and purpose As we reflect on 2025, we look back on a year that marked both celebration and transformation for Acast. We reached milestones that underscored not only how far podcasting has come, but also how deeply we have grown into our role as the global leader. It was a year in which our commitment to authentic storytelling, technological excellence, and continuous financial improvement came into clear focus. We strengthened our creative capabilities, broadened our global footprint, and continued to build the infrastructure that allows creators, audiences, and brands to meet in meaningful ways. Above all, 2025 showed that the vision we set years ago, A world connected through stories, is now taking shape at scale. In 2025 our financial performance confirmed the strength and scalability of our business model. Net sales amounted to SEK 2,516.8 million (1,943.7) and our adjusted EBIT-margin for the year reached 1.0 (-2.9) percent. During the year, we also achieved our financial targets for 2025, with an adjusted EBITDA margin of 5 percent and positive cash flow. This progress demonstrated that our approach is resilient and capable of generating sustainable long-term value. It also reinforced our conviction that an open, decentralized ecosystem can succeed on its own merits, without reliance on legacy structures. To guide the next stage of our journey, we introduced new financial targets that extend across 2025–2028, reflecting disciplined strategy and proven execution. A defining moment was the listing of Acast’s shares on Nasdaq Stockholm’s main market. Listing on the main market enhances our position in the capital markets and creates better conditions for continued global expansion. In 2025, we achieved record revenue across all four of our booking channels: direct sales, our self-serve platform, programmatic, and omnichannel. This breadth demonstrates the resilience of our marketplace and the effectiveness of our global sales strategy. Strengthening our creative and commercial foundations At the beginning of the year we welcomed the team from Wonder Media Network, now known as Acast Creative Studios. Wonder Media Network’s expertise has significantly expanded our creative capacity. Combined with our reach, this creates maximum impact and enables us to execute more extensive campaigns than before. This expansion supported our broader momentum, as North America has grown to become our largest market as our global network continues to grow. Toward the end of the year, we took another important step by acquiring Wake Word Studios in Germany. The acquisition is a strategic move to strengthen Acast’s position in the German market and deepen our local creative capabilities. Wake Word Studios is now part of Acast Creative Studios, broadening our offering to advertisers and creators alike. We also accelerated our programmatic strategy. Our partnership with Magnite, the world’s largest independent sell-side platform, significantly expanded access to our catalogue of more than 140,000 podcasts and over one billion quarterly listens. Making this inventory available via Magnite strengthens our ability to meet global advertiser demand for scalable podcast advertising. A global, open ecosystem Acast’s evolution has been grounded in the belief that podcasting is at its strongest when it remains open, creator- led, and globally accessible. Yet openness also creates fragmentation. Our role is to bring coherence to that landscape. We do this through human expertise supported by world-class technology. Our teams across sales, creative, and creator relations remain the human heart of Acast. Their work is amplified by the industry’s most advanced podcasting infrastructure, built for precise targeting, robust measurement, and a safe, scalable environment for brand investment. Our offering combines global scale with local relevance, creating value for advertisers, creators, and listeners in every individual market. Our partnerships with more than hundred thousand creators remain our most powerful proof point. Their success is inseparable from our own. Their success is closely linked to our own, and through their reach we can offer advertisers an effective way to connect with relevant audiences. We focus on creating meaningful interactions between brands and listeners, where advertising becomes a natural part of the experience and strengthens trust in the medium. Charting a confident path into 2026 As I have completed my first year as CEO, I am grateful for the trust placed in me and proud of what our teams have accomplished. Acast’s independence continues to be our strength, allowing us to innovate with clarity, act with agility, and remain aligned with the creators and partners who shape this industry. I want to extend my sincere thanks to our employees around the world, whose dedication drives our progress every day, and to the creators, advertisers, and listeners who form the heart of our global network. Your commitment and creativity are the foundation of everything we achieve. In a fast growing media landscape, Acast is the cohesive force connecting authentic storytellers with engaged listeners and ambitious brands. As we enter 2026, we do so with momentum, confidence, and a firm belief that the future of media will be built on connection. Greg Glenday CEO, Acast CEO comments ACAST ANNUAL REPORT 2025 8
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Facts and figures 2025 Acast in numbers ACAST ANNUAL REPORT 2025 9 1,026 1,390 1,636 1,944 2,517 2021 2022 2023 2024 2025 -150 -272 -112 26 116 -15% -20% -7% 1% 5% 2021 2022 2023 2024 2025 964 1,363 189 Nordamerika Europa Övrigt 3,735 5,139 5,019 4,385 4,436 0.27 0.27 0.33 0.44 0.57 2021 2022 2023 2024* 2025 459 585 677 694 775 21% 21% 17% 24% 24% 2021 2022 2023 2024 2025 225 301 360 495 796 5% -14% -10% 11% 17% 2021 2022 2023 2024 2025 118 155 153 195 223 20% 24% 28% 32% 30% 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Listens (M's) 3,735 5,139 5,019 4,385 4,436 Listens growth 0.26 0.38 -0.02 -0.13 0.01 Ad-Slots (#) 5.20 5.50 6.20 6.80 8.40 Inventory (M's) 18,675 28,421 30,969 29,665 37,325 Inventory growth 0.26 0.52 0.09 -0.04 0.26 Sell Through Rate 0.28 0.29 0.27 0.41 0.43 CPM/pricing (USD) 22 16 15 13 15 Net Sales from Ads (SEKm) 994 1,291 1,454 1,836 2,410 Total Net Sales (SEKm) 1,026 1,390 1,636 1,944 2,517 Net Sales growth 0.74 0.36 0.18 0.19 0.29 ARPL (SEK) 0.27 0.27 0.33 0.44 0.57 Full year net sales development (SEKm) Adjusted EBITDA (SEKm) & adj. EBITDA margin Listens (miljoner) & average revenue per listen ARPL (SEK) Net sales per segment (SEKm) Net sales (SEKm) and contribution margin (%), three largest markets USA Sweden Net sales break down UK Contribution profit: Operating profit / loss in a segment before deducting global costs. Contribution margin %: Contribution profit in relation to net sales. Contr. margin Acast’s net revenue is based on the number of listens, that multiplied by the number of advertising slots in each podcast, clarifies the total ad space (inventory) available for ads or sponsored posts. The sell through rate reflects what percentage of the total advertising space that was sold. The price is expressed normally as CPM (Cost per Mille), i.e. the cost of buying 1,000 ad impressions. Net sales from advertising consists of the number of delivered ads multiplied by the CPM. *Impacted by industry effect of Apple’s update to iOS17.
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Strategy & business model ACAST ANNUAL REPORT 2025 10 Vision We will use the power of podcast stories to connect creators, brands and audiences Mission We will be the best in the world at matchmaking human storytellers with valuable audiences and advertisers We’ll build on and maintain our leading position in audio podcasting, while evolving to connect creators, audiences and advertisers across podcasts’ extended channels Strategy
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How Acast generates revenue How Acast generates revenue Acast's business model is predominantly based on advertising sales, representing more than 95% of the group revenue. Our model is built on aligned incentives: creators receive a pre-agreed share of advertising spend, ensuring both parties are committed to maximizing revenue. Acast’s advertising suite includes pre-produced ads, sponsorships, and branded content—all powered by proprietary technology and delivered dynamically in real-time. Beyond audio-only podcasts, Acast supports creators through expansive omnichannel campaigns. By integrating social media, video, and live experiences, we meet rising advertiser demand for multi-platform engagement. This strategy diversifies revenue opportunities for our creators while strengthening Acast’s competitive moat and driving group-wide growth. Non-advertising revenue is generated through our suite of SaaS services. These include advanced tools for hosting, distribution, data analytics, and subscription-based products, providing creators with the infrastructure to manage and scale their digital presence while generating recurring revenue for Acast. Well placed in the large and growing podcasting market Acast empowers a diverse range of creators—from emerging talent to global publishers—to maximize revenue and scale their audiences. We have focused on podcasts since our inception, which means that the services and products we offer are built on a deep understanding of the industry and the needs of creators and advertisers. Since 2014, Acast has paid out approximately SEK 5.9 billion to creators, a well functioning business model that attracts talent, and supports more than 140,000 shows on our platform. Our expanding creator base continues to drive audience growth. In 2025, Acast-hosted shows generated 4.4 billion listens, reaching over 115 million unique monthly listeners. This scale, combined with high listener engagement, attracted more than 4,400 advertisers. We enable brands to integrate and advertisers.seamlessly into authentic conversations, providing tailored solutions that drive measurable results. While podcast advertising historically favored the largest high-profile shows, Acast’s technology unlocks the revenue potential across the entire spectrum of shows. Thanks to strategic investments in data-driven targeting and dynamic ad insertion (DAI), Acast offer advertisers opportunities to reach target audiences of all sizes, which means that we also enable small and midsized creators to monetize their content. This unique approach has established Acast as a market leader, with a model that is both scalable and sustainable over the long term. Our unique position gives us the best possible conditions to drive the shift toward increased advertising in podcasts, supported by the expertise and infrastructure we have built. Market overview ACAST ANNUAL REPORT 2025 11 Branded Content & Omni-channel 360 campaigns that can span across platforms Non-ad Revenues SaaS, hosting, distribution and data analytics Host-read Sponsorships In-show reads from the host(s) Audio Ads Brand-produced audio messages Direct sales Self-serve Direct sales Programmatic Self-serve Direct sales Online Direct sales +95% of revenues SALES CHANNELS Cumulative creator pay-outs (SEKm) 150 380 740 1,370 2,240 3,320 4,430 5,900 2018 2019 2020 2021 2022 2023 2024 2025
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Global with strong positions in the UK and Nordics, and growing reach and scale in the US and Continental Europe. Acast maintains a physical presence across 15 markets, providing localized expertise and deep relationships with regional advertisers and media agencies. This on-the-ground intelligence ensures a superior understanding of regional content trends and advertiser needs. As an early mover, we established market-leading positions in the UK and the Nordics, and in recent years, we have built on that momentum across the US and Continental Europe— where we remain heavily focused on scaling our reach. This foundation positions us perfectly to grow alongside the expanding podcast market, with significant upside potential from capturing further market share in major economies. By leveraging our local footprint alongside our global infrastructure and international team, we offer a unique combination of strengths. This provides a distinct competitive advantage: the ability for people to listen to podcasts at any tome or anywhere, for creators to monetize internationally and for brands to execute seamless, high-impact campaigns globally. We benefit from buyers increasingly transacting larger volumes and accessing low-touch channels, driving our scalability. We are seeing a consistent increase in average campaign size, driven by maturing advertiser adoption and our ability to secure larger budgets through omnichannel offerings. This trend enhances our operating leverage; larger campaign values allow us to scale revenue without a proportional increase in operational workload. This development is an important driver of improved margins and long-term profitability. The growth in large spenders is most notably seen in the US, where the number of advertisers spending more than USD 1m a year with us has increased from 1 in 2022 to 14 in 2025. We continue to prioritize the automation of our sales processes to drive operational efficiency. Our distribution encompasses direct local sales teams alongside 'low-touch' channels such as programmatic and self-serve. Continued growth in these automated channels is another key driver of our long-term scalability, as it enables us to handle higher volumes with less manual intervention. As such, ongoing expansion within these channels becomes an important driver of scalability, enhancing our long-term profitability potential. Market overview ACAST ANNUAL REPORT 2025 12 High ROI potential for advertisers Potential revenue through programmatic ads, self-serve and a more streamlined way of selling sponsorships Head Professional publishers and big independents. Current revenue mainly through direct sales Heart Tail No. shows N o. listens Podcast Portfolio Illustrative example Shows with high listens Shows with few listens Buyers are increasingly transacting in automated channels Share of campaigns by channel December 2022 Share of number of campaigns December 2025 Share of number of campaigns 65% 45% 3% 13% 32% 42% Programmatic (automated) Self-serve (automated) Direct sales Growing number of large spenders The US: Number of advertisers spending more than USD 1m/year 1 3 9 14 2022 2023 2024 2025
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Our pillars of differentiation Acast’s differentiation is built on a small number of clear and reinforcing strengths that together form a compelling and defensible position in the podcast ecosystem. As true podcast experts, Acast helped create the commercial podcast market and has played a defining role in how the medium has developed. Deep category knowledge, combined with extensive data and insight, enables Acast to precisely match advertisers with the right audiences, delivering relevance and effectiveness at scale. Scale and exclusivity are central to the marketplace. With approximately 140,000 shows exclusive to the platform, Acast offers advertisers access to large, unduplicated audiences across all major listening platforms. This breadth and uniqueness of supply creates reach that cannot be easily replicated elsewhere. Innovation has consistently set Acast apart. The company has been first to market with dynamic ad insertion, AI-driven targeting and advanced measurement solutions, all powered by the largest dataset in podcasting. This leadership allows advertisers to benefit from more accurate targeting, improved performance and greater transparency. Acast’s offering extends beyond the podcast itself. Through products, capabilities and content that support 360-degree campaigns, advertisers can activate their brands across multiple channels, strengthening impact and consistency beyond audio alone. Finally, global reach underpins all these strengths. With a strong international presence, Acast enables advertisers to reach audiences worldwide while allowing creators to monetize their content across borders. When a major podcast gains traction in new markets, we can sell advertising locally, creating new revenue for the creator and relevant campaigns for advertisers. This combination of global scale and local execution is a key differentiator in an increasingly international market. Market overview ACAST ANNUAL REPORT 2025 13 Podcast experts We created the commercial podcast market. We use data and expertise to match make the right advertisers and audiences Marketplace Scale & Exclusivity 140K shows exclusive to Acast, reaching unduplicated audiences across every listening platform Innovation Leaders First to market with DAI, AI-driven targeting, innovative measurement - powered by the largest dataset in podcasting Beyond The Podcast Product, skills and content to deliver 360° advertiser campaigns across multiple channels Global reach We have a global presence, providing advertisers with the ability to reach audiences worldwide and enabling monetization across borders
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Financials targets & outcomes In relation to Acast’s report for the third quarter of 2025, Acast presented updated financial targets for growth and profitability. Together, the financial targets reflect the strength of Acast’s strategy to leverage its global reach and efficient growth model, while setting a clear direction for delivering strong and profitable growth in the years ahead. Financial targets & outcome ACAST ANNUAL REPORT 2025 14 Financial targets Organic net sales growth (CAGR) exceeding 15% in the period 2025 to 2028 Operating margin (EBIT margin) of 10% by 2028 Acast intends to retain available funds and future earnings to support its operations and to finance the company’s organic and strategic growth and development. Acast does not expect to distribute dividends in the foreseeable future. Any future decision on dividends will depend, among other things, on the company’s financial performance, financial position, applicable laws and regulations, cash flows and working capital requirements. Dividend Policy Utfall 2025 Organic net sales growth 33% EBIT margin -1% Adjusted EBIT margin 1%
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A market in steady forward motion The global podcast advertising market continues to expand as listening grows across audiences worldwide. Despite strong consumption levels, advertising investments have yet to fully catch up with other media channels. However, advertisers that have already embraced podcasts are seeing clear results. Podcasts have proven to be an effective and precise channel for reaching a broad yet highly engaged audience, creating solid prospects for continued growth. In 2026, the global market is expected to reach USD 4,790 billion and is projected to grow by approximately 5 percent in 2027.* Since 2017, podcast advertising has grown at an average annual rate of 28 percent. A key driver of this development is the strong engagement among listeners, combined with technological advances that enable accurate measurement and precise ad targeting. For advertisers, this means greater control, clearer performance tracking, and improved ability to reach the right audience at the right time. In both Europe and North America, investment in podcast advertising is growing faster than the overall advertising market. Growth is driven by expanding reach, the rapid development of programmatic trading, and the established role of podcasts as a channel that delivers results for both brand building and performance-driven campaigns. Global podcast ad spend* (USDm) Strong Position in Mature Markets – Clear Acceleration in the U.S. Since its inception, Acast has established leading positions in Sweden and the United Kingdom, two of the world’s most mature podcast markets. The company currently holds an estimated market share of approximately 50 percent in Sweden and around 60 percent in the UK. The United States is the largest and most fragmented podcast market globally. While Acast’s market share in the U.S. is lower than in Sweden and the UK, its growth rate is significantly higher than the overall market average. According to the IAB’s U.S. Podcast Advertising Revenue Study, the U.S. podcast advertising market is expected to reach nearly USD 2.6 billion in 2026.** This forecast reflects continued stable expansion and highlights the market’s growing importance for both brand- building and performance marketing. Furthermore, U.S. podcast advertising is projected to grow by 13.5 percent in 2026, and by 2027 podcasts are expected to account for more than 40 percent of total digital audio advertising in the United States.*** This development is closely linked to changing consumption patterns. Increasingly, audiences consume podcasts via video platforms rather than solely through audio, opening new opportunities for advertisers. At the same time, more and more people are discovering new podcasts through short clips on social media, driving both reach and growth for the format. For advertisers, this requires more thoughtful media planning, with a balanced allocation across audio, video, and different devices. Market share in top three markets Significant Room for Further Expansion Despite growing interest from both listeners and advertisers, podcast advertising still represents a relatively small share of the total digital audio and radio market. Podcasts account for approximately 4.5 percent of ad-supported audio consumption but receive only about 1 percent of advertising budgets. Although investments have doubled since 2020, a clear imbalance remains between consumption and ad spend. Over time, however, such differences tend to even out as advertisers gradually shift their investments toward channels with growing reach and engagement. Ad spend trails consumption Returns on podcast advertising investments are strong. In the short term, performance is on average 56 percent higher than in other media channels. Over the longer term, value creation is even more pronounced: each dollar invested generates an average return of 4.9 times, compared to 3.7 times across the broader media market.**** Offers exceptional returns *Statista Market Insight ** IAB/PwC U.S. Podcast Advertising Revenue Study 2025 *** Emarketer Forecast, Dec 2025 **** Acast, OMG & Annalect Market overview ACAST ANNUAL REPORT 2025 15 540 730 1,070 1,490 2,150 2,810 3,460 4,020 4,460 4,7905,030 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 UK 60-65% Sweden 45-50% USA 2-3% 4.5% 1% Share of consumption Share of media spend Podcasts 4.2 3.6 3.5 3.2 3 2.2 2.2 1.9 1.8 1.1 PodcastingSocial Radio OnlineOnline videoSearchTV Print OutdoorCinema 5x 4x 3x 2x 1x 0x
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Comment from the Chairman of the Board: Dear Stakeholders, Thank you for taking the time to read Acast’s 2025 Environmental, Social and Governance (ESG) report. This report sets out how we continue to build Acast responsibly, and how we seek to ensure that the way we grow is aligned with the role we play in podcasting. Podcasting remains a deeply personal medium. It informs, entertains and connects people across communities, and gives space to a wide range of experiences and voices. At Acast, we believe that this comes with a responsibility: to support creators, advertisers, partners and our own teams in a way that is open, fair and sustainable, while continuing to keep the world connected through storytelling. 2025 was a year of meaningful progress and continued change. We took further steps to lower barriers to monetization and broaden access to our marketplace, helping more creators build sustainable businesses from their work. We also expanded the tools available to creators, including capabilities in video, analytics and profile management that give creators greater control over how they grow across formats. As new technologies continue to reshape our industry, we remain clear that they should enhance human creativity and storytelling, not replace it. It was also a year in which the strength of our people and culture was evident. Against a backdrop of leadership transition and acquisition activity, employee engagement improved again, reflecting the openness, flexibility and creativity we work hard to foster across Acast. We maintained our focus on gender balance and continued to back initiatives that support underrepresented voices and strengthen the communities in which we operate. At the same time, responsible growth depends on discipline as well as ambition. While our Scope 2 and Scope 3 emissions increased during the year, we remain focused on the practical actions needed to reduce our environmental footprint over time. We also strengthened the governance foundations of the business, including the adoption of a Trade Sanctions Policy, the introduction of our first Supplier Code of Conduct and the extension of our whistleblowing channel to external stakeholders. We are pleased to report that there were zero incidents of corruption or bribery during the year. As a business, we remain committed to creating long-term value in a way that is responsible and sustainable. The work outlined in this report reflects that commitment, and our belief that the podcasting ecosystem can continue to create value for creators, advertisers, listeners and society more broadly. Thank you for your ongoing support and belief in Acast as we continue to move podcasting forward and keep the world connected through storytelling. Sincerely, John Harrobin Chair, Board of Directors Sustainability report ACAST ANNUAL REPORT 2025 16
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Aligning our sustainability strategy Sustainability at Acast covers areas within ESG (Environmental, Social and Governance), ensuring that both the company and our employees are accountable for sustainability across our operations and business practices. We focus on four key areas within ESG that are material and important to Acast: Sustainability report ACAST ANNUAL REPORT 2025 17 Reduced environmental impact Our commitment to environmental sustainability and minimizing our contribution to climate change 1 Passionate about the people and the stories behind them Our commitment to fostering a workplace where everyone feels respected, valued and included 2 Responsible and inclusive content Our commitment to building a diverse and inclusive network of podcasts and creators 3 Governance for a sustainable podcasting business Commitment to strong business ethic, company culture, compliance and privacy 4 Our Vision We will use the power of podcast stories to connect creators, brands and audiences Our Purpose We believe in the power of a world connected by storytelling We conduct our business in line with the principles of the UN Global Compact and the ILO’s core conventions, ensuring respect for human rights, countering corruption and bribery, and reducing our footprint on the climate and environment throughout our value chain.
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Double Materiality Assessment (DMA) Our DMA comprises two dimensions: impact materiality and financial materiality, both of which are informed by stakeholder engagement to identify Acast’s material sustainability areas. By conducting the double materiality, we have identified the sustainability impacts, risks and opportunities across Acast’s value chain to help determine which sustainability topics should be included in our sustainability statement. A sustainability topic can be solely material from an impact perspective or a financial perspective, or a combination of both. While the impact materiality identified significant economic, environmental and social impacts across Acast’s value chain (informed by surveys, reports and stakeholder input), the financial materiality assessment identified sustainability risks and opportunities that could materially influence Acast’s financial position and development. Each risk was evaluated by likelihood and potential financial effect. Overview of results including the main impacts, risk and opportunities: By identifying the material risks and opportunities across our value chain, we can define the specific policies, actions, and targets required by ESRS standards to refine our sustainability strategy and measure our impact. Depending on relevance, we will also report on metrics within the standards relevant to Acast. The table below lists our material topics, stating whether or not they are considered to hold impactful or financial risk or opportunity for Acast. Environmental Material topic Sub-topic Impact Financial Risks Opportunities E1 CLIMATE CHANGE Climate change mitigation ✔ ✔ Failing to actively manage and reduce climate impacts across our operations and entire value chain creates significant uncertainty and risk regarding our overall ESG performance Evolving climate patterns due to climate change may eventually necessitate unexpected and costly mitigation strategies to protect our future operations for some of our office locations We can accelerate climate action by optimizing our operations and using our platform to champion sustainable habits among our listeners Energy ✔ ✔ Inadequate tracking of energy usage creates a risk of inaccurate greenhouse gas reporting and leaves the company vulnerable to unmanaged operational cost increases driven by rising energy prices Sustainability report ACAST ANNUAL REPORT 2025 18 Topic Impact materiality Financial materiality Climate change ✔ ✔ Pollution ✗ ✗ Water and marine resources ✗ ✗ Biodiversity and ecosystems ✗ ✗ Resource use & circular economy ✗ ✗ Own workforce ✔ ✔ Workers in the value chain ✗ ✗ Affected communities ✗ ✗ Consumers & end- users ✔ ✔ Business conduct ✔ ✔ E NVIRONMENTALS OCIALG OVERNANCE
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Social Material topic Sub-topic Impact Financial Risks Opportunities S1 OWN WORKFORCE Working conditions ✔ ✔ Failing to maintain a safe physical and psycho-social work environment threatens our ability to retain top talent and increases the likelihood of high employee turnover and sick leave By prioritizing superior working conditions, we strengthen our position as an employer of choice, ensuring we attract the skilled workforce necessary to drive our continued growth Equal treatment and opportunities for all ✔ ✔ A lack of equal opportunity and fair access across our global markets risks alienating current staff and increasing turnover among our highly skilled workforce Championing equal opportunity across our global operations is more than a value, it’s our advantage in attracting and retaining world class talent Other work-related rights ✗ ✔ Be aware of any legal penalties under GDPR and other privacy regimes and how we collect, process and store employee data S4 CONSUMERS AND END- USERS Information-related impacts for consumers and/or end-users ✔ ✔ Any breach or mishandling of personal data poses a critical risk of substantial GDPR fines, reputational damage, and the infringement of privacy rights for our creators and listeners Inconsistent content moderation creates a dual risk where restricting legitimate speech infringes on freedom of expression, while failing to filter harmful or illegal content can alienate advertisers, lose listeners, and cause lasting reputational damage Promoting quality content allows us to elevate public debate and social inclusion, establishing our leadership in defending freedom of expression worldwide Personal safety of consumers and/or end-users ✔ ✗ Distributing or monetizing content that exposes children to harmful advertising poses a severe threat to our brand reputation and could lead to a significant loss of listeners We create positive social change by providing families worldwide with a safe, high-quality destination for learning and play Social inclusion of consumers and/or end-users ✔ ✔ Failing to uphold responsible advertising standards poses a significant financial and strategic risk, as reputational damage could drive both advertisers and podcasters to leave Acast By actively supporting creators from underrepresented groups, we can simultaneously strengthen our brand reputation, attract a more diverse pool of talent, and tap into new, high-growth audience segments to drive revenue We provide true creator independence, giving our creators the tools and support to grow and make money everywhere in the way that best suits them Governance Material topic Sub-topic Impact Financial Risks Opportunities G1 BUSINESS CONDUCT Corporate culture ✔ ✔ Any gap between our ethical claims and our suppliers' behavior creates reputational damage that can weaken investor trust We build investor confidence and operational resilience by holding our suppliers to UN Global Compact standards and fostering a culture rooted in empathy Protection of whistle- blowers ✔ ✗ Failing to adequately protect whistleblowers from retaliation could suppress vital internal insights, undermine our corporate values, and lead to legal and policy violations By providing a safe, transparent reporting environment for employees and suppliers, we can identify and remedy operational deficiencies early, strengthening our ethical culture and overall business integrity Management of relationships with suppliers including payment practices ✔ ✔ Failing to maintain strong relationships with our creators and suppliers poses a direct threat to both our revenue and our market position. Building lasting relationships with our creators and advertisers is at the heart of what we do, especially since the consistent payouts we provide are a key driver of their success with Acast Corruption and bribery ✔ ✔ Any occurrence of bribery or corruption within our operations could result in severe financial penalties and lasting damage to our corporate reputation Ethics and transparency are our competitive edge; our zero-tolerance for corruption ensures we remain a trusted leader for investors and partners alike Sustainability report ACAST ANNUAL REPORT 2025 19
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1. Reduced environmental impact Acast remains dedicated to environmental sustainability and climate change mitigation. Guided by the Global Compact principles, we apply a precautionary approach to prevent negative environmental impacts across our operations. Our Code of Conduct and ESG Policy provide the guiding principles for our collective and individual climate actions. Consistent with our 2024 reporting, Acast continues to record zero Scope 1 emissions for 2025. Our Scope 2 footprint remains limited to the energy consumption of our office facilities.As in previous years, the most significant portion of our total carbon footprint resides within Scope 3, representing emissions across our value chain that we influence indirectly. The primary drivers of these emissions are twofold: the energy requirements of third-party cloud servers utilized for audio delivery, and the environmental impact associated with employee business travel. Environmental Performance and Emissions Analysis Regarding Acast's indirect emissions, Scope 2 increased to 152 tonnes of Co2 (125), primarily reflecting the full-year operational impact of our New York office, which was included only for 6 months in the 2024 numbers. Scope 3 emissions rose to 515 tonnes of Co2 (151), driven by a strategic database migration and updated reporting methodologies from our cloud provider, AWS. Additionally, emissions from business travel increased to 298 tonnes (133) due to an expanded reporting scope where we include more sources of data than previous years. Notably, total energy consumption across Acast’s offices decreased to 612 MWh (660). This reduction in kilowatt-hours, despite higher reported emissions, is a result of improved data precision and more granular reporting methodologies compared to previous years, providing a more accurate representation of our environmental footprint. Sustainability report ACAST ANNUAL REPORT 2025 20 2023 2024 % difference Scope 1 0 0 — Scope 2 125 152 22% Scope 3 151 515 241% Purchased goods and services 18 217 1,107% Business travel 133 298 124% Total 276 668 142% Gross Scope 1,2,3 and total GHG emissions 2024 2025 % difference Total energy consumption(MWh) 660 612 -7% Energy consumption Acast’s own offices (MWh) 2025
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2. We are passionate about stories and the people behind them Sustainability report ACAST ANNUAL REPORT 2025 21 Female Male Other Not disclosed Total Number of employees ** 270 198 0 0 468 Number of permanent employees 265 194 0 0 459 Number of temporary employees 5 4 0 0 9 Number of non-guaranteed hours employees 0 0 0 0 0 Number of full-time employees* 248 185 0 0 433 Number of part-time employees 17 9 0 0 26 Employees by contract type, broken down by gender (headcount or FTE)* Our employee characteristics Europe North America Other Not disclosed Total Number of employees** 293 146 29 0 468 Number of permanent employees 285 145 29 0 459 Number of temporary employees 8 1 0 0 9 Number of non-guaranteed hours employees 0 0 0 0 0 Number of full-time employees* 260 145 28 0 433 Number of part-time employees 25 0 1 0 26 Employees by contract type, broken down by region (headcount or FTE)* *S1-8 Collective bargaining coverage and social dialogue: of which employees are covered by collective bargaining agreements (CBAs) and social dialogue is 0%. **Headcount, not FTEs. Self-employed people 19 People provided by other organisations 17 Other 0 Total non-employees 36 Number of non-employees (consultants)
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We Champion Equal Opportunity and Belonging We are committed to building a workplace grounded in fairness, representation, and equal opportunity. We strongly believe in employee advocacy creating spaces and communities where people feel comfortable, supported, and empowered to contribute meaningfully and help shape a culture of belonging organically. We strengthen our organization by fostering a supportive and positive work environment and maintaining open forums for employee dialogue. Throughout 2025, our Employee Resource Groups (ERGs) across the UK, Ireland, and US continued to play a vital role in advancing connection and community. A Sustainability ERG was launched in the UK by a group of passionate Acasters to drive local and office initiatives, promote learning, and share ideas company-wide. Since 2022, we have partnered with UK social mobility charity Leadership Through Sport & Business (LTSB) to host an annual Career Inspiration Day at Acast Studios London, welcoming 15–25 young people from underrepresented backgrounds for hands-on exposure to podcasting, creative pitching, and careers in media. Workforce data plays an important role in understanding our social impact, representation across teams, and our commitment to fairness and equal access to opportunity. We remain intentional in fostering a workplace where people feel supported and where our people's practices align with long-term sustainability and business success. One of our goals is to maintain a 50/50 gender balance across all levels of the organization. By the end of 2025, our workforce was composed of 58% employees identifying as female, 42% identifying as male, and 0% identifying as non- binary or other. In 2024, the split was 55% identifying as female and 45% identifying as male. Gender Representation Across Management Among top management (defined as Executive Management) we had a gender split of 50% identifying as female and 50% identifying as male and 0% identifying as non-binary or other. We embed equity into our culture by integrating inclusive practices throughout the employee lifecycle. From onboarding and exit surveys that capture vital feedback to annual policy and benefits reviews, we ensure Acast remains both competitive and aligned with global standards. Additionally, each year we conduct a gender pay gap report. Our gender pay gap and split is something we – at Acast – look into regularly. Our overall goal is to ensure we’re being as fair and as equitable as possible, for full remuneration parity across all of our teams and markets globally. Our Global Parental Leave Policy ensures equitable support for all Acast families. Regardless of location, we provide a minimum 12-week top-up for both parents, fully inclusive of adoption and surrogacy, to complement local statutory entitlements. Providing this policy to employees not only fosters a more equitable workplace, regardless of gender or caregiving responsibilities, but also supports a healthy balance between personal and professional responsibilities. Family-related leave according to gender breakdown (headcount) Female 6% (25 employees) Male 3% (18 employees) Total number of employees that took parental leave in 2025 (headcount) 9% (43 employees) We foster inclusion and belonging through training and workshops, including onboarding for new hires, inclusive management, recruitment training, and neurodiversity sessions available to all employees. We foster a feedback-rich culture where continuous dialogue drives growth for all Acast employees and consultants. Our biannual performance cycles integrate self-assessments, manager reviews, and peer feedback to ensure a comprehensive evaluation of development. Social responsibility Acast Cares is an ongoing initiative that empowers our employees to give back to their communities. Each year, employees receive eight working hours to support a local nonprofit of their choice, with a focus on social responsibility, whether in their own communities or globally. In 2025, employees contributed a total of 95 Acast Cares hours. We believe Acast Cares provides meaningful experiences for our team, allowing them to support causes they care about while also strengthening our business’s connection to the communities we serve. We promote health, safety and wellbeing in our workplace We are committed to maintaining an open, safe, and equitable workplace rooted in accountability and ethical conduct. These standards are driven by our core values—Fueled by Passion, Curious and Brave, and Open and Caring—which our teams bring to life in their daily work. To ensure our employees continue to feel safe and secure within their physical and psycho- social work environment and reduce risk of poor working conditions, we cover topics related to employee well-being and safety in work- environment in our Work Environment Policy and Whistleblowing Policy, both readily accessible to employees and consultants across Acast on our company intranet. The Whistleblowing Policy, paired with the Code of Conduct, outlines topics related to workplace ethics and human rights, whistleblowing and social responsibility, fair access and equal opportunity. We emphasize that all employees, regardless of ethnicity or background, must be treated with equal respect. Any violations of these policies are investigated and appropriate actions and reporting procedures implemented. Sustainability report ACAST ANNUAL REPORT 2025 22 198 270 Male 42% Female 58% Other 0% Gender 22 Male 50% Female 50% Other 0% Gender in executive management team 3 1 Below 30 Between 30 - 50 Above 50 Executive management age
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Our Work Environment Policy covers physical, organizational and social environments for our employees, and highlights our commitment to providing a safe and secure working environment. All our employees should feel safe at Acast, and we work to reduce and prevent work-related mental health issues and illness. We work actively on topics such as working hours, managing workload, equal treatment and prevention of harassment and discrimination. In support of flexible work, we have a Global Remote Policy in place that provides guidance to both employees and managers working remotely and safely managing their work environment and mitigating psychosocial risks that may be associated with remote work. We believe a high-quality work environment is essential to our productivity and competitive edge. It is the foundation that allows us to attract and retain the industry’s top talent. We continue to provide global mental health support through Spill, offering therapy in multiple languages across most markets. Where Spill is unavailable, we provide equivalent mental-health support via private health insurance offerings to ensure coverage is fair and consistent for any employee wishing to seek support. Alongside wellbeing, employee satisfaction and engagement is crucial to a healthy work environment. Our annual survey asks questions around relationships within teams, company motivators, personal motivators and general happiness whereby employees have the opportunity to provide feedback. From these results, we calculate our employee experience metric, eNPS (Employee Net Promoter Score) found in the table below. Employee feedback highlighted a strong appreciation for our culture, flexibility, and commitment to innovation. Our suggested areas for improvement include compensation, career development, strategic transparency, and fostering cross-functional collaboration and belonging. Annual employee satisfaction survey (eNPS) 2024 2025 Number of employees surveyed 250 241 eNPS 37 40 Sustainability report ACAST ANNUAL REPORT 2025 23
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3. Responsible and inclusive content We support podcast creators Acast champions podcast creators everywhere to independently monetize, and grow their podcasts wherever their audiences are. We believe that anyone can connect through and create value from podcasting with an open and independent ecosystem. We are committed to building a diverse and inclusive network of podcasts and creators and are advocates for equality within the podcast industry. Promote fairness and support under- recognized groups in podcasting We work to ensure that under-recognized voices are not only heard, but have the opportunity to earn money from their podcasts. We proactively seek out creators currently under-recognized in the podcasting industry and help them to grow their listeners and earn more revenue. Launch, growth and monetization In 2025, we undertook several international initiatives to grow and monetize the audiences of under-recognized voices and promote inclusivity within the podcasting landscape: • We launched a ‘Podcasts in Color’ ad vertical in the UK. We invited under-recognized creators to join the vertical, and encouraged brands to add Podcasts in Color to their campaigns, resulting in a 65% sell-through rate across the vertical. • We focused on driving additional revenue to underrepresented creators by creating tailored sponsorship packages for their shows across audio, video and socials in the US. • We focused on diversifying the creators promoted across our network in Canada via our Acast Recommends campaigns, leading to 56% of our campaigns in the market featuring shows from underrepresented voices. • We promoted our podcast playlist for female creators in France, which generated an additional 1 million listens for shows within the playlist across the year — tripling the previous year’s listens. In addition, the market's video studio has a diversity policy that ensures top female creators have priority access to the space. • We offered substantial production, editing and marketing support to new shows in Australia, Sweden and Norway, leading to many successful launches, including The Mitch Churi Chat Show and Får Man Säga Svart? We democratize podcasting Acast has long been committed to democratizing podcast monetization by operating in the open ecosystem - enabling creators to distribute their content widely and reach listeners wherever they are. We pioneered dynamic ad insertion for podcasting, allowing advertisers to reach global audiences while ensuring creators can monetize their content effectively without compromising the listener experience. This technology underpins a scalable and inclusive monetization model that supports creators at every stage of growth. This philosophy applies across formats and platforms, and in 2025 we took the first steps to extend our open distribution approach to include video publishing on YouTube for a selection of Creators. In 2025, we continued to lower barriers to entry for podcast monetization. By reducing Marketplace eligibility thresholds, more Creators can now access advertising revenue earlier in their journey - while maintaining quality and brand safety through robust vetting. This change enables a broader and more diverse set of voices to participate in the podcast economy. We also strengthened creator agency through Marketplace Profiles, allowing creators to represent themselves and their audiences more fully - including across audio, video, and social channels. This further evolves Acast into a truly bi-directional marketplace, where creators actively shape how they are discovered and monetized. Transparency and access to insights are essential to a fair creator economy. In 2025, we continued investing in creator-facing analytics and revenue reporting, giving creators clearer visibility into their audience reach and earnings across platforms. These efforts support informed decision-making and reinforce Acast’s role as a trusted partner in creators’ long-term sustainability. Responsible advertising Acast remains committed to protecting freedom of expression and access to information for podcast creators, advertisers and listeners. At the same time, we believe conversations should take place in a respectful, safe, and relevant environment. Acast maintains clear community guidelines for podcast content and commercial messaging, applicable across the entire platform and publicly available on our website. Acast reserves the right to remove any content that violates these guidelines. Acast’s Community Guidelines (https:// www.acast.com/community-guidelines) define inappropriate content and activity, applying to all content uploads on Acast's platform, with a clear moderation process for reporting concerns. Podcasters can manage ad content through the block-list function, and advertisers can target their advertising to ensure placement alongside suitable podcasts. We are committed to providing a brand-safe environment for advertisers, brands, podcasters and listeners. Acast partners with independent ad technology providers to maintain brand safety and transparency in podcasting. We are dedicated to upholding industry-leading standards across digital media. As a member of the IAB Tech Lab’s podcast certification v2.2 program, we provide a secure and regulated advertising environment. Our longstanding membership with The Trustworthy Accountability Group highlights our commitment to trust and transparency in media operations. Additionally, participation in the IAB’s Podcast Technical Working Group allows us to enhance clarity and transparency in audio advertising, support standardized podcast measurement practices, and facilitate scalable platform growth. Through our involvement with the IAB’s Audio Committee, we continue to promote digital audio as a dynamic channel for consumer engagement via educational initiatives. Sustainability report ACAST ANNUAL REPORT 2025 24
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4. Governance for a sustainable podcast business Acast's sustainability efforts are overseen by the group management team and the Board of Directors, with support from Finance, People, and Legal. Our ESG policy is reviewed annually to ensure it aligns with the relevant reporting requirements. In addition to the ESG Policy, Acast has several guiding documents that address various aspects of sustainability. The following policies, alongside other employee related resources, are stored and accessible via our company intranet. The Acast Code of Conduct Defines the company’s ethical standards, outlining the values and behaviors that shape how we conduct business and engage with partners and customers. It also establishes a framework for preventing, detecting, and addressing bribery, corruption, and other forms of misconduct together with Acast’s Anti- Bribery Policy. Whistleblowing Policy Outlines the process for employees and stakeholders to report misconduct, unethical behavior, or legal violations safely and confidentially, ensuring protection against retaliation Provides information about the secure reporting tool that allows employees to anonymously report suspected violations of the law or breaches of the Code of Conduct without fear of repercussions. Delegation of Authority Policy Outlines the approval limits for various roles and teams, specifying who can authorize commitments and enter into agreements on behalf of the company. The purpose of the policy is to prevent embezzlement, fraud, bribery, and corruption and it is reviewed annually and approved by the Board of Directors. Acast has established principles and a structure for determining salaries and other benefits, which are overseen by a remuneration committee. To ensure compliance with these principles and structures, and to maintain competitive remuneration levels, Acast utilizes various internal control functions, such as a hiring committee and a promotion committee. This structure is designed to foster equal pay and equal opportunity within the company. Information security and data privacy are crucial to our business Acast maintains a strong IT security posture through a structured approach, including a comprehensive IT and Information Security Policy and guidelines, governance structures and a dedicated Information Security function. This framework promotes a company-wide security culture and ensures compliance with industry best practices and regulatory/customer requirements. Key focuses include risk management, continuous improvement of security capabilities, incident management, and employee awareness. In 2025, efforts concentrated on enhancing staff and customer account security, product anti-abuse protections, application & cloud resilience, and cyber incident preparedness. Continuous employee awareness training, encompassing emerging threats such as social engineering and responsible utilization of AI/SaaS platforms, continues to be a central focus and is reinforced through a launched dedicated information security course and simulated phishing exercises. Protecting the privacy of our listeners, podcast creators, advertisers, employees, and other individuals connected to Acast is a fundamental commitment. We are dedicated to maintaining robust safeguards for personal data and ensuring strict compliance with data protection laws when we collect, use, and share information both within and outside the company. This commitment is upheld through our privacy policies, guidelines and procedures which are designed to protect individual’s privacy and ensure ongoing regulatory compliance. Violations of privacy laws can result in severe consequences, including fines, penalties, reputational damages, and loss of trust among our customers and users. Therefore, integrating data privacy in every aspect of our business is both a responsibility and necessity. “Data Privacy at Acast'' is an internal document accessible to all employees and consultants via our employee intranet. This document aims to formalize our approach to protecting personal data and outlines our data privacy practices at Acast. To ensure its continued relevance and alignment with evolving regulations and industry best practices, Acast’s DPO conducts annual reviews of our Data Privacy at Acast document. During 2025 we continued to update our Privacy Policy and opt-out procedure to ensure compliance with the latest privacy regulations in additional U.S. States, such as Delaware, Iowa, Nebraska, New Hampshire, New Jersey, Tennessee, Minnesota and Maryland, while actively planning ahead for the introduction of three new state privacy laws taking effect in 2026. The Rest of World Privacy Policy, the GDPR Privacy Policy, as well as the other external privacy documents located on our website were updated in 2025 to ensure accuracy and compliance. Acast prioritizes data integrity and protection of personal data. To ensure the same level of protection from third-party vendors, we are continuing with our Vendor Risk Management process, which we implemented in 2024. This process includes a vendor registry containing security assessments and DPA references. Additionally, we continue with cataloguing internal systems processing and storing personal data along with documenting personal data flows among them. Acast's DPO and Information Security team continue to implement strict data breach management procedures in the event of any unlawful or accidental access to, disclosure of, alteration to, or loss of company information, including personal data. In 2025, Acast experienced 4 data breach incidents. These were classified as minor incidents and were dealt with without delay. The DPO and Information Security Officer worked alongside the affected internal employees to contain the breaches and ensure all protocols were strictly followed. Each incident has been fully documented, with corrective actions implemented to maintain the integrity of our security posture. Information Security & Data Breaches Completion of information security training (%) 48% (245 out of 482 users completed the training) Number of breach incidents 4 Sustainability report ACAST ANNUAL REPORT 2025 25
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Compliance with laws and regulations Acast is dedicated to upholding the highest ethical standards across all its operations and has established clear procedures to prevent any form of corruption and bribery. Our firm stance prohibits the initiation or continuation of any partnerships through the exchange of bribes. In 2025, Acast further strengthened its governance framework by introducing specialized guidance for both internal operations and external partnerships. In February, we adopted a standalone Trade Sanctions Policy. This policy provides detailed guidance that builds upon our core Code of Conduct, affirming our commitment to compliance with international sanctions laws. To extend our ethical standard across our value chain, Acast also introduced its Code of Conduct for Suppliers in July, ensuring our suppliers operate in alignment with our corporate values. Together, the Code of Conduct, Anti Bribery Policy, and Trade Sanctions Policy, establish a comprehensive framework for responsible business conduct, setting clear standards for ethical behavior, compliance with applicable laws and integrity in our business relationships. These policies help employees in identifying and addressing risks, including improper benefits and sanctions-related issues, and emphasize the importance of seeking appropriate guidance when faced with ethical and compliance concerns. Acast’s legal function maintains primary responsibility for identification and management of risks related to corruption and bribery. Acast continues to evolve its governance framework, continuously enhancing our policies, systems, and training programs across anti- bribery, anti-corruption, and whistleblowing. In 2025, we had 0 incidents of corruption and bribery and 0 whistleblower incidents reported. To ensure confidentiality and anonymity, Acast utilizes a whistleblowing reporting system managed by an independent third party. In 2025, we increased the accessibility of this platform by making it available on Acast’s corporate website. This transition ensures that not only our employees but also our external partners and stakeholders have a direct, secure channel to report concerns, reinforcing our commitment to transparency and ethical accountability throughout our value chain. Acast remains dedicated to fostering a safe and transparent digital ecosystem. In alignment with the EU's Digital Services Act (DSA), we conduct ongoing internal assessments of our content moderation and takedown procedures. This reinforces our dedication to maintaining a safe, transparent, and accountable digital environment. Sustainability report ACAST ANNUAL REPORT 2025 26
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Acast’s share Acast’s share is listed on Nasdaq Stockholm, with the name ACAST. Market value at year-end was SEK 6,268 m. The share capital in Acast amounts to SEK 1,183 thousand. The number of shares amounts to 182,465,260 shares. Each share entitles to one vote and all shares have equal rights to a share in Acast’s assets and earnings. At the Annual General Meeting, each person entitled to vote may vote in favour of the full number of shares owned and representative of shares, without restrictions on the voting rights. Share price development and trading volume At the start of 2025, the price for Acast’s share was SEK 15.70 per share. At the end of 2025, the price was SEK 34.35. For the current price, please refer to Nasdaq Stockholm’s website. Acast’s share was traded, in 2025, as high as SEK 34.50 and as low as SEK 12.78. A total of 74.5 million shares were traded in 2025 at a value of SEK 1,522 m. Dividend Acast intends to retain available funds and future revenues to support its operations and finance the Company’s growth and development. Therefore, Acast does not intend to pay cash dividends in the foreseeable future. Future dividend decisions will depend, among other things, on the financial performance, financial position of the business, applicable laws and regulations, cash flows and working capital needs. Shareholders The schedule of shareholders and ownership structure of Acast is based on data from Modular Finance, Monitor as of 31 December 2025. The ten largest shareholders represent 75.7 (80.5) percent of the equity. In all, Acast had approximately 4,200 shareholders as of the date above. The share Types of shareholder Shareholder info Ticker symbol: ACAST ISIN-code: SE0015960935 Marketplace: Nasdaq Stockholm The share ACAST ANNUAL REPORT 2025 27 Owner ACAST Capital & Votes Bonnier Capital 31,296,930 17.2% Alfvén & Didrikson AB 24,243,613 13.3% Moor&Moor AB 20,299,052 11.1% AltoCumulus 16,551,663 9.1% Första AP-fonden 14,100,000 7.7% Alecta Tjänstepension 9,000,000 4.9% Handelsbanken Fonder 7,000,000 3.8% Janus Henderson Investors 6,646,400 3.6% Swedbank Robur Fonder 5,680,438 3.1% Danske Invest 3,236,614 1.8% OMXSPI FIRSTNORTH ACAST Monthly volume, thousand shares jan feb mar apr maj jun jul aug sep okt nov dec 10 20 30 40 0 2,000 4,000 6,000 8,000 10,000 31% 46% 8% 8% 7% Other Swedish Institutional owners Swedish private individuals Foreign Institutional owners Unknown owner type
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Board of Directors John Harrobin Chair of the board of directors since 2022 Chair of the development committee since 2025 Born: 1968 Education and professional experience: MBA from Northwestern’s Kellogg School of Business. Chief Marketing Officer at Audible Inc. and Verizon Communications Inc. Director of the board of the Association of National Advertisers (ANA) and the Advertising Self Regulatory Council (ASRC). Other ongoing assignments: President at Kinetic, Director at U.S. Telecom, and industry trade association. Previous assignments (completed during the past five years): Executive vice president, Consumer, Frontier Communications, Chief Marketing Officer at Audible, Chair of acast renumeration committee from 2022-2024 Holding in Acast: 116,874 shares Independent in relation to the company and its management, as well as independent in relation to major shareholders. Hjalmar Didrikson Member of the board of directors since 2021. Member of the remuneration committee since 2025. Born: 1974 Education and professional experience: M.Sc. in Finance, Stockholm School of Economics including studies at NYU Stern School of Business. Hjalmar Didrikson has experience from the investment industry and is, inter alia, co-founder of, and partner at, Alfvén & Didrikson. Other ongoing assignments: Chairman of the board, board member and deputy board member in companies within the Alfvén & Didrikson group, board member in Kleer Group AB, Chairman of the Board in Arthro Therapeutics AB and HJKK Didrikson AB. Previous assignments (completed during the past five years): Chairman of the board, board member and deputy board member in companies within the Alfvén & Didrikson group, chairman of the board in Arthro Therapeutics AB, Phoniro AB and Assa Abloy Global Solutions AB, board member in Hemcheck Sweden AB and Mysaly AB, Global Health Access GHA AB and Glue AB, deputy board member in companies within the Trustly group, AAX Biotech AB and Offerta Group AB as well as general partner in Didrikson & Partners Kommanditbolag. Holding in Acast: - Independent in relation to the company and its management, not independent in relation to major shareholders Jonas von Hedenberg Member of the board of directors since 2015 Chair of the audit committee since 2019. Born: 1963 Education and professional experience: M.Sc. in Business Administration and Economics, Stockholm University. Jonas von Hedenberg has experience from positions as CEO of SBS Radio AB, Executive Vice President and CFO of companies within the Bonnier group and assignments as chairman of the board and board member of companies in the media, SaaS and gaming industries. Other ongoing assignments: Investment Director of Bonnier Capital AB, chairman of the board of Storykit AB and Bonnier Nystart 4 AB, board member of Zymphonica AB and TheTriangleLab Ltd as well as deputy board member of Heja Sports AB, Murenas Tapetseria AB and Von Hedenberg Consulting AB. Previous assignments (completed during the past five years): Chairman of the board of People People People AB, Board member of Spoon Publishing AB, assignments as chairman of the board and board member of companies within the Bonnier Group. Holding in Acast: 2,658 shares Independent in relation to the Company and its management, not independent in relation to major shareholders. Board of Directors and Group Management ACAST ANNUAL REPORT 2025 28
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Board of Directors Björn Jeffery Member of the board of directors since 2019 and Vice Chair of the Board since 2025. Chair of the remuneration committee since 2024 and member of the audit committee since 2025. Born: 1981 Education and professional experience: Courses in behavioral sciences, political science, and TV media, Lund University, Sweden. Bonnier Duke Program (custom executive training program in management, innovation and leadership), Duke Corporate Education. Björn Jeffery's previous experience includes positions/ assignments as CEO and board member of companies within media and technology and also as a strategic advisor. Other ongoing assignments: Chairman of the board and owner in Björn Jeffery A, board member and owner in Outer Sunset AB, board member of Kinzoo Technologies Inc and Athanase Innovation AB, as well as deputy board member of Dolores Bay AB. Previous assignments (completed during the past five years): Deputy Chairman in Rovio Entertainment Corporation, VP Special Projects at Clue, chairman of the board in Fenix Family, board member in Paperwork HQ AB. Holding in Acast: 28,000 shares Independent in relation to the Company and its management, as well as independent in relation to major shareholders. Samantha Skey Member of the board of directors since 2022. Member of the remuneration committee since 2022 and member of the development committee since 2025. Born: 1972 Education and professional experience: BA in comparative literature from Hamilton College. Board member of both the Ad Council and the Interactive Advertising Bureau (IAB). Other ongoing assignments: Advisor to Penske Media Previous assignments (completed during the past five years): CEO of SHE Media. Holding in Acast: 6,600 shares. Independent in relation to the company and its management, as well as independent in relation to major shareholders. Marta Martinez Member of the board of directors since 2025. Member of the development committee since 2025. Born: 1970 Education and professional experience: Northwestern University, Kellogg's School of Business - Integrated Marketing Communications 2004. Master of Business Administration - Entertainment, Media and Technology, from New York University, Leonard N. Sterns School of Business, New York. Master of Science in Business Administration with emphasis in Marketing Management and International Business from ESADE, Barcelona, Spain. Other ongoing assignments: Managing Director Google Marketing Platform Americas, Google. Previous assignments (completed during the past five years): - Holding in Acast: -. Independent in relation to the Company and its management, as well as independent in relation to major shareholders. Board of Directors and Group Management ACAST ANNUAL REPORT 2025 29
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Group Management Greg Glenday Chief Executive Officer since 2025 Born: 1974 Education and professional experience: BA, University of Notre Dame; iHeartMedia, Undertone, Shazam, Lightbox Video OOH. Other ongoing assignments: Advisor, Tunespotter. Previous assignments (completed during the past five years): Board Member Music Audience Exchange; Board Member Outcome Health Holding in Acast: 11,321 shares and 1,680,000 stock options. Anders Hägg Chief Financial Officer and deputy Chief Executive Officer since 2026 Born: 1969 Education and professional experience: MSc International Management Control, Gothenburg University. Previous experience as CFO within the international food and FMCG industry at companies such as Food Folk, Scandi Standard, Arla Foods, and Unilever. Other ongoing assignments: - Previous assignments (completed during the past five years): CFO Food Folk / McDonald's Nordics. Holding in Acast: 5,000 shares and 0 stock options Lizzy Pollott Chief Communications & Brand Officer since 2023 Born: 1982 Education and professional experience: BA French and Spanish, University of Nottingham. Lizzy Pollott was previously SVP Marketing Communications and Brand at Acast since 2021 and VP before that. Prior to Acast, she was Creative Director and Board Member at Cake, part of the Havas Group in London. Other ongoing assignments: - Previous assignments (completed during the past five years): - Holding in Acast: 70,650 shares and 840,000 stock options. Board of Directors and Group Management ACAST ANNUAL REPORT 2025 30
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Group Management Daniel Adrian General Counsel since 2018 Born: 1976 Education and professional experience: Master of Laws LLM, University of Stockholm. Previous experience as General Counsel and Legal Counsel at companies in the entertainment industry as well as associate at law firms. Other ongoing assignments: Board member and owner in Danadrian AB, positions/assignments as secretary and board member of companies within the Acast Group as well as deputy board member of LD&DA AB, LD&DA Kraft AB and Business Consulting by Adrian AB. Previous assignments (completed during the past five years): - Holding in Acast: 9,410 shares and 840,000 stock options. Amanda Schmidt Chief People Officer since 2026 Born: 1983 Education and professional experience: Psychology, Rio Salado College, Industrial and Organizational Psychology Master's Program, NYU and Strategic Human Resources, Cornell University. Prior to Acast, she was Global Chief People Officer at Cision, Chief People Officer at Edelman, Global Chief People Officer at Dept and Global Chief People Officer at Essence. Other ongoing assignments: - Previous assignments (completed during the past five years): - Holding in Acast: 0 shares och 0 stock options. Board of Directors and Group Management ACAST ANNUAL REPORT 2025 31
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Board of Directors’ Report 2025 The Board of Directors and the CEO of Acast AB (publ) 556946-8498 hereby presents the Annual Report for the group and parent company for the financial year January 1 – December 31, 2025. GENERAL INFORMATION Acast is the global authority on podcasting, building the infrastructure that serves as the single point of entry for the whole industry. This enables creators to grow and monetize across audio, video, social, and beyond, and brands to buy at scale - without walls or borders. As the world’s largest pure-play podcast company, we connect 140,000+ storytellers with, 4,000+ advertisers globally. Acast operates internationally, and has local presence in 15 countries. Acast is headquartered in Stockholm, Sweden. IMPORTANT EVENTS DURING THE YEAR • Acast completed the acquisition of the award-winning creative studio Wonder Media Network (WMN). • In April, the company held a capital markets day where it presented its strategic direction and financial targets for 2025. • The Athletic, a New York Times company reporting on daily events and major moments in the world of sports, chose Acast as its exclusive advertising sales partner. • In June, the board appointed Greg Glenday as the new CEO of Acast. Greg Glenday previously served as Chief Business Officer at Acast and brings more than a decade of experience in senior roles at global companies. • Acast entered into a partnership with Magnite, the world’s largest independent sell- side platform (SSP) for advertising, to expand the company’s ability to offer programmatic advertising in podcasts. • Anders Hägg was appointed new CFO and deputy CEO of Acast. • In October, Acast announced updated financial targets. • On November 20, trading in Acast’s shares began on Nasdaq Stockholm’s main market. •In December, Acast announced the acquisition of Wake Word Studios. OPERATIONS/CONSOLIDATED NET SALES AND PROFIT/LOSS FOR THE YEAR Consolidated net sales in 2025 amounted to SEK 2,516.9m (1,943.7), representing an increase of 29% compared to 2024. This following growth across all segments, North America 60%, Europe 17% and Other Markets 9%. Exchange rates had a negative impact on net sales by 5%. The organic growth amounted to 33% (18%). The gross margin for the full year was 39%, which can be compared to 39% in 2024. Gross profit increased by 29% to SEK 989.4m (764.2). Operating expenses amounted to SEK -1,032.4m (-825.9), an increase of 25% compared to the previous year. The increase was driven by higher administrative expenses, which have been partly affected by higher costs attributable to social security contributions for the company's incentive programs, which have increased as a result of the company's share price rising during the year, partly by costs resulting from the change in CEO that took place in June and also by an increased number of employees., Sales and marketing expenses have also increased as a result of the higher number of employees. Items affecting comparability amounts to SEK SEK -43.4m (-1.6) which mainly relates to costs in connection with the change of CEO, list change and acquisition costs incurred for Wonder Media Network and Wake Word Studios. In addition, other operating income of SEK 18.8 m has been reported related a bargain purchase. This item arose in connection with the acquisition of Wake Word Studios, as the consideration transferred was lower than the fair value of the acquired net assets.For further information on items affecting comparability, see note 7. For more information on the acquisitions see note 4. Financial income amounted to SEK 17.3m (80.6) and consisted primarily of interest income on bank balances. Previous year was positively affected by unrealized exchange rate gains of SEK 56.8m. Financial expenses amounted to SEK -101.6m (6.1) and consisted primarily of unrealized exchange rate losses. Tax expenses for 2025 amounted to SEK -10.2m (61.3). No additional deferred tax income was recognized during the year, in 2024 a deferred tax income of SEK 86.2m was recognized for unused loss carryforwards attributable to previous losses. In addition, the year's profit has contributed to a lower tax expense. This years profit amounted to SEK -112.4m (78.2), Excluding items affecting comparability, the change compared to previous year amounted to SEK -148.8m, which is mainly explained by the fact that 2024 benefited from positive exchange rate effects and deferred tax income, while 2025 was burdened by negative exchange rate effects. However, underlying operating profit shows an improvement in 2025. For more information on items affecting comparability, see note 7. ACQUISITIONS DURING THE YEAR Acast Stories Inc acquired Wonder Media Network LLC on January 2, 2025. The total consideration for the acquisition preliminarily amounted to SEK 88.4m including an initial consideration of USD 4.0m, a deferred consideration of USD 1.5m and a contingent consideration of USD 2.6m. During the year the acquisition contributed 37.3m to Acast’s net sales and SEK -10.1m to the group’s operating loss (EBIT). The acquisition led to a total net outflow of cash of SEK 48.9m for the full year. During the third quarter the contingent consideration was paid, warrants were exercised for subscription of 1,397,154 new shares in Acast and USD 0.09m was paid in cash. Acast AB acquired Wake Word GmbH, including its wholly-owned subsidiary Podius.IO GmbH on December 19, 2025. The total consideration for the acquisition amounted to EUR 2.0. The acquisition’s impact on cash and cash equivalent resulted in an increase of SEK 8.3m. The acquisition was recognized as a bargain purchase, as the consideration paid was lower than the fair value of the acquired net assets. Consequently, a gain of SEK 18.8m has been identified in the purchase price allocation and is reported under other operating income. Beyond this item, the acquisition has no further impact on the group’s results for 2025. For further information on the acquisitions see note 4. Board of Directors’ Report ACAST ANNUAL REPORT 2025 32
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FINANCIAL POSITION As at December 31, 2025 the Group's total assets amounted to SEK 2,124.1m (2,010.1). The equity/assets ratio was 56% (63%). Intangible assets of SEK 103.1m (97.2) were reported. These assets consist of capitalized development costs for the Group's technology platform, which includes investments in new functions and improvements to existing systems. Intangible assets arising from the acquisitions of Podchaser, Wonder Media Network and WakeWord are also included. Right-of-use assets amounted to SEK 116.4m (133.3) and relate to lease agreements for office premises. During the year, a new lease agreement was signed for the Paris office, but the change in right-of-use assets compared to the previous year is mainly explained by current depreciation. As of December 31, 2025 the Group's deferred tax assets amounted to SEK 73.9m (66.9). The change during the year is mainly explained by effects related to leasing according to IFRS 16. Cash and cash equivalents amounted to SEK 589.3m (713.7). During the year, accounts receivable increased to SEK 695.0m (555.6) primarily due to increased sales. Higher sales naturally lead to larger outstanding accounts receivable at the end of the period. In addition, the Group's increased focus on the American market has contributed to a further increase in accounts receivable, as the payment pattern in the USA generally involves longer credit periods compared to other markets. Other liabilities have increased during the year due to increased social costs for LTI programs as Acast's share price has increased significantly during the year, and increased turnover has led to higher cash discounts for advertisers. CASH FLOW Cash flow from operating activities amounted to SEK 62.2m (34.4). The change is primarily attributable to improved operating profit. Cash flow from investing activities amounted to SEK -116.7m (-75.9). During the year cash flow from investing activities was mainly affected by the acquisition of Wonder Media Network and the payment of deferred consideration for Podchaser Inc. Investments in intangible assets, primarily related to continued development of the Group's technology platform, have also impacted cash flow. Cash flow from financing activities amounted to SEK -27.5m (-22.9), which consisted of amortization of the lease liability. The higher outflow of capital compared to the previous year is explained by the fact that the previous year included periods of lower rent and rent-free months in connection with new leases for the offices in London and New York. Cash flow for the year amounted to SEK -82.0m (-64.4). EMPLOYEES The average number of full-time employees in 2025 was 433 (379). Of the total number of employees 58%, were women (56%). RISKS AND UNCERTAINTIES Acast is exposed to a number of risks and opportunities that arise from both its own operations and changes in the external environment. The most important operational risks for the Group and the Parent Company are assessed to be: • ad-market downturn • audience growth • changes to the competitive landscape including strategic partners • recruitment, retention and succession planning of key staff • IT infrastructure failures Acast has managed fluctuations in the advertising market during the year and continues to closely monitor the development of the advertising market. At the same time, Acast has a continued focus on listening growth to grow Acast's marketplace and create continued growth in the coming years. The Group's and the Parent Company's primary Financial risks are: • Currency risk resulting from changes in exchange rates for transactions in foreign currencies and translation of equity and operating profit for foreign subsidiaries. • Credit/counterparty risk, i.e. the risk that a counterparty cannot fulfill its contractual obligations, including both counterparty risk and financial credit risk. • Money laundering, fraud and bribery. For further information on financial risks, see the Group's note 28. PARENT COMPANY Acast AB is the parent company of the group. The parent company's net sales amounted to SEK 560.7m in 2025 (513.8). Other operating expenses amounted to SEK 572.2m in 2025 (495.1). Tax revenue in the parent company amounted to SEK 0m (65) for 2025. During the year, no additional deferred tax income was recognized. In 2024, a deferred tax of SEK 86.2m was recognized for unused loss carryforwards attributable to previous losses. The parent company's result for 2025 was SEK -96.0m (164.8). The change in the parent company's result is mainly explained by a negative impact from unrealized exchange rate losses in net financial items, as well as increased costs related to the CEO change that, through the Group's transfer pricing model, have burdened the parent company. During the corresponding period last year, the result was instead positively affected by unrealized exchange rate gains. Risks for the parent company are consistent with what has been described for the group. THE SHARE Acast's share is listed on Nasdaq Stockholm. The number of shares amounts to 182,465,260 shares. The Board of Directors has been authorized by the Annual General Meeting on May 20, 2025, to decide on a new issue of shares and/or warrants to the extent that such an issue can be made without amending the Articles of Association. The total number of shares that may be added with the support of the issue authorization may correspond to a maximum of ten percent of the total number of outstanding shares in the Company at the time of the Annual General Meeting. The purpose of the authorization is to enable issues to be made to carry out company acquisitions that are important for the Company's operations and to use the Company's share as a means of payment. As of December 31, 2025, the company had three shareholders who each represented more than one tenth of the votes for all shares in the company: Bonnier Capital 17.2%, Alfvén & Didrikson AB 13.3% and Moor&Moor AB 11.1%. More information about Acast's share can be found on page 27. CORPORATE GOVERNANCE REPORT AND SUSTAINABILITY REPORT The Corporate Governance Report on pages 35-39 contains a detailed description of the work of the Board of Directors, the Audit Committee and the Nomination Committee. The 2025 Annual General Meeting resolved on guidelines for remuneration to senior executives.These apply until further notice and are described in the Group's note 8. The Sustainability Report, which has been prepared in accordance with the previous version of the Swedish Annual Accounts Act that was in effect before July 1, 2024, contains information about how Acast works with environmental and personnel issues. It can be found on pages 16-26. SIGNIFICANT EVENTS AFTER THE END OF THE FINANCIAL YEAR • In January 2026, Acast entered into a partnership with Perfect Day Media for advertising sales. The partnership means that Acast will have exclusive responsibility for the distribution and sale of pre-recorded ads for all podcasts within Perfect Day Media. • In early February, Acast entered into a partnership with the renowned publisher Slate. Board of Directors’ Report ACAST ANNUAL REPORT 2025 33
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Acast will become the exclusive partner for advertising sales and distribution of Slate's podcast network. The agreement adds more than 1.5 million listens per week to Acast's marketplace and strengthens the company's growth in the US. • In February Acast announced a cooperation with Apple to distribute video podcasts to Apple Podcasts using HLS. This enables Acast to distribute and monetize video podcast content for creators on the Apple Podcasts platform. • Following the turn of the year, the First AP Fund has been wound up as part of the restructuring of the Swedish AP fund system. In connection with this, the holding in Acast has been transferred to the Third and Fourth AP Funds. The ten largest shareholders as of 31 March 2026 are presented in the table below and are based on data from Modular Finance, Monitor. Owner ACAST Capital & Votes Bonnier Capital 31,296,930 17.2% Alfvén & Didrikson AB 24,243,613 13.3% Moor&Moor AB 18,309,481 10.0% AltoCumulus 15,793,265 8.7% Alecta Tjänstepension 9,000,000 4.9% Handelsbanken Fonder 8,455,662 4.6% Janus Henderson Investors 8,116,972 4.5% Fjärde AP-fonden 7,200,000 4.0% Swedbank Robur Fonder 6,928,305 3.8% Danske Invest 3,236,614 1.8% EXPECTED FUTURE DEVELOPMENT Acast is optimistic about the long-term opportunities for profitable growth and looks forward to the new target period extending to 2028. Based on the established financial targets, the company is aiming for an average organic sales growth exceeding 15% for the period 2025–2028. After reaching profitability in 2024, the ambition is to re-establish an increasing profitability trend through successive improvements, with the goal of reaching an operating margin (EBIT) of 10% for the full year 2028. PROFIT DISPOSITION Acast does not expect to pay a dividend in the foreseeable future*. The Annual General Meeting is provided with the following unrestricted equity, SEK: Share premium reserve 2,337,806,821 Retained earnings -494,705,064 Profit for the year -95,969,742 Total 1,747,132,016 The board proposes that available funds be carried forward into the 2026 accounts. Board of Directors’ Report ACAST ANNUAL REPORT 2025 34 * For further information see note 28.
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Corporate governance report 2025 INTRODUCTION Acast AB (publ) (“Acast”) is a Swedish limited liability company that has been listed on Nasdaq Stockholm since November 20, 2025, after previously being listed on Nasdaq First North Premier Growth Market. Acast’s corporate governance is based on Swedish law and generally accepted good practice in the Swedish securities market, including the Swedish Corporate Governance Code (the “Code”). The Code is based on the principle of comply or explain. This means that a company may choose to deviate from the individual rules of the Code if the company finds that a particular rule does not fit. This must then be reported and justified with an alternative solution. Acast has applied the Code without any deviations during 2025, except that the CEO did not attend the Annual General Meeting due to illness. Further information about Acast’s corporate governance is available on the company’s website. GENERAL MEETINGS The general meeting is the company’s highest decision-making body, where the shareholders exercise their voting rights. The Swedish Companies Act (2005:551) and the Articles of Association of the company set out how notice of the Annual General Meeting (AGM) and Extraordinary General Meetings (EGM) are to take place and who is entitled to participate in and vote at such meetings. In addition to the rules regarding a shareholder’s right to participate in a general meeting set out under Swedish law, the company’s Articles of Association stipulates that shareholders must notify their intention to attend the general meeting no later than the date indicated in the notice of the general meeting. There are no restrictions on the number of votes that each shareholder may cast at the general meeting. The AGM held on May 20, 2025, authorized the board to resolve to issue new shares and/ or warrants on one or several occasions for the period up to the next AGM, to the extent that such new issue can be made without amending the Articles of Association, and for the purpose of enabling the company to acquire other businesses and use the company’s shares as payment. An issue may be made with or without deviation from the shareholders’ preferential rights. The total amount of shares that may be issued based on the authorization, may correspond to a maximum of ten percent of the total number of outstanding shares in the company at the time of the AGM. For more information, refer to the company’s website and the report from the AGM. On 12 November 2025, Acast held an EGM at which a resolution was adopted to approve agreements allowing Acast’s former CEO, Ross Adams, to continue holding employee stock options and performance share rights in Acast’s share-based incentive programs adopted by the annual general meetings on 9 May 2023 (“LTI 2023”), 21 May 2024 (“LTI 2024”), and 20 May 2025 (“LTI 2025”). The resolution was adopted as a result of the settlement agreement that Acast entered into with Ross Adams, in connection with the company’s CEO transition on 22 June 2025. The AGM 2026 will take place on May 19 in Stockholm and the notice will be announced in accordance with the company’s Articles of Association and will also be available on the company’s website. MAJOR SHAREHOLDERS AND SHARE Information about major shareholders is set out in page 31 of the Annual Report. There is only one class of shares and all shares carry the same number of votes: one vote per share. NOMINATION COMMITTEE The AGM on May 9, 2023, adopted revised instructions for the Nomination Committee’s composition and work within Acast. According to these instructions, which will apply until further notice, the Nomination Committee is to comprise the three members appointed by the three largest shareholders in Acast in terms of voting rights as per July 31. In addition, the Nomination Committee may if it deems appropriate offer the institutional shareholders of the company the opportunity to appoint one member of the Nomination Committee. The Chair of the Board shall not be a member of the Nomination Committee but may be co-opted to the Nomination Committee’s meetings. If any of the three largest shareholders in terms of voting rights does not exercise their right to appoint a member, this right to appoint such a committee member is transferred to the next largest shareholder who does not already have the right to appoint a member of the nomination committee (however not more than five more shareholders are required to be contacted unless the Chair of the Board finds specific reasons for doing so). The Chair of the Nomination Committee shall be the member representing the largest shareholder in terms of voting rights, unless the members decide otherwise. The names of the committee members are to be announced as soon as the Nomination Committee has been appointed, but not later than six months before the next AGM. According to the instructions, the Nomination Committee shall prepare and submit proposals to the AGM concerning, inter alia, the number of Board members and the composition of the Board, including the Chair of the Board, and proposals concerning board fees, divided between the Chair and the other Board members as well as any fees for committee work. Further, the Nomination Committee is to present proposals concerning the Chair of the AGM and election of auditors and their fees, as well as proposals regarding any new instructions concerning the appointment of the Nomination Committee and its work. The Nomination Committee applied the Code rule 4.1 as diversity policy in its nomination work. The aim is to achieve a well-functioning composition of the Board when it comes to diversity and breadth, as regards inter alia gender, age, competence and experience. The current composition of the Board is the result of the work of the nomination committee prior to the AGM 2025. The Board comprises two women and four men. Acast’s Nomination Committee ahead of the AGM 2026 comprises: Sofia Hasselberg (chair), appointed by Bonnier Capital AB, Cecilia Tunberger, appointed by Alfvén & Didrikson AB, Björn Yrlid, appointed by Moor & Moor AB and Lars Hagerud, AltoCumulus, appointed by the three largest share holders’ representatives in the Nomination Committee. BOARD OF DIRECTORS The Board is the highest executive body of Acast and the second-highest decision- making body of Acast after the general meeting. The duties of the Board are set forth in the Swedish Companies Act, and the Code. Corporate Governance Report ACAST ANNUAL REPORT 2025 35
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Further, the work of the Board is regulated by the operating procedures of the Board, which the Board adopts every year. The operating procedures govern the division of work and responsibility among the Board, its Chair, and the CEO. The Board also adopts instructions for the Board committees, the CEO, and the financial reporting. The Board has the overall responsibility for the organization of Acast and the management of the company’s affairs. The Board shall ensure that the company’s organization is structured so that the accounting, management of funds and the company’s overall financial situation are controlled in a satisfactory manner. The Board is responsible for the company’s long-term operations and significant matters. The Board shall review the company’s operations and establish business objectives and strategies for the company and continuously monitoring the company’s development and financial situation. The Board is responsible for the group’s financial statements being prepared in compliance with legislation and applicable accounting principles, and for quality assuring the company’s financial and sustainability reporting. In addition, the Board has the responsibility for ensuring that there is satisfactory control of the company’s compliance with laws and regulations. Furthermore, it is the task of the Board to appoint the CEO, adopt instructions covering the duties of the CEO and monitor the work of the CEO as well as adopt instructions for the committees. The Chair of the Board manages the work of the Board to ensure that the Board works efficiently and in accordance with applicable legislation and other regulations. The Chair shall ensure that the Board receives satisfactory information, documentation and basis for resolutions in its work, including information about the company’s financial position and development. The Chair is responsible for ensuring that the Board’s work is evaluated annually and makes sure that the Board’s resolutions are implemented effectively. According to Acast’s Articles of Association, the Board shall comprise three to ten directors with no deputy members. As of the date of this Annual Report, the Board consists of six ordinary members elected at the AGM 2025 of which two are women and four are men. The Articles of Association contain no specific clauses governing the appointment or dismissal of Board members or regarding amendment of the Articles of Association, except that Board members are elected yearly at the AGM until the next AGM has been held. More information on the members of the board and their commitments is set out in page 28-29 in the Annual report. The work of the Board In addition to the statutory board meeting, held immediately after the AGM, the Board meets at least seven times per year (as per the Board’s operating procedures). The dates of meetings and the main standing items on the agenda to be discussed at the scheduled meetings follow a set process as further described in the Board’s operating procedures. Extra board meetings can be convened when required. Acast’s Board held 28 meetings during 2025, one of which was a statutory board meeting. The attendance of each member at board and committee meetings is shown in the table below. The secretary at the meetings of the Board is Acast’s General Counsel. Prior to each meeting, the Board members receive an agenda and written material for the items to be discussed at the meeting. The agenda ahead of each scheduled board meeting includes a number of standing items: The CEO report (including M&A), finance report and reports from the committees. In 2025, besides regular board matters, the Board discussed compliance with laws and regulations, strategy, competition, organization, risk management, information security and sustainability as well as the change of stock exchanges lists from Nasdaq First North Premier Growth Market to Nasdaq Stockholm. Board Committees During 2025, the Board established a Development Committee and currently has three committees - the Audit Committee, the Remuneration Committee, and the Development Committee - all of which operate in accordance with instructions adopted by the Board. These committees prepare matters for the Board and do not have any own power of resolution. The matters addressed at committee meetings are recorded in minutes and reported as necessary at the following board meeting. Audit Committee The committee consists of two members: Jonas von Hedenberg (chair) and Björn Jeffery. Leemon Wu was a member up until the AGM 2025 and was then replaced by Björn Jeffery. The main tasks of the committee are, without otherwise affecting the Board’s responsibilities and duties, to ensure that a satisfactory level of control over risk management, internal control, accounting, financial reporting and sustainability reporting exists and ensure that the company’s financial and sustainability reporting is prepared in accordance with laws, other relevant regulations and applicable accounting standards. The committee shall ensure and maintain on-going contact with the external auditor, review the performance of and evaluate the work of the external auditors and make recommendations to the nomination committee for the appointment, reappointment or termination of the appointment of the external auditor. The committee also reviews and assesses the external auditor’s independence and objectivity towards the company, once per year. Furthermore, the committee shall inform the Board of the results of the external audit, and in what way the audit contributed to the reliability of the financial reports and what function the committee has had. The committee operates according to an annual work plan and has held seven meetings during 2025, in which the following main topics have been discussed: the change of exchange lists from Nasdaq First North Premier Growth to Nasdaq Stockholm, evaluation of the auditor, audit plan, internal control reporting, quarterly reports and ESG as well as cyber security. Remuneration Committee The committee consists of three members, Björn Jeffery (chair), Hjalmar Didrikson and Samantha Skey. John Harrobin was a member up and until AGM 2025 and was then replaced by Hjalmar Didrikson. The committee shall prepare proposals on remuneration principles and remunerations and other employment terms for the company’s executive management. The committee shall also monitor and evaluate any programs for variable remuneration for the executive management, the application of the guidelines for remuneration to the executive management adopted by the AGM as well as the current remuneration structures and remuneration levels in the company. The committee operates according to an annual work plan and has held five meetings during Corporate Governance Report ACAST ANNUAL REPORT 2025 36 Board member Board fees (SEK) Audit Committee fees (SEK) Remuneration Committee fees (SEK) Development Committee fees (SEK) John Harrobin (ordförande) 1,000,000 25,000 500,000 Björn Jeffery 400,000 50,000 50,000 Hjalmar Didrikson 400,000 25,000 Jonas von Hedenberg 400,000 100,000 Leemon Wu 350,000 50,000 Marta Martinez 400,000 350,000 Samantha Skey 400,000 25,000 350,000
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2025, in which the following main topics have been discussed: incentive programs, remuneration report, remuneration guidelines, remuneration to the CEO and succession planning. Development Committee The committee consists of three members: John Harrobin (Chair), Marta Martinez, and Samantha Skey. The committee was established in connection with the AGM 2025 and is tasked with supporting the Board in overseeing and guiding the company’s strategic initiatives aimed at increasing and diversifying the company’s revenues and listener base. The committee’s mandate includes, among other things, evaluating and recommending opportunities to expand into new and other media formats and geographic markets, as well as identifying and assessing strategic partnerships or investments as further determined by the Board. The work of the committee shall be carried out with due regard to the CEO’s responsibility for the day- to-day management of the company, as well as the division of responsibilities between group management and the Board in general. In connection with the establishment of the new committee, the separate consultancy agreements previously entered into by the company with Board members John Harrobin and Samantha Skey, including the related consultancy fees, were terminated. The committee operates in accordance with an annual work plan and held three meetings during 2025. Among the topics discussed were video and platform expansion, growth in the U.S., partnerships, performance metrics, market analysis, growth in the creator network and content, and acquisition opportunities (M&A). Evaluation of the Board and the CEO The Chair of the Board initiates an evaluation of the work of the Board once per year in accordance with the Board’s operating procedures. The 2025 evaluation has been done by an external consultant, Egon Zehnder. The purpose of the evaluation is to obtain a clear picture of the Board’s current effectiveness - both collectively and individually - and to receive concrete recommendations on how the Board can work even more effectively going forward. The purpose is also to gain insight into which types of issues the Board believes should receive greater attention and in which areas there may be a need for additional experience and expertise within the Board. The results of the evaluation have been reported to and discussed within the Board. The results have also been reported to the Nomination Committee. The Board has also performed the annual evaluation of the CEO. The results of the evaluation have been reported to and discussed within the board. THE CEO AND DEPUTY CEO The CEO, Greg Glenday, is subordinated to the Board and is responsible for the everyday management and operations of the company. The division of work between the Board and the CEO is set out in the operating procedures of the Board and the CEO’s instructions. In addition, the CEO is responsible for the preparation of reports and compiling information from the executive management for the board meetings and for presenting such materials at the board meetings. The CEO must ensure that the Board receives adequate information for the Board to be able to continuously evaluate the company’s financial condition, e.g. information regarding the company’s financial position and development, liquidity and relevant key ratios. Acast has appointed a deputy CEO, Anders Hägg, that will act in CEO’s stead in his absence in accordance with the rules in the Swedish Companies Act, the Board’s operating procedures and the CEO’s instructions. REMUNERATION TO THE BOARD OF DIRECTORS, CEO AND EXECUTIVE MANAGEMENT TEAM Remuneration to the Board Fees and other remuneration to the members of the Board, including the Chair of the Board, are resolved by the general meeting. At the AGM on May 20, 2025, it was resolved that the following fees shall be paid. The Chair of the Board shall be paid a fee of SEK 1,000,000 (700,000) and each of the other members of the Board shall be paid a fee of SEK 400,000 (350,000). The Chair of the Audit Committee shall be paid a fee of SEK 100,000 (same as previous year) and the other member of the Audit Committee shall be paid a fee of SEK 50,000 (same as previous year). The Chair of the Remuneration Committee shall be paid a fee of SEK 50,000 (same as previous year) and the other members of the Remuneration Committee shall be paid a fee of SEK 25,000 (same as previous year). The Chair of the Development Committee shall be paid a fee of SEK 500,000 and the other members of the Development Committee shall be paid a fee of SEK 350,000. The Board members are not entitled to any benefits following resignation of their Board assignments. The table above sets forth the remuneration to the Board for the financial year of 2025. In connection with the AGM 2025 and the establishment of the Development Committee, the consultancy agreements previously entered into by the company with Board members John Harrobin and Samantha Skey regarding specific services related to the U.S. market were terminated, meaning that consultancy compensation will no longer be paid. Guidelines for remuneration to the CEO and executive management At the AGM on May 20, 2025, it was resolved to adopt guidelines for remuneration to the executive management. Remuneration to the executive management shall consist of fixed base salary, possible variable cash remuneration, the possibility to participate in long-term share-based incentive plans, Board member pension, as well as other customary benefits. The basic principle is that the remuneration and other employment conditions should be in line with market conditions and be competitive. Any remuneration to the CEO and the other members of the executive management team in the form of long-term incentive plans is decided by the general meeting. The remuneration to the CEO in terms of fixed base salary, variable cash remuneration, pension and other customary benefits (including any benefits related to relocation) is resolved by the Board in accordance with the guidelines for remuneration to the executive management. Any variable cash remuneration to other members of the executive Corporate Governance Report ACAST ANNUAL REPORT 2025 37 Board member Independent from the company Independent from major shareholders Board meetings Audit Committee Remuneration Committee Development Committee John Harrobin (ordförande) Yes Yes 28/28 — 1/5 3/3 Björn Jeffery Yes Yes 28/28 2/7 5/5 — Samantha Skey Yes Yes 23/28 — 5/5 3/3 Jonas von Hedenberg Yes No 28/28 7/7 — — Leemon Wu Yes Yes 10/28 5/7 — — Marta Martinez Yes Yes 13/28 — — 3/3 Hjalmar Didrikson Yes No 28/28 — 4/5 —
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management team is also resolved by the Board. The remuneration to the other members of the executive management team in terms of fixed base salary, pension and other customary benefits (including any benefits related to relocation) is resolved by the CEO in accordance with guidelines for remuneration to the executive management. Fixed base salary The fixed base salary for executive management shall be adapted to market conditions and shall be reviewed every year. Salaries shall be age- and gender-neutral and anti-discriminatory. Variable cash remuneration Variable remuneration may be awarded to the executive management and shall be linked to predetermined and measurable criteria, designed to enhance the company’s long-term value creation aligned with shareholders’ interests. Variable remuneration to the executive management may not exceed 150% of the fixed base salary. The company offers short-term incentive in the form of cash-based variable remuneration to the executive management team. No variable remuneration is pensionable. Pay-out is based on growth and profitability-related targets determined based on Acast’s financial targets. Moreover, the payment may be based on the achievement of key strategic goals. Share-based incentive plans Share-based incentive plans shall be connected to the long-term strategy as reflecting long term share price development. Share-based incentive plans shall be resolved by the general meeting and are therefore not covered by the guidelines. More information on the Acast share-based incentive plans is set out on page 54-55 in the Annual Report. Pension, insurance and other benefits Pension and insurance shall be offered pursuant to national legislation, regulations and market practices and are structured according to collective agreements, company- specific plans or a combination of the two. Acast shall have defined-contribution pension plans and pension contribution may not exceed 30% of the fixed base salary. The executive management is entitled to other customary benefits. These are designed to be competitive in relation to similar operations in the respective country. Compensation in the form of benefits may amount to maximum 10% of fixed base salary. In order to facilitate the work of members of the executive management who are located in other countries than their home countries of employment, additional benefits and allowances may include (but is not limited to) commuting- or relocation costs, cost of living adjustment, housing, travel- or education allowance, tax- and social security equalization assistance. Such additional benefits may amount to a maximum of 120 % percent of base pay. Termination of employment All employees within the executive management team have employment agreements with a notice period of six to twelve months. Salary during the period of notice and severance pay for executive management may together not exceed an amount equivalent to twelve months’ fixed base salary. Deviation from the guidelines The Board may deviate from the guidelines if there are specific reasons to do so in an individual case. Any such decision shall be prepared by the Remuneration Committee and shall together with the reasons for the resolution be reported in the remuneration report to the following AGM. Remuneration paid by the Company to the CEO and other members of the executive management team Information about the remuneration to the CEO and other members of the executive management team for the financial year of 2025 is set out in page 52 of the Annual Report. Current employment agreements for the CEO and other members of the executive management team The employment agreement for the CEO stipulates a notice period of twelve months when notice is given by the company or if notice is given by the CEO. Payment can also be made in lieu to the CEO. For the other members of the executive management team the agreements stipulate a notice period of six months, regardless of the notice being given by the company or by the member of the executive management team. Each of the agreements are equipped with non-compete clauses. Two of the agreements for the executive management are governed by U.S. law and one agreement is governed by UK law. AUDIT The auditor will audit the company’s annual report and accounts as well as the administration of the Board and the CEO and submits an audit report to the AGM. According to Acast’s Articles of Association, an auditor or a registered public accounting firm shall be elected as auditor of the company, with or without a deputy auditor. At the AGM on May 20, 2025, KPMG was appointed as auditor for the period until the AGM 2026. The auditor in charge is Jesper Swärd who has been the auditor in charge since 2025. The auditor has participated in board meetings and reported to the Board on two occasions during 2025, one occasion during which the executive management was not present. The auditor receives remuneration for the work in accordance with the resolution of the AGM. For the 2025 financial year, total remuneration to Acast’s auditor amounted to SEK 6.8 M. INTERNAL CONTROL The Board’s responsibilities regarding the internal control are regulated in the Swedish Companies Act, the Annual Accounts Act (Sw. årsredovisningslagen (1995:1554)) and the Code. The Board’s duties include to establish that Acast has good internal control, formalized routines, and an effective system for follow-up and control of the operations. In addition the Board must stay informed of Acast’s internal control procedures and ensure that the internal control is compliant with applicable rules and principles and is evaluated accordingly. Acast’s internal control and risk management system, as well as the Board’s measures for follow-up of internal control have been reviewed by the Audit Committee and adopted by the Board and must be described every year in the Acast’s corporate governance report. Acast’s internal control regarding the financial reporting is designed to manage risks and ensure a high level of reliability in the processes around the preparation of the financial reports and to ensure compliance with the applicable reporting requirements and other requirements that Acast has as a listed company. The Board is, in accordance with the Swedish Companies Act and the Code, responsible for the internal control of the company regarding financial reporting. Acast’s internal control over financial reporting is built from the “Internal Control - Integrated Framework” published by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) framework, that consists of five components: control environment, risk assessment, control activities, information, and communication, as well as monitoring. Acast runs an operative, decentralized, and transparent organization in which the financial department is centralized as a support function. This means that the company has resources in place, in the form of employees and systems, to establish standardized and efficient administrative procedures and processes. Processes are continuously evaluated in line with compliance. Follow-ups of earnings and balances are made monthly. Clear documentation via policies and instructions together with recurrent follow ups and regular discussions with the auditors ensure continuous efforts to improve these processes. Corporate Governance Report ACAST ANNUAL REPORT 2025 38
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CONTROL ENVIRONMENT Acast’s control environment consists of guidelines and policies, established decision- making routes, powers and areas of responsibility and an organization that is adapted to the needs of the operations. The Board has established governing documents and instructions for communicating a clearly defined internal control environment, which also aims to define the roles and division of responsibilities between the CEO and the Board. These governing documents and instructions include the Board’s operating procedures, CEO instruction and instruction to the CEO regarding financial reporting and delegation of authorities. In addition, the board has adopted a risk management policy where Acast’s risk management, internal control, and control environment is regulated. Acast has a financial handbook that includes controlling and monitoring of financials compared to previous years, as well as follow- ups on Acast’s accounting principles. Acast has a whistleblowing policy and an anonymous whistleblowing channel provided by an external party. The whistleblowing channel is available both internally and externally and enables anonymous reporting. The Board is the utmost responsible for the financial reporting as well as the internal control and risk assessment and the Audit Committee is monitoring Acast’s risk- and internal control efficiency on the basis of the financial reporting. The executive management team is responsible of the reporting to the Board and the Audit Committee according to Acast’s reporting routines. All policies and instructions are updated in the event of changes in the law, accounting standards or principles. RISK ASSESSMENT AND CONTROL ACTIVITIES Acast’s risk management policy regulates Acast’s work on risk management and control activities. The Acast risk management framework emphasizes the management of risks as part of daily operations and all business units shall continuously identify, assess, document, respond to, and monitor risks in their activities. Risk management shall be fully integrated into the business planning and control processes. Management is responsible for fostering a personal sense of responsibility, establish a common view and awareness of risk and delegate and facilitate ownership and accountability of risks in daily decision-making. Identified risks are handled in accordance with Acast’s key processes and integrated control activities, for example segregation of duties, carefully designed role descriptions, as well as a documented decision-making process. The key processes are designed to handle and mitigate identified risks. Self-assessment on the internal control procedures is performed on a regular basis. Follow-up on Acast’s financial position, results, and balances is carried out on a monthly basis. Clear documentation through policies and instructions, together with recurring follow-ups and regular internal discussions, ensures continuous efforts to improve these processes. General IT-controls is also a part of the company- wide control system. In accordance with the risk management policy, Acast’s strategic, operational, financial and compliance risks are identified, assessed and documented in relation to, inter alia, risk appetite and tolerance limits. The main elements of the risk management process are illustrated in the picture to the right, where each step is clearly described in Acast’s policy to allow for a clear and adequate process. Acast has appointed so called “Risk Leads” among its senior executives who are responsible for identification, analysis and documentation of certain risks (threats or opportunities) on a regular basis. The identification includes the sources of risk, areas of impact, events and to identify their potential consequences. This process includes identifying and appointing risk owners for the most significant identified risks. The work is based on a risk map to ensure that the entire spectrum of risks is captured. This risk map is reviewed by management at least two times per year and the results are reported to the Audit Committee and the Board. The risks that have been identified, analyzed and evaluated in accordance with the guidelines in the policy are documented in the Acast’s risk register. The risk register and the risk management process as a whole is reported internally to management, whilst top risks are reported externally in Acast’s quarterly reports. INFORMATION AND COMMUNICATION Acast has routines, essential policies, instructions, etc., that have been designed to ensure that the financial reporting is correct, updated and communicated on an ongoing basis. There are both formal and informal information channels to the Board for essential information from the executive management, including a well-documented reporting process to secure that information regarding financial position and results reaches the Board on a monthly basis. Other vital information regarding for example ongoing or future investments, key administration matters and potential key risks will be reported to the Board when relevant. For external communication, there are guidelines set out in the Communication and IR policy as well as the Insider Policy that ensure that Acast meets the requirements for correct information to the market. MONITORING The Board has decided that monitoring and review of top risks shall take place two times per year and that such review shall be prepared at the Audit Committee and reported, evaluated and discussed by the Board. The Audit Committee further reviews and monitors that relevant measures are taken regarding any deficiencies identified during the risk reviews. INTERNAL AUDIT The management and financial reporting are reviewed by the Audit Committee and the Board, and an internal control assessment is performed annually by the Board. For 2025, the company has assessed that there is no need for an internal audit function, with reference to the improvements made to the company’s internal controls and processes through the ongoing work on risk management and internal control carried out by several departments, including Finance, Product, IT Security, and Legal. Whether an internal audit function is necessary is reviewed by the Board of Directors on an annual basis. Corporate Governance Report ACAST ANNUAL REPORT 2025 39 Communicate and Report Monitor and Review Evaluate Risks Analyze Risks Identify Risks Establish Context Treat Risks
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ACAST ANNUAL REPORT 2025 40 Financial Information Content GROUP Consolidated statement of profit or loss 41 Consolidated statement of comprehensive income 41 Consolidated statement of financial position 42 Consolidated statement of changes in equity 43 Consolidated statement of cash flows 44 Group notes 1-32 45-68 PARENT COMPANY Income statement 69 Balance sheet 70 Changes in equity 71 Statement of cash flows 72 Parent company notes 1-23 73-80 BOARD SIGNATURES 81 DEFINITIONS AND PURPOSES 82-83 RECONCILIATION OF ALTERNATIVE PERFORMANCE MEASURES 83-84 OVERVIEW KPI’S 85 AUDITOR’S REPORT 86 INFORMATION TO SHAREHOLDERS 90
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Acast Group financial information Consolidated statement of profit or loss SEK thousand Note 2025 2024 Net sales 3, 4 2,516,851 1,943,701 Cost of content 4 -1,527,440 -1,179,505 Gross profit 989,412 764,196 Sales and marketing costs 3, 5, 6, 8, 9 -510,717 -414,377 Administration expenses 3, 5, 6, 7, 8, 9, 10, 11 -313,724 -223,444 Product development costs 3, 5, 6, 8, 9 -207,941 -188,065 Other income 4, 7, 10 24,935 4,180 EBIT (Operating profit/loss) -18,035 -57,511 Financial income 12 17,338 80,584 Financial costs 12 -101,557 -6,118 Profit/Loss before income tax -102,254 16,955 Tax 13 -10,157 61,260 Profit/Loss for the year -112,411 78,215 Earnings per share, based on loss for the period attributable to Parent Company shareholders: Basic earnings per share, SEK 31 -0.62 0.43 Diluted earnings per share, SEK 31 -0.62 0.42 Average numbers of shares, thousands 181,547 181,068 Average numbers of shares, thousands 181,547 187,732 Consolidated statement of comprehensive income SEK thousand Note 2025 2024 Profit/Loss for the year -112,411 78,215 Other comprehensive income Items that may be reclassified subsequently to profit or loss Foreign currency translation differences -30,066 20,512 Total comprehensive income for the year -142,477 98,727 Profit/Loss and total comprehensive income for the year is attributable to owners of the parent company since no non-controlling interest exists. Group financial information ACAST ANNUAL REPORT 2025 41
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Consolidated statement of financial position SEK thousand Note 31.12.2025 31.12.2024 ASSETS Non-current assets Goodwill 4, 14 380,572 369,918 Intangible assets 3, 4, 14 103,076 97,178 Tangible assets 3, 4, 15 17,189 10,985 Right-of-use assets 3, 4, 28, 29 116,449 133,277 Financial assets 16, 28, 29 10,195 3,021 Deferred tax assets 13 73,880 66,939 Total non-current assets 701,360 681,319 Current assets Accounts receivable 17, 28 694,983 555,575 Other receivables 28 66,571 18,892 Prepaid expenses and accrued income 3, 18, 28 71,808 40,584 Cash and cash equivalents 4, 19, 28 589,334 713,704 Total current assets 1,422,695 1,328,755 TOTAL ASSETS 2,124,055 2,010,074 SEK thousand Note 31.12.2025 31.12.2024 EQUITY AND LIABILITIES EQUITY Share capital 22 1,183 1,174 Other paid in capital 2,337,807 2,337,807 Translation reserves -12,749 17,317 Retained earnings (including profit/loss for the year) -1,144,964 -1,088,567 Total equity attributable to Parent company shareholders 1,181,277 1,267,731 LIABILITIES Non-current liabilities Lease liabilities 4, 28, 29 103,330 117,709 Deferred tax liabilities 13 23,904 19,930 Other long-term liabilities 30 674 — Total non-current liabilities 127,908 137,640 Current liabilities Accounts payable 28 261,334 174,727 Provisions 24 — 3,079 Other payables 25 139,163 114,161 Current tax liabilities 13 3,732 3,738 Accrued expenses and prepaid income 3, 26 378,590 285,556 Total current liabilities 814,871 604,703 TOTAL EQUITY AND LIABILITIES 2,124,055 2,010,074 Group financial information ACAST ANNUAL REPORT 2025 42
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Consolidated statement of changes in equity SEK thousand Note Share capital Otheer paid in capital Translation reserve Retained earnings (including profit/loss for the period)* Total equity Opening balance at January 1, 2024 1,174 2,337,807 -3,195 -1,191,964 1,143,822 Profit/Loss for the year 78,215 78,215 Other comprehensive income 20,512 20,512 Total comprehensive income for the year 20,512 78,215 98,727 Transactions with owners Employee share schemes - value of employee services 25,181 25,181 Total transactions with owners — 25,181 25,181 Closing balance at December 31, 2024 1,174 2,337,807 17,317 -1,088,567 1,267,731 Opening balance at January 1, 2025 1,174 2,337,807 17,317 -1,088,567 1,267,731 Profit/Loss for the year -112,411 -112,411 Other comprehensive income -30,066 -30,066 Total comprehensive income for the year -30,066 -112,411 -142,477 Transactions with owners Contingent consideration, Wonder Media Network, through issued shares** 9 21,186 21,195 Employee share schemes - value of employee services 34,830 34,830 Total transactions with owners 9 56,015 56,024 Closing balance at December 31, 2025 1,183 2,337,807 -12,749 -1,144,964 1,181,277 * Costs for equity based warrant programs are presented in the column for Retained Earnings including profit/loss for the year. ** For further information see note 4. Group financial information ACAST ANNUAL REPORT 2025 43
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Consolidated statement of cash flows SEK thousand Note 2025 2024 Operating activities EBIT (Operating profit/loss) -18,035 -57,511 Adjustments for non-cash items 20 158,322 112,456 Interest received 11,708 23,805 Interest paid -10,511 -5,508 Income taxes paid -6,505 -5,183 Cash flows from operating activites before changes in working capital 134,979 68,059 Changes in working capital Accounts receivable (increase - / decrease +) -193,320 -86,458 Other current receivables (increase - / decrease +) -69,489 7,758 Accounts payable (increase + / decrease -) 88,475 29,946 Other current liabilities (increase + / decrease -) 101,531 15,085 Total change in working capital -72,803 -33,668 Cash flows from operating activities 62,176 34,390 SEK thousand Note 2025 2024 Investing activities Investment in equipment -11,148 -11,221 Investment in intangible assets -55,090 -52,032 Acquisition of subsidiaries 4 -36,124.1 -11,118.3 Deferred consideration Podchaser and Wonder Media Network 25 -14,347 — Deposits paid -1,537.4 -1,504.7 Deposits received 1,586 — Cash flows from investing activities -116,660 -75,876 Financing activities Lease payments 21 -27,488 -22,942 Issue of new shares 9 — Cash flows from financing activities -27,479 -22,942 Cash flows for the year -81,963 -64,427 Cash and cash equivalents at the beginning of the year 713,704 759,463 Effect from movements in exchange rates on cash and cash equivalents -42,407 18,669 Cash and cash equivalents at the end of the year 19 589,334 713,704 Group financial information ACAST ANNUAL REPORT 2025 44
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Notes to the consolidated financial statements General information Acast AB (publ),corporate no.556946-8498, is a limited liability company registered in Sweden, headquartered in Stockholm. The address of the head office is Kungsgatan 28, 111 35 Stockholm. Acast AB and its subsidiaries (“group”) include; • Acast Stories AS • Acast Stories GmbH • Acast Stories Inc • Podchaser Inc • Wonder Media Network LLC • Acast Stories Ltd • Acast Stories Pty • Acast Stories SAS • Acast Stories Canada Inc • Acast Stories Ireland Ltd • Acast Stories Mexico, S. de R.L. de C.V. • Wake Word GmbH • Podius.io GmbH The financial statements were approved by the Board of Directors and CEO for publication on April 16, 2026. The annual report will be presented for adoption at the AGM on May 19, 2026. All amounts, unless otherwise noted, are in thousands SEK. NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES Basis for preparing the reports The consolidated financial statements for Acast have been prepared in accordance with the Annual Accounts Act, IFRS Accounting Standards adopted by the International Accounting Standards Board (IASB) as endorsed by the EU and RFR 1 Supplementary Rules for Groups, issued by the Swedish Sustainability and Financial Reporting Board. Summarized amounts presented in tables and calculations do not always correspond to the calculated sum of the separate subcomponents due to rounding differences. The ambition is that each subcomponent should correspond to its source of origin and therefore rounding differences may affect the total when all subcomponents are summed. New IFRS Accounting standards and IFRIC Interpretations that have not yet been applied by the Group Amended accounting standards or interpretations approved for application from January 1, 2025 have not had any material impact on the Group's financial statements. The IASB's adopted new and amended IFRS Accounting Standards with future application are not expected to have any material effect on the Group's financial statements. IFRS 18 Presentation and Disclosures in Financial Statements will be effective from 1 January 2027. IFRS 18 primarily changes three key areas: the presentation of the income statement, the introduction of disclosures about performance measures reported outside the company's financial statements (management-defined performance measures, MPM) and improved aggregation and disaggregation of information in the primary reports and notes. Work is currently underway to assess the potential impact of IFRS 18 on financial reporting. IFRS 18 requires retrospective application, which means that comparative information for the 2026 financial year will be restated. Valuation methods used in the preparation of financial statements Assets and liabilities are measured at amortized cost. Foreign currency conversion Transactions and balance sheet items Transactions in foreign currency are translated at the exchange rates prevailing on the transaction date. Exchange rate differences are recognized in the income statement when translating monetary assets and liabilities in foreign currency at the closing rate. Exchange rate gains and losses relating to loans and cash and cash equivalents are recognized in the income statement as financial income or expenses, except for internal loans stemming from acquisitions where the parent company has contributed cash and cash equivalents. The Group changed its policy for these in the second quarter of 2025. As settlement of these loans is not planned or is unlikely to occur in the foreseeable future, these in practice form part of the company's net investment in foreign operations. They are accounted for in accordance with IAS 21 paragraph 15 and paragraph 32.The exchange rate effect for these loans is therefore recognized in Other comprehensive income. All other exchange rate gains and losses are recognized net in the income statement as Other income/expenses. Group companies The consolidated financial statements are prepared in Swedish kronor (SEK), which is the functional currency of the parent company and the reporting currency of the group in accordance with IAS 21. The balance sheets of foreign subsidiaries have been translated into SEK at the exchange rate on the balance sheet date. The income statements have been translated at the average exchange rate for the year. The translation difference that arises in connection with the currency translation is reported in other comprehensive income. Consolidated accounting and business combinations The consolidated financial statements include Acast AB and all companies over which the parent company has control, i.e. the right to direct the operations, exposure to variable returns and the ability to affect returns through its influence. Net sales Acast's net revenue is generated primarily by delivering advertising and sponsorships in podcasts. The main client base is media agencies, but also includes direct customers. Customer contracts cover a specified period and/or the number of listens for Acast to deliver. The price may be based on the number of listens to be delivered during the contract period with a minimum level of agreed listens or be a fixed- price-contract based on a fixed period. Acast has concluded that, in both types of contracts, the group is bound by a performance obligation that is fulfilled over time as the services are rendered. For contracts where the price is based on the number of listens to be delivered, the fulfillment of the performance obligation is calculated, for revenue recognition purposes, based on the number of advertisements listened to (impressions) in relation to the contractual number of advertisements. For fixed-price contracts based on a fixed period, revenue is recognized on a straight-line basis as the performance obligation is considered to be fulfilled successively throughout the contracted period. Group Notes ACAST ANNUAL REPORT 2025 45
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There are contracts with volume discounts. The revenue recognized is reduced by expected volume discounts, which are estimated based on historical and projected data. Additional net revenue consists of revenue from Software as a Service (SaaS), e.g. when podcast creators purchase hosting and distribution services from Acast or when specific podcasts are delivered without advertising to listeners. This also includes Podchaser's customers who pay a recurring monthly fee to access Podchaser's database. Acast has concluded that the service is distinct and that these contracts consist of a single performance obligation. The customer receives access to the asset during the license period and the performance obligation is fulfilled over time as the services are performed and thus the revenue is recognized over time. Contract assets and contract liabilities Invoicing is carried out according to agreed contractual terms either in advance, monthly as the performance obligation is fulfilled or after the performance obligation has been fulfilled. Contract assets consist of accrued revenue to which the company's right is conditional on continued performance in accordance with the contract. When the company's right to compensation becomes unconditional, the asset is recognized as a trade receivable. The majority of contract assets are invoiced within three months. Contract liabilities consist of advances from customers for which performance obligations have not been fulfilled and are recognized as revenue when performance obligations in the contract are fulfilled. Contract liabilities are expected to be recognized within one year. Segment reporting The CEO is the chief executive officer of Acast and this role has primary responsibility for allocating resources and evaluating performance. The financial information reported to the CEO, as a basis for allocating resources and assessing the Group’s performance, primarily relates to net sales and contribution margin. There is no significant difference in service offerings between the segments. See note 3 for further description of the division and presentation of the operating segments. Operating expenses Operating expenses are reported in each function as below. Cost of content Cost of content corresponds to direct and indirect costs related to the production and distribution of content. Sales and marketing expenses Sales and marketing expenses consist of costs for sales and marketing activities including costs for personnel and consultants working with sales and marketing, depreciation, travel and marketing and PR related activities. Administration costs Administrative expenses include costs that are not directly attributable to content, sales and marketing or product development costs. These costs include costs for the CEO, HR, finance, premises, legal and depreciation of assets not attributable to sales or product development. Product development costs Product and development costs include costs for the development of the technical platform that do not meet the criteria for capitalization. The costs relate primarily to personnel, but also depreciation and impairment of projects and costs attributable to consultants and consumables. Employee benefits In addition to short-term compensation such as salaries, benefits, vacation, accumulated sick leave, other compensation and social security contributions, Acast provides defined contribution pension plans and share-based incentive programs. i) Defined contribution pension plans The Group pays contributions to publicly or privately administered pension plans on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions are paid. The contributions are recognized as personnel costs when they fall due for payment. Prepaid contributions are recognized as an asset to the extent that a cash refund or reduction in future payments can benefit the Group. ii) Share-based payments/incentive programs Share-based payments are provided to employees through various performance share programs and employee stock option programs where services are provided by the employee in exchange for the Group's equity instruments. Under all programs, Acast has granted selected employees in the Group performance shares/employee stock options free of charge. Holders of these can purchase shares in Acast AB during certain terms at a predetermined price. Acast recognizes performance shares/options granted under the programs as an expense with a corresponding increase in equity. The expense is recognized over the vesting period or at the grant date for the granted equity instruments that vest directly. The fair value of the benefit received by the employee is determined at the grant date and calculated using the Black & Scholes model. Social security contributions for the benefit are recognized using the same valuation model as the programs. Social security contributions liability reflects the fair value of the performance shares/options at the end of each subsequent reporting period. At the end of each period, a reassessment is made of the estimated number of performance shares/ options expected to vest. Current and deferred income tax In preparing the financial statements, Acast makes a calculation of the current tax expense based on applicable tax rates in each jurisdiction, adjusted for changes in deferred tax assets and tax liabilities relating to temporary differences and unused tax losses carried forward from prior periods. The current tax expense is calculated on the basis of the tax rules that have been enacted or substantively enacted at the balance sheet date in the countries where the parent company and its subsidiaries operate and generate taxable income. When deemed appropriate, provisions are made for amounts that are likely to be paid to the tax authorities. Deferred tax is recognized, according to the balance sheet method, on all temporary differences that arise between the tax value of assets and liabilities and their carrying values in the consolidated financial statements. Deferred tax assets are recognized to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilized. Contingent liabilities In the industry in which Acast operates, minimum revenue guarantees are common. In order to attract and retain leading podcast creators, Acast may offer podcast creators a minimum revenue guarantee. This means a guaranteed income during the term of the agreement in the form of monthly payments and/or an advance payment to the podcast creator. For Acast, the minimum guarantee agreements ensure access to future content, within which Acast has the opportunity to sell advertisements. The podcast creator’s obligations are fulfilled during the term of the contract as the Group consumes the benefit of these commitments. In cases where the podcast creator does not fulfill its obligations, the Group Notes ACAST ANNUAL REPORT 2025 46
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obligation may be reduced. The expected future sales of advertisements are valued on an ongoing basis and may affect future obligations. Leasing The Group leases offices with lease terms ranging from one month to seven years. All lease contracts are recognized as a right-of-use asset and a corresponding lease liability on the date which the leased asset is available for use by the group.. Assets and liabilities arising from leases are initially recognized at the present value of the lease payments during the lease term. Lease payments are discounted at Acast's incremental borrowing rate. The value of the liability is increased by the interest expense for each period and reduced by the lease payments. The right-of-use asset is depreciated on a straight-line basis over the shorter of the useful life and the lease term. Since Acast's leases are for office space, the depreciation period is the lease term. Payments for short-term leases for office space are handled in the same way as longer leases for office space. Payments for other short-term contracts (leases with a lease term of 12 months or less) and all leases for which the underlying asset has a low value are expensed on a straight- line basis in the income statement, these assets mainly consist of office furniture. Through the acquisition of WMN, Acast obtained a lease for an office in New York that is now subleased. According to IFRS 16.63, it is classified as a finance lease. A financial asset is recognized for this lease and is initially recognized at the present value of the lease payments during the lease term, including initial costs. The payments are discounted at Acast's incremental borrowing rate. The value of the asset is increased by the interest income for each period and reduced by the lease payments. Intangible assets (i) Goodwill Goodwill arising from business combinations is recognized as an intangible asset. Goodwill is not amortized, but is subject to impairment testing annually or more frequently if events or changes in circumstances indicate a possible decrease in value. Goodwill is recognized at cost less accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to the relevant cash- generating units. The allocation is made to the groups of cash- generating units that are expected to benefit from synergies from the acquisition that created the goodwill. Each unit or group of units to which goodwill has been allocated corresponds to the lowest level in the Group at which the goodwill in question is monitored in the internal control. ii) Concessions, patents, trademarks and similar rights Concessions, patents and trademarks acquired separately are reported at historical cost. Concessions, patents and trademarks acquired through a business combination are reported at fair value at the acquisition date. They have a determinable useful life and are subsequently reported at cost less accumulated amortization and impairment losses. iii) In-house developed software Development costs that are directly attributable to the development and testing of identifiable and unique software products controlled by the Group are recognized as intangible assets where the criteria in IAS 38 are met. Directly attributable costs, which are capitalized as part of the software, include employee costs and a reasonable share of indirect costs. Capitalized development costs are recognized as intangible assets and are amortized from the time they are ready for use. They have a definite useful life of three years and are amortized over their useful life. iv) Depreciation methods and useful lives The Group amortizes intangible assets with a finite useful life using the straight-line method over the following periods: Concessions, licenses, patents, customer relations and database 3-5 years Intangible development assets 3 years Trademarks 10 years Impairment of non-financial assets Goodwill, which has an indefinite useful life, is not amortized but is tested for impairment annually, or more frequently if there is an indication of impairment. An impairment loss is recognized when the carrying amount of an asset or cash-generating unit (group of units) exceeds its recoverable amount. The recoverable amount is the higher of the asset's fair value less costs to sell and its value in use. When assessing the need for impairment, assets are grouped at the lowest levels where there are substantially independent cash flows from other assets or groups of assets (cash-generating units). Since goodwill is only monitored at the group level, the lowest level in the group at which impairment testing is performed corresponds to the group's segment. For further information regarding impairment testing, see note 14. Tangible fixed assets Tangible fixed assets are reported at historical cost less depreciation. Historical cost includes expenses that are directly attributable to the acquisition of the asset. Depreciation is made on a straight-line basis to allocate the cost over the estimated useful life or as follows: Equipment 5 years Computers 3 years Financial instruments Financial assets are reported, after initial recognition, either at fair value through other comprehensive income or through the income statement or at amortized cost. All financial liabilities within the Acast Group are valued at amortized cost. i) Cash and cash equivalents Liquid funds consist of bank balances and balances on payment platforms. ii) Trade receivables Trade receivables are generally due for payment within 30 days and are therefore classified as current assets. Trade receivables are initially recognized at the amount that is unconditional. The Group values them at subsequent reporting dates at amortized cost using the effective interest method, less any credit loss allowance. As the trade receivables have a short maturity, this gives the same value as the nominal amount, less any allowances for credit loss. iii) Trade payables Trade payables are unsecured and are usually paid within 30 days. Liabilities are initially recognized at fair value and subsequently at amortized cost using the effective interest method. iv) Impairment In accordance with the rules in IFRS 9, Acast applies the simplified approach for measuring expected credit loss for trade receivables.The simplification means that the reserve for expected credit losses is calculated based on loss risks for the entire term of the receivable and is recognized when the receivable is first recognized. Liquid funds are placed in banks Group Notes ACAST ANNUAL REPORT 2025 47
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with high credit ratings, which is why expected credit losses are considered to be negligible. For information on Acast's policy for financial risk management, see note28. Provisions Acast makes provisions for onerous contracts as required in accordance with IAS 37, the provisions are attributable to the Group's minimum guarantee agreements. The expected future sales of advertisements are valued on an ongoing basis for each minimum guarantee agreement. The valuation is based on historical sales, the length of the minimum guarantee agreement and future expected sales for each counterparty, taking into account seasonality and geographical market. When the unavoidable costs required to fulfill the obligation in the contract exceed the profits obtained from the contract, a provision is made for onerous contracts. A provision is recognized at present value at the lower of the expected expenses to terminate the contract and the expected net amount to continue the contract. The timing or amount of the outflow may still be uncertain. The provision is reviewed at each balance sheet date. Earnings per share Earnings per share are calculated in accordance with IAS 33 and are based on the weighted average number of shares during the period, while diluted earnings per share are calculated by adjusting the average number of shares with the estimated number of shares from the incentive programs that have achieved market conditions as of the balance sheet date. NOTE 2. USE OF JUDGEMENTS AND ESTIMATES Preparing financial statements in accordance with IFRS Accounting Standards requires Group management to make estimates and assumptions about the future and to exercise judgment in the application of accounting policies in the preparation of financial statements. Estimates and judgments are evaluated continuously and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual outcomes may differ from these estimates under different assumptions and circumstances. Important judgments when applying the group's accounting principles Important accounting judgments in applying the group's accounting principles are described below. Contingent liabilities The expected future sales of advertisements are valued on an ongoing basis for each minimum guarantee agreement. The valuation is based on historical sales, the length of the minimum guarantee agreement and future expected sales for each counterparty, taking into account seasonality and geographic market. When an agreement is not expected to be fulfilled but will result in a loss, the cost of the agreement is recognized in the income statement and balance sheet. Capitalized development expenses Costs incurred in the development phase of a project are capitalized as intangible assets if a number of criteria are met. Management has made judgments and assumptions in assessing whether a project meets these criteria. Determining the useful life involves assumptions related to future economic and technological developments and changes in market behavior. Leasing agreement The basis for assessing the lease term is the actual terms and conditions of each individual lease agreement. For each lease agreement, individual assessments of the lease period have been made and management continuously assesses, based on financial incentives, whether it is reasonable to exercise one or more extension options. Important sources of uncertainty in estimates Goodwill When testing goodwill for impairment, estimates are made about future conditions to calculate the recoverable amount. The future cash flows are based on the company's business plan for the next five years, which includes assumptions about sales growth, cost growth and changes in working capital. These assumptions are based on past outcomes and experiences as well as external estimates such as market conditions and industry developments; changes in these could have a significant effect on the value of goodwill. The assumptions made about the future and other important sources of uncertainty are currently assessed not to entail any significant risk of material adjustment during the coming financial year and there is therefore no significant risk that the goodwill item may need to be adjusted to a significant degree during the coming financial year. For further information on assumptions and impairment testing, see note 14. Capitalized development expenses When assessing whether development costs meet the criteria for capitalization, management makes estimates of expected cash outflows and inflows, and continuously makes assessments of the project's expected net cash flow both during the development phase and after the project's completion and commercial use. When testing the capitalized costs for impairment, the future cash flows are based on the company's business plan for the next three years, which includes assumptions about sales growth, cost growth and changes in working capital. These assumptions are based on past outcomes and experiences as well as external estimates, changes in which could have an effect on the value of the asset. These estimates may involve uncertainties and risks of impairment. When determining the useful life, there is also uncertainty in the estimates regarding the assessment of future economic and technological developments and changes in market behavior. Capitalized development costs are amortized from the time they are capitalized. The useful life is three years. The assumptions made about the future and other important sources of uncertainty are currently not considered to pose any significant risk of material adjustment to the balance sheet item during the coming financial year. At present, there are no sources of uncertainty that pose a significant risk that the value of assets or liabilities may need to be adjusted to a significant degree during the coming financial year. Group Notes ACAST ANNUAL REPORT 2025 48
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NOTE 3. OPERATING SEGMENTS AND DISAGGREGATION OF REVENUES The Group's operations are divided into operating segments based on the parts of the business the company's chief operating decision maker oversees. The CEO is the Group's chief operating decision maker. The CEO evaluates the Group's financial position and performance and makes strategic decisions. The CEO makes decisions about the allocation of resources and reviews the Group's performance from a geographical perspective. The Group has therefore identified three operating segments: Europe, North America and Other Markets, which constitute the rest of the world. 2025 SEK thousand Europe North America Other Markets Total Net sales from external customers, 1,363,418 964,169 189,264 2,516,851 Total net sales per segment 1,363,418 964,169 189,264 2,516,851 Contribution profit* 309,737 125,045 21,506 456,288 Global costs** -474,324 EBIT (Operating profit/loss) -18,035 Financial income 17,338 Financial costs -101,557 Profit/loss before income tax -102,254 2024 SEK thousand Europe North America Other Markets Total Net sales from external customers, 1,166,769 603,909 173,023 1,943,701 Total net sales per segment 1,166,769 603,909 173,023 1,943,701 Contribution profit* 271,152 38,777 19,502 329,431 Global costs** -386,942 EBIT (Operating profit/ loss) -57,511 Financial income 80,584 Financial costs -6,118 Profit/loss before income tax 16,955 *Contribution margin is a segment's contribution to the Group's operating profit (EBIT) before allocation of global costs. **Global costs consist of central costs such as administrative costs, costs for functions such as finance, HR, strategy, business development and legal. Acast's net revenue is primarily generated from advertising revenue that is recognized over time. Just over 4% (5%) of Acast's net revenue is generated from other revenue streams, such as SaaS and recurring revenue. Advertising purchases are made by a large number of advertisers. The Group has a customer relationship that represents more than 10% of the Group's net sales during the financial year. Revenues amounted to SEK 366,853 thousand during the year and are attributable to all operating segments. For more information, see note 28. DEPRECIATION AND AMORTIZATION PER SEGMENT SEK thousand 2025 2024 Europe 2,560 1,647 North America 8,604 7,989 Other Markets 69 35 Costs not allocated to any segment 79,164 72,151 Total 90,397 81,823 Depreciation not allocated to segments refers to depreciation on right-of-use assets and depreciation on capitalized development costs. The Group is headquartered in Sweden. The table below shows revenue from external customers, based on customer location. NET SALES FROM EXTERNAL CUSTOMERS, BASED ON CUSTOMER LOCATION SEK thousand 2025 2024 Europe 223,351 195,278 United Kingdom 774,546 694,125 United States of America 874,828 526,654 Australia 139,449 123,343 France 160,904 119,954 Germany 94,505 65,798 Other 249,268 218,548 Total 2,516,851 1,943,701 CONTRACT ASSETS AND LIABILITIES 2025 Contract assets Contract liabilitites Opening balance ,1 January 22,572 31,415 New advances from customers — 191,159 Increase (+)/Decrease (-) due to revenue recognized 53,619 -182,782 Increase (+)/Decrease (-) due to transfers to receivables -22,286 — Revaluations — — Translation differences -254 -3,793 Closing balance, December 31 53,651 35,999 2024 Contract assets Contract liabilitites Opening balance ,1 January 16,086 22,451 New advances from customers — 174,519 Increase (+)/ Decrease (-) due to revenue recognized 22,540 -166,936 Increase (+)/ Decrease (-) due to transfers to receivables -16,077 — Revaluations — -189 Translation differences 23 1,569 Closing balance, December 31 22,572 31,415 The Group's contract assets relate to accrued revenue to be invoiced during the first, second and third quarters of 2026. The Group's contract liabilities are expected to be recognized as revenue within one year. Group Notes ACAST ANNUAL REPORT 2025 49
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Fixed assets by country consist of tangible fixed assets, intangible assets, goodwill and right-of-use assets, according to the table below: NON-CURRENT ASSETS PER COUNTRY 2025 2024 Sweden 138,800 132,962 United Kingdom 23,572 33,415 United States of America 436,143 440,805 Other 18,769 4,176 Total 617,285 611,358 NOTE 4. ACQUISITION OF OPERATIONS Wonder Media Network Acast Stories Inc acquired 100% of the units and votes in Wonder Media Network LLC (WMN) on January 2, 2025, which resulted in the obtainment of controlling interest. WMN is consolidated from January 2, 2025. WMN is a New York-based creative studio with a primary focus on audio. WMN, together with Acast's existing creative team, has formed the new entity Acast Creative Studios. Together, Acast offers advertisers integrated campaigns, from concept to production and delivery, to reach engaged audiences via audio, video, social media, live events and more. Acast Creative Studios also includes WMN's existing business that produces its own high-quality podcasts. Through this acquisition, Acast sees an opportunity to create impactful campaigns in audio and other channels, offering a comprehensive solution that meets the growing demand for innovative integrated campaigns. It opens up new revenue opportunities for creators and enables deeper relationships with advertisers to realize bigger and more ambitious ideas. The purchase price for WMN amounted to SEK 88.4m and consisted of three parts, a part that was paid in cash in connection with the acquisition, a conditional purchase price and a deferred purchase price, to be paid on two occasions. Wake Word Studios Acast AB acquired 100% of the shares and votes in Wake Word GmbH on December 19, 2025, which resulted in the obtainment of controlling interest in Wake Word GmbH and its wholly owned subsidiary Podius.iO GmbH. Wake Word is consolidated from December 31, 2025. Wake Word GmbH is a leading creative studio for audio and video and producer of original content with operations in Munich and Berlin. The acquisition strengthens Acast's position in Germany and also represents a continued expansion of Acast's offering, Acast Creative Studios, which delivers value-driven omnichannel campaigns for leading brands in a global market. The acquisition also includes Wake Word's media planning platform Podius, which will continue to be operated as a completely independent tool for German advertisers. The purchase price for Wake Word GmbH amounted to EUR 2 and was paid in cash at the time of acquisition. Goodwill Goodwill arising from the acquisition of WMN relates to the expertise of the staff, revenue synergies and a strengthened market position that we expect when combining our resources and expertise, while delivering value to both creators and advertisers. Intangible assets identified in the acquisition relate to customer relations, which are depreciated over three years. The allocation is based on the discounted value of future cash flows. The acquisition of Wake Word GmbH was recognized as a bargain purchase according to IFRS 3.34. As a result of the purchase price allocation, a gain from bargain purchase of SEK 18.8m was recognized in the income statement. The primary factor contributing to the fair value of net assets exceeding the consideration was the valuation of capitalized expenditures Acast was able to acquire Wake Word at a price below fair value of its assets as the seller sought to divest the Wake Word Studios operations. Contingent consideration The acquisition of WMN includes a contingent consideration of up to 1,768,861 shares, of which a non-significant portion will be settled in cash. The additional consideration is contingent upon the fulfillment of three financial performance criteria by June 30, 2025, and is valued at USD 2.6 million at the time of acquisition. At the time of the acquisition, it was assumed that the contingent consideration would be paid in full. In June, an addendum was made to the original agreement for the contingent consideration, which resulted in the contingent consideration being reclassified as an equity instrument. The addendum stipulated that the contingent consideration would be finalized at 1,397,154 shares and SEK 0.8m to be paid in cash. During the third quarter of 2025, the contingent consideration fell due for payment, according to the addendum, the warrants were exercised for subscription of 1,397,154 new shares in Acast, SEK 21.2m and SEK 0.8m was paid in cash. The issue was subscribed for at quota value and capital of SEK 0m has thus been added to the company. Deferred payment The acquisition of WMN included a portion of the consideration to be paid six and 12 months after the acquisition, with the first payment being made in 2025 and the second payment being made in January 2026. Acquisition-related costs Acquisition-related costs of SEK 2.0m are charged to this year's loss and relate to fees to consultants and lawyers, primarily for financial and legal due diligence in connection with the two acquisitions. In addition, the Group's profit for 2024 was charged with SEK 1.6m in acquisition costs for the acquisition of WMN. These are reported as Administrative expenses in the income statement, and are included in items affecting comparability. Group Notes ACAST ANNUAL REPORT 2025 50
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SEK thousand Wonder Media Network LLC Wake Word Group** Total** Intangible assets 869 10,641 11,510 Tangible assets — 350 350 Right-of-use assets 11,852 321 12,173 Financial assets 696 — 696 Current assets 3,150 2,620 5,770 Cash and cash equivalents 3,696 8,271 11,967 Non-current lease liabilities -9,762 -122 -9,883 Non-current liabilities -149 -365 -514 Current lease liabilities -2,090 — -2,090 Current liabilities -5,853 -2,908 -8,761 Net identifiable assets and liabilities 2,408 18,809 21,217 Goodwill 85,987 — 85,987 Bargain purchase — -18,809 -18,809 Total consideration 88,395 — 88,395 Contingent earn-out* -27,657 — -27,657 Deferred consideration -12,647 — -12,647 Cash and cash equivalents in acquired companies -3,696 -8,271 -11,967 Decrease in cash and cash equivalents 44,395 -8,271 36,124 *Expected to be settled with SEK 26.6m in shares and SEK 1.1m in cash **The purchase price allocation is preliminary, as only a short period has elapsed since the acquisition and the acquisition balances have not yet been fully finalized. The negative goodwill is reported in Other operating income in the income statement. The acquisition of WMN has increased the Group's revenue by SEK 37.3m during the year and affected the year's result by SEK -10.1m. At the time of acquisition, WMN had 25 full-time employees. Apart from the effect of negative goodwill, the acquisition of Wake Word Studios has no impact on the Group's result for the full year 2025. If the acquisition had taken place on January 1, 2025, the Group's revenue would have increased by SEK 16.9m and the Group's result would have been affected by SEK -3.0m. Wake Word Studios had 20.5 full-time employees at the time of acquisition. NOTE 5. EXPENSES BY NATURE SEK thousand 2025 2024 Cost of content 1,527,440 1,179,505 Emplyees benefits expenses 707,775 558,515 Depreciation and amortization 90,398 81,823 Other operating expenses 234,207 185,549 Total 2,559,821 2,005,391 Personnel costs have increased due to costs from the change of CEO in June and an increased number of employees. Personnel costs are also affected by higher social security contributions for the company's incentive program, which have increased due to the company's share price rising during the period. NOTE 6. OTHER OPERATING EXPENSES SEK thousand 2025 2024 Rent and office expenses 10,197 7,737 Computers and software 53,988 49,791 Marketing and reseller expenses 47,639 43,897 External services 97,514 66,107 Other expenses 24,870 18,017 Total 234,207 185,549 The increase in other operating expenses are primarily due to higher consulting fees, partly due to the re-listing, and a higher reserve for expected customer losses, as a result of more customers in geographic markets with longer payment patterns. NOTE 7. ITEMS AFFECTING COMPARABILITY Items affecting comparability in 2025 relate to other operating income from bargain purchase of Wake Word Studios, costs related to the CEO change in June (including compensation to the outgoing CEO and incoming CEO, non- cash costs for incentive programs and consultancy fees), costs for the re-listing and acquisition costs from the acquisitions of Wonder Media Network and Wake Word Studios. Items affecting comparability in 2024 relate to acquisition costs incurred for Wonder Media Network. For further information on acquisitions, see note 4. SEK thousand 2025 2024 Acquisition costs -2,007 -1,628 Gain from bargain purchase 18,809 — Costs for re-listing -12,605 — Costs CEO change -47,612 — Total -43,415 -1,628 CLASSIFICATION BY FUNCTION IN THE INCOME STATEMENT SEK thousand 2025 2024 Administration expenses -62,224 -1,628 Other operating income 18,809 — Total -43,415 -1,628 NOTE 8. EMPLOYEES AVERAGE NUMBER OF FULL-TIME EMPLOYEES 2025 2025 % women 2024 2024 % women Sweden 111 57% 105 61% United States of America 113 65% 89 54% United Kingdom 107 54% 99 53% Australia 29 60% 25 54% France 22 61% 21 59% Germany 10 39% 7 34% Norway 7 29% 7 29% Ireland 6 83% 5 80% Canada 16 59% 12 65% Mexico 10 58% 10 60% Total 433 58% 379 56% Group Notes ACAST ANNUAL REPORT 2025 51
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GENDER DISTRIBUTION IN THE GROUP COMPANY’S MANAGEMENT 2025 % women 2024 % women Board of Directors 25% 25% Other senior management 50% 43% EXPENSES DUE TO REMUNERATIONS TO EMPLOYEES SEK thousand 2025 2024 Salaries 546,048 458,258 (of which bonuses, etc.) 158,652 111,605 Termination benefits 22,725 3,164 Pension expenses 21,402 18,420 Social expenses 88,914 69,783 Other 14,435 24,659 Total* 693,524 574,283 PERSONNEL COSTS 2025 SEK thousand Salaries and other renumerations Social expenses Pension expenses Board and executive management 69,959 10,515 1,813 Other employees 498,814 78,399 19,589 Total* 568,773 88,914 21,402 2024 SEK thousand Salaries and other renumerations Social expenses Pension expenses Board and executive management 53,819 7,385 1,839 Other employees 407,603 62,398 16,581 Total* 461,422 69,783 18,420 Remuneration to senior executives AGM guidelines for remuneration to the CEO and executive management At the AGM on May 20, 2025, it was resolved to adopt guidelines for remuneration to the executive management. Remuneration to the executive management shall consist of fixed base salary, possible variable cash remuneration, the possibility to participate in long-term share-based incentive plans, Board member pension, as well as other customary benefits. The basic principle is that the remuneration and other employment conditions should be in line with market conditions and be competitive. Any remuneration to the CEO and the other members of the executive management team in the form of long-term incentive plans is decided by the general meeting. The remuneration to the CEO in terms of fixed base salary, variable cash remuneration, pension and other customary benefits (including any benefits related to relocation) is resolved by the Board in accordance with the guidelines for remuneration to the executive management. Any variable cash remuneration to other members of the executive management team is also resolved by the Board. The remuneration to the other members of the executive management team in terms of fixed base salary, pension and other customary benefits (including any benefits related to relocation) is resolved by the CEO in accordance with guidelines for remuneration to the executive management. Fixed based salary The fixed base salary for executive management shall be adapted to market conditions and shall be reviewed every year. Salaries shall be age- and gender-neutral and anti- discriminatory. Variable cash compensation Variable remuneration may be awarded to the executive management and shall be linked to predetermined and measurable criteria, designed to enhance the company’s long-term value creation aligned with shareholders’ interests. Variable remuneration to the executive management may not exceed 150% of the fixed base salary. The company offers short-term incentive in the form of cash-based variable remuneration to the executive management team. No variable remuneration is pensionable. Pay-out is based on growth and profitability-related targets determined based on Acast’s financial targets. Moreover, the payment may be based on the achievement of key strategic goals. Share-based incentive programs Share-based incentive plans shall be connected to the long- term strategy as reflecting long term share price development. Share-based incentive plans shall be resolved by the general meeting and are therefore not covered by the guidelines. More information on the Acast share-based incentive plans is set out on page 54-55 in the Annual Report. Pension, insurance and other benefits Pension and insurance shall be offered pursuant to national legislation, regulations and market practices and are structured according to collective agreements, company- specific plans or a combination of the two. Acast shall have defined-contribution pension plans and pension contribution may not exceed 30% of the fixed base salary. The executive management is entitled to other customary benefits. These are designed to be competitive in relation to similar operations in the respective country. Compensation in the form of benefits may amount to maximum 10% of fixed base salary. In order to facilitate the work of members of the executive management who are located in other countries than their home countries of employment, additional benefits and allowances may include (but is not limited to) commuting- or relocation costs, cost of living adjustment, housing, travel- or education allowance, tax- and social security equalization assistance. Such additional benefits may amount to a maximum of 120 % percent of base pay. Terms of termination All employees within the executive management team have employment contracts with a notice period of six to twelve months. Severance pay and severance pay for the executive. Group Notes ACAST ANNUAL REPORT 2025 52 * Excluding costs for share-based remuneration of SEK 57,349 thousand (38,478) including SEK 21,330 thousand (12,622) related to social security charges.
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Decision-making process to determine, review, and implement the guidelines The Board of Directors has established a Remuneration Committee’s duties include preparing proposals on remuneration principles and remunerations and other employment terms for the company’s executives. In the preparation of the Board's proposed guidelines, the salary and employment conditions of the company’s employees have been taken into account. Information regarding the employees’ total remuneration, the components for the remuneration, and the development of remuneration over time has formed part of the decision- making basis when evaluating the reasonableness of the guidelines and the limitations resulting from them. In addition, the Board has taken into account data from third parties to calibrate the levels and structure of the compensation. Neither the CEO nor other members of the executive management are present during the Board's preparation of and decisions on remuneration-related matters in so far as they are affected by such matters.The company, through the Remuneration Committee, which is independent of the company's management, ensures that potential conflicts of interest are avoided The Remuneration Committee shall also monitor and evaluate any programs for variable remuneration for the executive management, the application of the guidelines for remuneration to the executive management adopted by the AGM as well as the current remuneration structures and remuneration levels in the company. The committee operates according to an annual work plan and has, during 2025, discussed matters including incentive programs, the remuneration report, remuneration guidelines, and the CEO’s remuneration. Deviation from the guidelines The board may deviate from the guidelines if there are specific reasons to do so in an individual case. Each such individual decision shall be prepared by the remuneration committee and shall be reported in the remuneration report at the following annual general meeting, together with the reasons for the decision. Current employment contracts for the CEO and other members of the executive management team The CEO’s employment contract provides for a notice period of twelve months in the event of termination by the company or by the CEO. Alternatively, a payment may be made to the CEO. For other members of the executive management team, the contracts provide for a notice period of six to twelve months, regardless of whether the termination is by the company or by the member of the executive management team. All contracts contain non-compete clauses. Two of the contracts are governed by US law and one is governed by UK law. Compensation and benefits Board fees and remuneration to the CEO, Deputy CEO and the executive management team are set out in the table on the next page. Variable remuneration to the CEO, Deputy CEO and executive management team is linked to the results for the year, variable salary paid for performance for 2025 is based on net sales, adjusted EBITDA, and strategic parameters. In both 2024 and 2025, the Board has decided to deviate from the guidelines in order to continue to facilitate the relocation of the former CEO from the UK to the US. The additional benefits received in both 2024 and 2025 therefore exceed 120% of the base salary of the former CEO. The additional benefits have been carefully considered by the Board and the Board has considered that this deviation from the guidelines has been necessary to meet the long-term interests of the company. After the change of CEO this is no longer applicable. During the year, SEK 14,675 thousand was recognized for accelerated earnings of share-based compensation for individuals who left with vesting conditions other than in accordance with the program's three vesting events. This refers to estimated, non-cash costs for incentive programs, according to IFRS 2. At the end of the 2025 financial year, the executive management team consisted of five members (including the CEO) and the Board of Directors consisted of six members. 2025 SEK thousand Basic salary board fees Variable renumeration Share-based renumeration* Pension costs Other renumeration 2025 Total John Harrobin (Ordförande) 1,113 — — — 768 1,880 Jonas von Hedenberg 475 — — — — 475 Björn Jeffery 450 — — — — 450 Hjalmar Didrikson 388 — — — — 388 Samantha Skey 575 — — — — 575 Marta Martinez** 375 — — — — 375 Leemon Wu*** 200 — — — — 200 Total board 3,575 — — — 768 4,343 Greg Glenday (CEO)**** 2,956 6,219 2,209 18 141 11,543 Ross Adams (CEO)***** 22,465 — 15,523 137 5,308 43,434 Emily Villatte (deputy CEO) 2,915 2,895 2,006 600 5 8,421 Executive management team (5 individuals) 10,984 10,974 9,764 1,057 755 33,535 Total executive management team 39,320 20,088 29,503 1,813 6,208 96,932 Total 42,895 20,088 29,503 1,813 6,976 101,275 *Refers to the year's estimated, non-cash costs for incentive programs 2022/2025, 2023/2026, 2024/2027 and 2025/2028, according to IFRS 2. **Was elected as a new board member at the 2025 Annual General Meeting **Resigned from the Board at the 2025 Annual General Meeting ****Assumed his position as President and CEO on June 22, 2025. Compensation prior to this date is included in compensation to executive management team. *****Resigned his position as President and CEO on June 22, 2025 and remuneration includes all earned remuneration for 2025, regardless if whether it impacts cash flow in 2025 or 2026. Group Notes ACAST ANNUAL REPORT 2025 53
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2024 SEK thousand Basic salary board fees Variable renumeration Share-based renumeration* Pension costs Other renumeration 2024 Total John Harrobin (Ordförande) 738 — — — 1,691 2,428 Jonas von Hedenberg 450 — — — — 450 Björn Jeffery 388 — — — — 388 Hjalmar Didrikson 350 — — — — 350 Samantha Skey 375 — — — 845 1,220 Leemon Wu 400 — — — — 400 Total board 2,700 — — — 2,536 5,236 Ross Adams (CEO) 5,664 4,191 6,234 146 6,368 22,603 Emily Villatte (deputy CEO) 2,221 1,624 3,010 538 4 7,397 Executive management team (5 individuals) 15,804 11,676 7,721 1,155 1,031 37,387 Total executive management team 23,689 17,491 16,965 1,839 7,403 67,387 Total 26,389 17,491 16,965 1,839 9,939 72,623 *Refers to the year's estimated, non-cash costs for incentive programs 2021/2024, 2022/2025, 2023/2026 and 2024/2027, according to IFRS 2. NOTE 9. LONG-TERM INCENTIVE PROGRAMS Program description and terms and conditions Share-based incentive program The following long-term incentive programs have been issued by Acast and were ongoing in 2025: employee stock option program 2021/2024 employee stock option program 2023/2026 performance share program 2024/2027 performance share program 2025/2028 In all programs, Acast has awarded selected employees in the group performance shares/options free of charge. Holders of these can purchase shares in Acast AB at a predetermined time and at a predetermined price. The total expenses resulting from share-based payments reported during the financial year amount to SEK 57,349 thousand (38,478) including SEK 21,330 thousand (12,622) attributable to social security contributions. The higher costs are a result of a cost for early vesting of SEK 14,675 thousand for people who left with vesting conditions other than in accordance with the three vesting events of the programs. Social security contributions have increased significantly as a result of the company's share price rising during the year. The 2022/2025 employee stock option program that expired on September 1, 2025 did not meet the performance requirement on the share price and was therefore not executed. A new performance share program (PRSU) was started on June 15, 2025 and runs until June 15, 2028. The program essentially follows the same structure as the previous performance share program (ESOP). A maximum of 3,621,362 performance share rights can be awarded to participants. The program covers approximately 40 employees in the Acast Group. Participants are divided into categories based on position and role/areas of responsibility within the Group. The program has a performance requirement that the average total return on Acast's share per year must be at least 10% and a maximum of 12% in order for the performance shares to be utilized at 50% and 100%, respectively, with outcomes in between calculated linearly between 50% and 100%. Both the starting and ending values are based on the average volume-weighted price paid for Acast's share. The starting value is calculated for the ten trading days before the 2025 Annual General Meeting, and the ending value is calculated for the ten trading days before the 2028 Annual General Meeting. Grant date (volume- weighted) Number of performance stocks units/ Options Term (years) Strike price per share (Functional currency) Vesting conditions Performance criterion (price for one Acast share SEK) Performance criterion (price for one Acast share SEK) Program Type of warrant September 1, 2022 3,573,033 3 0.0065 Service condition with graded vesting until end date 19.60 1 september, 2025 2022/2025 ESOP September 1, 2023 7,242,724 3 0.0065 Service condition with graded vesting until end date 9.88 1 september, 2026 2023/2026 ESOP September 1, 2024 3,602,500 3 0.0065 Service condition with graded vesting until end date 19.34 1 september, 2027 2024/2027 PRSU June 15, 2025 3,621,362 3 0.0065 Service condition with graded vesting until end date 19,90-21,01 15 juni, 2028 2025/2028 PRSU Total number of performance share rights / options granted 18,039,619 Group Notes ACAST ANNUAL REPORT 2025 54
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NUMBER OF PERFORMANCE SHARES/OPTIONS AND WEIGHTED AVERAGE EXERCISE PRICE Performance stock units/ Options in thousands Weighted average strike price 2025 Number of performance stock units/ options 2025 Weighted average strike price 2024 Number of options 2024 Outstanding January 1 0.0065 13,533 0.0065 15,256 Granted 0.0065 3,621 0.0065 3,621 Forfeited 0.0065 -4,704 0.0065 -5,344 Outstanding at December 31 0.0065 12,450 0.0065 13,533 Exercisable at December 31 0 0 The number of outstanding performance shares/options as of December 31, 2025 was 12,449,746. None of these were redeemable at the end of the period. Outstanding performance shares/options as of December 31, 2025 have a weighted average remaining contract term of 1.31 years (1.72). The fair value of services received from employees in exchange for performance shares/options granted is based on their fair value. The fair value of has been calculated using the Black-Scholes model. FAIR VALUE AND ASSUMPTIONS REGARDING OPTIONS GRANTED DURING THE PERIOD 2025 2024 Fair value at grant date 8 9 Share price (expressed as weighted average) 16 17 Strike price (expressed as weighted average) 0.0065 0.0065 Expected volatility (expressed as weighted average in %) 40% 40% Term (expressed as weighted average term in years) 3 3 Expected dividend — — Risk free rate (based on Swedish Government Bond) 1.9% 1.9% The input data presented in the table above relates to the valuation at grant date. The expected volatility is based on historical volatility for Acast, taking into account company specific factors and expected future development of the volatility. NOTE 10. TRANSACTIONS WITH RELATED PARTIES Identification of related parties Related party transactions involve transactions between the parent company: Acast AB and its subsidiaries. Regarding Acast AB's receivables from and liabilities to the subsidiaries, see the parent company's note 21 . Participations in group companies are described in detail in the parent company's note 20. Related parties to natural persons are defined as senior executives, board members and close family members of such persons. For information on remuneration to senior executives and board members, please refer to note 8. Related party transactions Related party transactions within the Group consist of internal trade in services which are carried out on market terms. In addition, Acast has identified three related parties, one party to whom sales of services have taken place, one party to whom part of the office in Stockholm is leased and one party from which Acast has purchased consulting services. All transactions have taken place on market terms. SEK thousand 2025 2024 Services sold* 1,489 — Subletting of premises** 2,414 2,414 Total income 3,903 2,414 * Related pary SheMedia LLC **Related party Alfvén & Didrikson AB SEK thousand 2025 2024 Consultancy services* 768 — Total purchase of services 768 — *Related party Hedwig Associates LLC As at December 31, 2025, outstanding receivables from related parties amounted to SEK 1,340 thousand and the provision for doubtful receivables regarding these amounts to SEK 50 thousand. The year's cost for doubtful receivables from related parties amounts to SEK 50 thousand. NOTE 11. AUDIT FEES AND EXPENSES SEK thousand 2025 2024 KPMG Audit service 5,554 4,475 Audit services in excess of the audit engagement 775 875 Other services 458 41 Total 6,787 5,391 KPMG is the auditor of Acast AB and its subsidiaries. Audit engagements refer to the auditor's work with the statutory audit of the annual and consolidated accounts, the accounting and the administration of the board of directors and the CEO. This also includes reviews carried out in accordance with special agreements or arrangements as well as advice or other assistance that can be directly derived from the audit or the auditor's other statutory duties. Other services are those that are not included in audit engagements. NOTE 12. NET FINANCE COST SEK thousand 2025 2024 Interest income 11,708 23,805 Reclassification of contingent consideration 5,630 — Currency exchange gains — 56,779 Other financial income — — Finance income 17,338 80,584 Interest expenses on lease agreement -10,018 -5,377 Other interest expenses -1,567 -130 Currency exchange losses -89,494 — Other financial expenses -478 -611 Finance costs -101,557 -6,118 Net finance costs -84,219 74,466 Net financial items consist largely of unrealized exchange rate losses. These are primarily attributable to the parent company's intra-group transactions and cash balances in foreign currency. Group Notes ACAST ANNUAL REPORT 2025 55
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In 2025, the Group has changed its policy for internal loans stemming from acquisitions where the parent company has contributed cash. These are handled in accordance with IAS 21, paragraphs 15 and 32, and the exchange rate effect is reported from the second quarter of 2025 in other comprehensive income for the loan between Acast AB and Acast Stories Inc regarding the acquisitions of Podchaser Inc and Wonder Media Network LLC. The exchange rate effect that has been recognized in other comprehensive income for 2025 amounts to SEK 15.9 million for the period April- December. Interest expenses related to leasing agreements have increased compared to 2024 as a result of the three new lease contracts signed during the second part of 2024. NOTE 13. TAXES RECOGNIZED IN THE STATEMENT OF PROFIT OR LOSS SEK thousand 2025 2024 Current tax expense for the year -8,721 -6,871 Adjustment of tax relating to prior years 439 409 Deferred tax related to temporary differences -1,875 2,399 Deferred tax related to utilization and capitalizaton of tax value in loss carryforwards — 65,323 Total reported tax income/expense for the group -10,157 61,260 RECONCILIATION OF EFFECTIVE TAX RATE SEK thousand 2025 2024 Profit/loss before income tax -102,254 16,955 Tax according to current tax rate of the parent company 20.6% 21,064 20.6% -3,493 Non-deductible expenses -1.8% -1,870 8.4% -1,426 Tax expense for previous years 0.4% 439 -2.4% 409 Effect of tax rate in foreign jurisdictions 3.6% 3,705 -9.5% 1,607 Recognized loss carryforwards of previous years’ losses —% — -508.4% 86,200 Unrecognized loss carried forward -32.8% -33,495 130.0% -22,037 Reported effective tax -9.9% -10,157 -361.3% 61,260 DEFERRED TAX ASSET SEK thousand 2025 2024 Lease liabilities 30,239 31,579 Loss carryforwards 65,323 65,323 Temporary differences 4,279 — Offsetting of temporary differences in lease liabilities -25,961 -29,962 Total 73,880 66,940 DEFERRED TAX LIABILITY SEK thousand 2025 2024 Right-of-use assets 27,867 29,962 Other intangible assets 18,700 19,930 Temporary differences 3,297 — Offsetting of temporary differences in righ-of-use assets -25,961 -29,962 Total 23,904 19,930 Group Notes ACAST ANNUAL REPORT 2025 56
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NET CHANGE IN DEFERRED TAX IN TEMPORARY DIFFERENCES SEK thousand Balance January 1 Recognized in profit or loss Acquisitions Recognized in other comprehensive income Translation effect Balance December 31 2025 Lease agreements 1,616 2,661 — — — 4,277 Loss carryforwards 65,323 — — — — 65,323 Temporary differences — 982 3,297 — — 4,280 Deferred tax asset 66,939 3,643 3,297 — — 73,880 Lease agreements — -1,906 — — — -1,906 Other intangible assets -19,930 139 -3,297 367 725 -21,998 Deferred tax liability -19,930 -1,767 -3,297 367 725 -23,904 2024 Lease agreements 375 1,241 — — — 1,616 Loss carryforwards — 65,323 — — — 65,323 Deferred tax asset 375 66,564 — — — 66,939 Other intangible assets -20,519 1,158 — — -569 -19,930 Deferred tax liability -20,519 1,158 — — -569 -19,930 Deferred tax assets of SEK 73,880 thousand (66,939) are reported in the balance sheet as of December 31, 2025. In 2024, it was assessed as likely that future taxable surpluses would be available against which the tax losses can be utilized, as a result of which a deferred tax income of SEK 86,200 thousand was reported in 2024, of which SEK 20,877 thousand was also utilized in 2024. Unutilized loss carryforwards, for which no deferred tax asset has been reported, amount to SEK 1,106,602 thousand (1,053,217). The unused tax loss carryforwards relate to losses in the parent company SEK 498,666 thousand (404,050), Acast Stories Ltd SEK 373,435 thousand (380,339) and Acast Stories Inc SEK 234,501 thousand (268,828). The tax loss carryforwards are not time-limited. Assuming an illustrative blended tax rate of between 20.6%-25%, the unrealized deferred tax asset thus amounts to approximately SEK 245,329 thousand (234,773) as of December 31, 2025. Group Notes ACAST ANNUAL REPORT 2025 57
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NOTE 14. INTANGIBLE ASSETS SEK thousand Concessions, patents, trademarks and similar rights Database Customer relations Capitalised development costs Goodwill Total Accumulated acquisition cost Opening balance 1.1.2024 13,089 18,624 7,851 166,169 337,744 543,476 Investments 73 — — 52,031 — 52,105 Exchange differences 767 1,774 748 — 32,175 35,463 Closing balance 31.12.2024 13,929 20,398 8,599 218,200 369,918 631,044 Opening balance 1.1.2025 13,929 20,398 8,599 218,200 369,918 631,044 Acquisition of operations 168 — 711 10,632 85,987 97,497 Investments 354 — — 54,736 — 55,090 Exchange differences -1,486 -3,333 -1,525 — -75,334 -81,677 Closing balance 31.12.2025 12,964 17,066 7,785 283,569 380,572 701,954 Accumulated amortization and impairment Opening balance 1.1.2024 -4,761 -5,277 -2,224 -97,619 — -109,882 Write-off — — — -385 — -385 Amortization -1,833 -3,919 -1,652 -45,189 — -52,594 Exchange differences -145 -663 -279 — — -1,087 Closing balance 31.12.2024 -6,738 -9,859 -4,156 -143,193 — -163,947 Opening balance 1.1.2025 -6,738 -9,859 -4,156 -143,193 — -163,947 Write-off — — — -1,353 — -1,353 Amortization -1,153 -3,643 -1,746 -49,511 — -56,053 Exchange differences 417 1,841 789 — — 3,046 Closing balance 31.12.2025 -7,474 -11,661 -5,113 -194,057 — -218,306 Carrying amount Opening balance 1.1.2024 8,328 13,347 5,626 68,550 337,744 433,595 Closing balance 31.12.2024 7,190 10,539 4,443 75,007 369,918 467,097 Opening balance 1.1.2025 7,190 10,539 4,443 75,007 369,918 467,097 Closing balance 31.12.2025 5,489 5,404 2,672 89,511 380,572 483,648 Intangible assets Intangible assets include capitalized development costs, intangible assets attributable to the acquisitions of Podchaser, Wonder Media Network and the acquisition of RadioPublic, as well as goodwill from the acquisitions of Podchaser (SEK 281,914 thousand), WMN (SEK 71,091 thousand) and Pippa (SEK 27,566 thousand).Capitalized development costs are entirely related to internally generated intangible assets and include time-based personnel costs that are attributable to relevant parts of the product development work. With the acquisition of Wake Word Studios, the asset for capitalized development costs increased by SEK 10,632 thousand. Amortization of intangible assets is included in the cost items product development costs and administrative expenses in the consolidated income statement. Capitalized product development costs are amortized over three years. During the financial year, a product was identified where part of it is being phased out and a cost of SEK 1,353 thousand is therefore charged to the result (385). In the WMN acquisition, an intangible asset was identified regarding customer relationships, which is amortized over three years, in the Podchaser acquisition, three intangible assets were identified; brand, database and customer relationships. Database and customer relationships are amortized over five years and brand is amortized over ten years. Intangible assets from the acquisition of RadioPublic are amortized over five years. Impairment testing of Goodwill Goodwill is tested for impairment at least once a year by calculating the group's recoverable amount for each cash-generating unit. Goodwill is allocated to the groups of cash-generating units that are expected to benefit from synergies from the acquisition that created the goodwill. Each unit or group of units to which goodwill has been allocated corresponds to the lowest level in the group at which the goodwill in question is monitored in the internal control. As goodwill is only monitored at group level, the lowest level of cash-generating unit to which the goodwill is allocated is defined as the company's operating segment. Goodwill attributable to Pippa and WMN relates entirely to the North America segment. Goodwill attributable to the acquisition of Podchaser is allocated to the segments as follows: Europe SEK 78,936 thousand (94,351), North America SEK 183,244 thousand (219,030) and Other Markets SEK 19,734 thousand (23,588). The estimated recoverable amount has been determined on the basis of the value in use. The value in use corresponds to the present value of future cash flows after tax that the cash-generating unit is expected to generate. Acast has three goodwill items and for these the expected cash flow is calculated per operating segment. The cash flow is discounted at the company's expected weighted average cost of capital. The discount rate used before tax was 17% (17%). The perpetual growth rate is assumed to be 3% (3%). A higher terminal growth rate has been applied, as the podcast industry is still in a nascent stage and is expected to sustain elevated growth rates over an extended period. Any impairment is made by the amount by which the carrying amount exceeds the recoverable amount. Key assumptions include the assumption of sales growth, cost growth and changes in working capital, which are important elements for calculating the recoverable amount. These are based on the company's business plan for the next five years, which has been developed through modeling and a detailed budget that takes into account past outcomes and experiences as well as external estimates, such as market conditions and industry. The same assumptions for perpetual growth rate and discount rate have been applied to all cash-generating units. This year’s impairment test showed that no reasonably possible changes in key assumptions would result in an impairment loss. Group Notes ACAST ANNUAL REPORT 2025 58
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NOTE 15. TANGIBLE ASSETS SEK thousand Equipment Leasehold improvement Total Accumulated acquisition cost Opening balance 1.1.2024 2,061 1,678 3,738 Acquisitions 3,681 7,540 11,222 Exchange differences -196 7 -189 Closing balance 31.12.2024 5,546 9,225 14,771 Opening balance 1.1.2025 5,546 9,225 14,771 Acquisition of operations 350 — 350 Acquisitions 8,025 3,118 11,143 Disposal — -43 -43 Reclassification 3,856 -3,856 — Exchange differences -327 -402 -729 Closing balance 31.12.2025 17,449 8,043 25,492 Accumulated depreciation and impairment Opening balance 1.1.2024 -1,754 -1,221 -2,975 Depreciations -460 -568 -1,029 Exchange differences 219 — 218 Closing balance 31.12.2024 -1,996 -1,789 -3,785 Opening balance 1.1.2025 -1,996 -1,789 -3,785 Reclassification -64 64 — Depreciations -3,746 -1,033 -4,779 Exchange differences 220 72 293 Closing balance 31.12.2025 -5,586 -2,717 -8,303 Carrying amount Opening balance 1.1.2024 306 457 763 Closing balance 31.12.2024 3,550 7,436 10,985 Opening balance 1.1.2025 3,550 7,436 10,985 Closing balance 31.12.2025 11,863 5,326 17,189 Investments during the year are primarily attributable to renovation work on studios and continued renovation work on the new offices. NOTE 16. FINANCIAL ASSETS SEK thousand 31.12.2025 31.12.2024 Financial sub-lease 6,713 — Other shares and participations — 550 Deposits for lease contracts 3,482 2,471 Total 10,195 3,021 In connection with the acquisition of WMN, the asset for their existing leasing agreement for office premises was assumed. During the year, an agreement have been entered into to sublease the premises.According to IFRS 16.63, this is classified as a finance lease and a financial asset has consequently been recognized. For more information on leasing, see note 29. NOTE 17. TRADE RECEIVABLES SEK thousand 31.12.2025 31.12.2024 Trade receivables 715,301 570,714 Provision for expected credit loss -20,318 -15,138 Net trade receivables 694,983 555,575 Number of days past due date SEK thousand Carrying amount Not due 1<29 30<89 90< 2025 Trade receivables as at 31.12.2025 715,301 271,513 181,967 182,272 79,550 Provision for expected credit loss -20,318 -1,358 -1,820 -3,655 -13,486 Net trade receivables 2025 694,983 270,155 180,148 178,616 66,064 100% 39% 26% 26% 10% Number of days past due date SEK thousand Carrying amount Not due 1<29 30<89 90< 2024 Trade receivables as at 31.12.2024 570,714 237,900 176,133 112,410 44,270 Provision for expected credit loss -15,138 -1,190 -1,761 -2,325 -9,863 Net trade receivables 2024 555,575 236,711 174,372 110,085 34,408 100% 43% 31% 20% 7% For further information see note 28. Group Notes ACAST ANNUAL REPORT 2025 59
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NOTE 18. PREPAID EXPENSES AND ACCRUED INCOME SEK thousand 31.12.2025 31.12.2024 Prepaid rent 4,397 4,045 Prepayment to podcast creators — 4,494 Other prepaid expenses 13,760 9,474 Accrued income 53,651 22,572 Total 71,808 40,584 Accrued income has increased as a result of higher net sales. NOTE 19. CASH AND CASH EQUIVALENTS 31.12.2025 31.12.2024 Cash and cash equivalents 589,334 713,704 Total 589,334 713,704 Cash and cash equivalents consist of cash on hand and immediately available balances with banks and similar institutions. Cash and cash equivalent refer to bank accounts in Acast AB and all subsidiaries. 90% was placed in deposits with Swedish commercial banks. For more information see note 28. NOTE 20. ADJUSTMENT FOR NON-CASH ITEMS SEK thousand 2025 2024 Depreciation 90,397 81,823 Long term incentive plan. no cash consideration 34,830 25,181 Unrealized foreign currency losses, no cash consideration 30,718 5,452 Other non-cash items 2,377 — Total 158,322 112,456 Other non-cash items in 2025 relate to accrued costs for the CEO change and income from the bargain purchase of Wake Word Studios. NOTE 21. RECONCILIATION OF LIABILITIES FROM FINANCING ACTIVITIES SEK thousand 1.1.2025 Cash flow Non-cash flow changes 31.12.2025 Additions leasing agreements Foreign currency translation effects Other changes Lease liabilities 141,152 -27,488 20,252 1,466 — 135,382 Total of liabilities from financial 141,152 -27,488 20,252 1,466 — 135,382 SEK thousand 1.1.2024 Cash flow Non-cash flow changes 31.12.2024 Additions leasing agreements Foreign currency translation effects Other changes Lease liabilities 21,948 -22,942 142,145 1 — 141,152 Total of liabilities from financial 21,948 -22,942 142,145 1 — 141,152 Group Notes ACAST ANNUAL REPORT 2025 60
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NOTE 22. EQUITY NUMBER OF SHARES ISSUED 2025 2024 At the beginning of the year 181,068,106 181,068,106 Issued consideration WMN 1,397,154 0 Shares issued fully paid 182,465,260 181,068,106 Share capital As of December 31, 2025, the total number of shares was 182,465,260 (181,068,106) ) and the share capital was SEK 1,183 thousand (1,174). All shares are ordinary shares and have equal voting rights. The shares have a quota value of SEK 0.0065 (0.0065). According to the Articles of Association, the share capital shall amount to a minimum of SEK 800 thousand and a maximum of SEK 3,200 thousand. The number of shares shall be a minimum of 100 million and a maximum of 400 million shares. Acast has issued options which may increase the number of shares. For more information, please refer to note 9. As of December 31, the translation reserve amounted to -12,749 thousand SEK. The translation reserve includes all exchange rate differences that arise when translating financial statements from foreign operations that have prepared their financial statements in a currency other than the currency in which the group's financial statements are presented. The parent company and the group present their financial statements in Swedish kronor. The translation reserve also consists of the exchange rate effect on the revaluation of an internal loan that is handled in accordance with IAS 21, paragraph 15 and paragraph 32. NOTE 23. SUBSIDIARIES Name, registered office Corporate reg. no Place of Business Ownership 31.12.2025 Ownership 31.12.2024 Principal activities Acast AB 556946-8498 Sweden 100.00% 100.00% Parent company and platform holder Acast Stories AS 922 061 084 Norway 100.00% 100.00% Sales & Marketing Acast Stories Gmbh HRB 205265B Germany 100.00% 100.00% Sales & Marketing Acast Stories Inc 36-4813086 USA 100.00% 100.00% Sales & Marketing Podchaser Inc 30-1095581 USA 100.00% 100.00% Sales & Marketing Wonder Media Network LLC 83-0858864 USA 100.00% —% Sales & Marketing Acast Stories Ltd 9040006 Great Britain 100.00% 100.00% Sales & Marketing Acast Stories Pty ABN 30 619 624 823 Australia 100.00% 100.00% Sales & Marketing Acast Stories SAS 848 766 663 France 100.00% 100.00% Sales & Marketing Acast Stories Ireland Ltd 661 047 Ireland 100.00% 100.00% Sales & Marketing Acast Stories Canada Inc 715 141 Canada 100.00% 100.00% Sales & Marketing Acast Stories Mexico, S. de R.L. de C.V. N-2020014294 Ireland 99.99% 99.99% Sales & Marketing Wake Word GmbH HRB 249507 Germany 100.00% —% Sales & Marketing Podius.io GmbH HRB 260409B Germany 100.00% —% Sales & Marketing All direct subsidiaries have been created by Acast AB starting its own operations. Acast Stories Mexico, S. de R.L is owned by Acast AB at 99.99% and the remaining 0.01% is owned by Acast Stories Ltd. Podchaser Inc and Wonder Media Network LLC are owned 100% by Acast Stories Inc and Podius.io GmbH is owned 100% by Wake World GmbH. Group Notes ACAST ANNUAL REPORT 2025 61
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NOTE 24. PROVISIONS SEK thousand 31.12.2025 31.12.2024 Provisions — 3,079 Total — 3,079 Acast makes provisions for onerous contracts when necessary, these are attributable to minimum guarantee agreements, which means a guaranteed income for the podcast creator during the term of the agreement. As of December 31, 2024, the provision amounted to SEK 3,079 thousand and was reported among accrued content costs. During the year, the provision has been fully utilized. As of December 31, 2025, there are no provisions for onerous contracts. For more information on minimum guarantee agreements, see note 27. NOTE 25. OTHER PAYABLES SEK thousand 31.12.2025 31.12.2024 Taxes and social change 83,709 68,664 Deferred consideration 6,901 10,929 Cash rebate 43,378 32,701 Other external liabilities 5,175 1,868 Total 139,163 114,162 The increase in social security contributions is primarily attributable to the group's outstanding long-term incentive program. The increase is a direct result of the positive development of the share price during the financial year. Deferred consideration refers in 2025 to the part of the purchase price for WMN that is due for payment 12 months after the acquisition. In 2024, the item referred to the part of the consideration for Podchaser that was due for payment 36 months after the acquisition. Cash discounts have increased as a result of increased sales. NOTE 26. ACCRUED EXPENSES AND PREPAID INCOME SEK thousand 31.12.2025 31.12.2024 Accrued payroll related expenses 103,744 63,226 Prepaid income 35,999 31,415 Accrued content costs 215,998 168,946 Other accrued expenses 22,848 21,970 Total 378,589 285,556 Accrued content costs have increased as a result of higher revenue leading to higher debt to our creators, as they are directly connected. NOTE 27. CONTINGENT LIABILITIES SEK thousand 31.12.2025 31.12.2024 Maximum obligations within 12 months 73,660 170,035 Maximum obligations after 12 months 43,754 99,046 Total 117,414 269,081 In order to attract and retain leading podcast creators, the group offers certain podcast creators a minimum revenue guarantee. This means a guaranteed income during the term of the agreement in the form of monthly payments and/or an upfront payment to the podcast creator. For Acast, the minimum guarantee agreements ensure access to future content, within which Acast is able to sell advertisements. The podcast creator's obligations are fulfilled during the term of the contract as the group consumes the benefit of these commitments. In cases where the podcast creator does not fulfill its obligations, the obligation may be reduced. The expected future sales of advertisements are valued on an ongoing basis. Group Notes ACAST ANNUAL REPORT 2025 62
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NOT 28. FINANCIAL INSTRUMENTS Risk management framework Acast's Board of Directors has the overall responsibility for developing and monitoring the Group's risk management framework. The group's risk management policy is established to identify and analyze the risks that the group faces and to monitor and monitor the group's risk management efforts in a controlled manner. Acast works with a risk map to ensure that the full spectrum of risks is captured. This risk map is reviewed by the group management at least twice a year and the results are reported to the Audit Committee and to the Board. There are both formal and informal information channels to the Board for important information from the executive management team, including a well-documented reporting process to ensure that information on the financial position and performance reaches the Board on a monthly basis. Other important information about, for example, potential significant risks is reported to the Board when the event occurs. The Board has decided that follow-up and review of important risks shall take place at least twice a year and that such review shall be prepared in the Audit Committee and reported, evaluated and discussed by the Board. Acast is exposed to credit risk, counterparty risk, liquidity and refinancing risk, interest rate risk and currency risk. Credit and counterparty risk Credit and counterparty risk is the risk that the group's counterparty to a financial instrument will not be able to meet its obligations, thereby causing the group a financial loss. The exposure to credit and counterparty risk primarily relates to the group's accounts receivable, accrued income and the group's holdings of cash and cash equivalents. Counterparty risk relating to banks is mitigated by concentrating the group's cash management to a limited number of top tier banks in each of the regions in which the group operates. The carrying amount of financial assets represents the maximum credit exposure. Impairment losses on financial assets are recognized in the income statement and were as follows during the financial year: SEK thousand 31.12.2025 31.12.2024 Trade receivables 6,319 -14,908 Accrued income — — Other receivables — — Cash and cash equivalents — — Total 6,319 -14,908 Credit risk in accounts receivable and accrued income Acast had confirmed credit losses of SEK 1,138 thousand in 2025 (-2,022), they amounted to 0% of net sales (0%). In 2025, continued efforts have been made to strengthen the Group's revenue process. During the year, a new automated flow for approving new customers based on credit ratings has been introduced. Customers with a longer payment pattern are assessed from a credit risk perspective and a continuous dialogue has been conducted to improve the working method and thereby reduce the risk of customer losses. The following table shows the age distribution of accounts receivable: 2025 2024 SEK thousand Gross carrying amounts % of gross total carrying amount Gross carrying amounts % of gross total carrying amounts Not due 271,513 38.0% 237,900 41.7% 1 - 30 days past due 181,967 25.4% 176,133 30.9% 31 - 90 days past due 182,272 25.5% 112,410 19.7% More than 90 days past due 79,550 11.1% 44,270 7.8% Total gross 715,301 100.0% 570,714 100.0% Expected credit loss allowance -20,318 -2.8% -15,138 -2.7% Total net 694,983 555,575 Acast applies the simplified method for impairment testing of trade receivables in accordance with IFRS 9. The simplification means that the allowance for expected credit losses is calculated on loss risks for the entire term of the receivable and is recognized when the receivable is first recognized. A review of the loss risk is made regularly based on the historical probability of credit loss. Group Notes ACAST ANNUAL REPORT 2025 63
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The table below shows the movements in the allowance for expected credit losses on trade receivables: SEK thousand 2025 2024 Balance 1.1. 15,138 30,046 Confirmed bad debt loss -1,138 2,022 Net remeasurement of loss allowance 6,319 -16,929 Balance 31.12. 20,318 15,138 Payment patterns vary between the different geographical markets but the trade receivables are expected to be paid based on historical payment patterns and the fact that confirmed bad debt losses have not historically been significant. Management does not believe that the group has any material credit risk with respect to accounts receivable. The company has a customer exposure that exceeds 10% of net sales for one customer. However, the risk is considered limited, as the counterparty is a platform that generates revenue from a number of end customers. Credit risk regarding cash and cash equivalents and short- term investments According to Acast's financial policy, excess cash may only be placed in liquid accounts or in short-term (<180 days) low- risk interest-bearing instruments issued by the Swedish government or Swedish commercial banks. On December 31, 2025, the Group's cash and cash equivalents amounted to SEK 589,334 thousand and 90% were placed in accounts with Swedish commercial banks. The table on the right shows deposits grouped by the credit rating of the counterparties from Moody's. SEK thousand Counterparty credit rating (Moody´s) Cash and cash equivalents 31.12.2025 31.12.2024 Short term Long term P1 / A1 2,343 1,992 P-1 A1 P-1 / Aa1 29,065 21,392 P-1 Aa1 P-1 / Aa2 529,872 676,324 P-1 Aa2 P-2/A3 7,859 2,181 P-2 A3 P-2/Baa2 1,226.7 — P-2 Baa1 Other 18,967 11,815 - - Total 589,334 713,704 Group Notes ACAST ANNUAL REPORT 2025 64
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Liquidity risk A consolidated cash flow model is used to identify liquidity needs and benefits that can be achieved by utilizing available funds. As shown in note 19 , the Group's cash and cash equivalents consisted almost entirely of bank balances as of December 31, 2025. The table below shows the remaining maturity of the Group's financial liabilities. The table below shows undiscounted values. 2025 SEK thousand Carrying amount 2026 2027 2028 2029 After 2029 Deferred consideration WMN 6,901 6,901 — — — — Lease liabilitiies 135,382 36,710 34,980 33,467 21,826 19,250 Trade payables 261,334 261,334 — — — — Other liabilities 48,323 48,323 — — — — Accrued costs 238,846 238,846 — — — — Total 690,785 592,113 34,980 33,467 21,826 19,250 2024 SEK thousand Carrying amount 2025 2026 2027 2028 After 2028 Deferred consideration Podchaser 10,929 11,189 — — — — Lease liabilities 141,152 32,511 32,692 32,404 32,404 45,414 Trade payables 174,727 174,727 — — — — Other liabilities 34,568 34,568 — — — — Accrued costs 193,995 193,995 — — — — Total 555,370 446,990 32,692 32,404 32,404 45,414 Carrying amount and fair value, financial instruments Financial assets and financial liabilities are initially recognized at amortized cost. The financial lease asset relating to the sublease of office premises is considered to be a reasonable approximation of its fair value. The carrying amount of the current financial assets is considered to be a reasonable approximation of their fair value. This also applies to accounts payable, other liabilities and accrued expenses which are also short-term. The carrying amounts of the Group's finance lease liabilities are also considered to be reasonable approximations of their fair values as there has been no change in the comparable lease rate since initial recognition that would have a material impact on the fair value of the lease liabilities. The deferred payment of the purchase price for Wonder Media Network is due in January 2026, and is considered to be a reasonable approximation of fair value. Group Notes ACAST ANNUAL REPORT 2025 65
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The table below shows the carrying amount of financial assets and liabilities. SEK thousand Financial assets measured at amortized cost Financial liabilities measured at amortized cost Total carrying amount Dec 31 Financial assets Financial assets 10,195 — 10,195 Trade receivables 694,983 — 694,983 Other receivables 35,728 — 35,728 Accrued income 53,651 — 53,651 Cash and cash equivalents 589,334 — 589,334 Total 2025 1,383,890 — 1,383,890 Financial liabilities Deferred consideration WMN — 6,901 6,901 Trade payables — 261,334 261,334 Other liabilities — 48,323 48,323 Accrued costs — 238,846 238,846 Total 2025 — 555,404 555,404 Financial assets Financial assets 3,021 — 3,021 Trade receivables 555,575 — 555,575 Other receivables 11,267 — 11,267 Accrued income 22,572 — 22,572 Cash and cash equivalents 713,704 — 713,704 Total 2024 1,306,139 — 1,306,139 Financial liabilities Deferred consideration Podchaser — 10,929 10,929 Trade payables — 174,727 174,727 Other liabilities — 34,568 34,568 Accrued costs — 193,995 193,995 Total 2024 — 414,218 414,218 Group Notes ACAST ANNUAL REPORT 2025 66
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Financial instruments measured at fair value As of December 31, 2025, the company does not have any financial instruments measured at fair value. Interest rate risk As the Group does not have any significant loans, there is no significant interest rate risk to consider. Currency risk Currency risk is divided into two different types: Transactional risk, which arises when the Group invoices customers or pays costs in a currency that is not the reporting currency, and translation risk, which arises when converting income and expenses, assets and liabilities in non-SEK reporting currencies, into the Group's reporting currency (SEK). As the Group is a multinational company, the Group has both transactional and translational foreign currency exposures in its main foreign currencies GBP, USD, AUD, EUR, NOK, CAD, NZD and MXN. The Group is exposed to movements in currency exchange rates for revenue transactions in foreign currencies and the translation of net assets and profit and loss accounts of foreign subsidiaries. The Group seeks to minimize these movements by invoicing customers from the respective subsidiaries and paying suppliers from bank accounts that have the currency that matches that on the invoice. Since the first half of 2025, payments to our podcast creators are made to a greater extent from the respective subsidiaries to reduce this currency risk. The Group's main transaction exposure is related to intra- group transactions, and cash balances in Acast AB. During the second quarter of 2025, the group has updated its accounting policy regarding the reporting of its internal loans stemming from acquisitions where the parent company provides cash. Since settlement of these loans is neither planner nor likely to occur in the foreseeable future, they are accounted for in accordance with IAS 21 paragraph 15 and paragraph 32. The foreign exchange effect on these loans is therefore recognized in Other comprehensive income. The carrying amount as of December 31, 2025 and a sensitivity analysis illustrating the effect of a 10% change in GBP and USD respectively have been included. As at 31.12.2025 GBP thousand USD thousand Acast AB Bank accounts foreign currency 1,824 9,030 Intercompany carrying amount 7,817 29,322 Intercompany carrying amount under IAS 21.15 and IAS 21.32 — 19,145 Total 9,642 57,497 Impact on Profit & Loss KSEK 10% gain 12,405 37,329 KSEK 10% loss -12,405 -37,329 Impact on Equity KSEK 10% gain 11,972 52,905 KSEK 10% loss -11,972 -52,905 Assets under management The Group has defined total equity as managed capital. Total equity for the Group amounted to SEK 1,181,277 thousand as of December 31, 2025. The Group was fully financed with equity as of December 31, 2025. According to the Group's financial policy, Acast intends to retain available funds and future revenues to support its operations and finance the company's organic and strategic growth and development. Acast does not expect to pay dividends in the foreseeable future. Future decisions on dividends will depend, among other things, on the business's financial performance, financial position, applicable laws and regulations, cash flows and working capital needs. The Group is not subject to externally imposed capital requirements. NOTE 29. LEASES This note provides information about leasing where the Group is both the lessee and the lessor. The balance sheet shows the following items related to leasing. SEK thousand 31.12.2025 31.12.2024 Financial assets Financial leasing 9,077 — Right-of-use assets Buildings 116,449 133,277 Total carrying amount 125,526 133,277 Lease liabilities Current 32,052 23,443 Non-current 103,330 117,709 Total lease Liability 135,382 141,152 Items reported in the income statement: SEK thousand 2025 2024 Gain at sale 1,628 — Depreciation of right-of-use assets, Buildings -28,175 -27,815 Interest expenses (incl in financial costs) -10,018 -5,377 Interest income 293 — Total -36,271 -33,193 Group Notes ACAST ANNUAL REPORT 2025 67
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The table below shows the remaining term of the group's financial lease assets. The table shows undiscounted values: SEK thousand 2025 2024 2026 2,516 — 2027 2,823 — 2028 2,900 — 2029 1,583 — Total 9,823 — The table below shows reconciliation of the undiscounted lease payments and the net investment SEK thousand 2025 2024 Undiscounted lease payments 9,823 — Net investment 9,077 — Unearned financial income 746 — In connection with the acquisition of WMN, Acast assumed the right of use for the business's existing lease agreement. During the year, agreement have been entered into to sublease the premises, which has resulted in the agreement being classified as a finance lease in accordance with IFRS 16 paragraph 63. As a consequence of this reclassification, other operating income of SEK 1,628 has been reported. No major new leases were entered into in 2025. Additional right-of-use assets in 2025 amounted to 11,347 thousand SEK (142,145), the majority of which relates to a new lease for offices in Paris. In the previous year, new leases were entered into for the offices in Stockholm and London, as well as for a new office in New York. The total cash flow for leases in 2025 amounted to SEK 37,506 thousand(28,319), this relates to both interest paid of SEK 10,018 thousand (5,377) and amortization of SEK 27,488 thousand (22,942). No significant lease payments regarding short-term leases and leases of low-value assets have been identified. There is no variable lease payment. More information about leasing in note 28. NOTE 30. LONG TERM LIABILITIES SEK thousand 31.12.2025 31.12.2024 Deposit sub-lease 674 — Total 674 — Long-term liability refers to deposit received for subletting the right of use for WMN's existing lease agreement, which Acast assumed upon acquisition. NOTE 31. EARNINGS PER SHARE 2025 2024 Basic earnings per share, SEK -0.62 0.43 Diluted earnings per share, SEK -0.62 0.42 Measurement used in calculating earnings per share: Profit/loss attributable to the parent company´s shareholders, SEK thousand -112,411 78,215 Total -112,411 78,215 Weighted average number of ordinary shares used as the denominator in calculating basic earnings per share 181,546,583 181,068,106 Weighted average number of ordinary shares used as the denominator in calculating diluted earnings per share 181,546,583 187,732,380 Basic earnings per share is calculated by dividing the profit for the period attributable to holders of shares in the parent company by the average number of shares for the period. Earnings per share after dilution are calculated by adjusting the average number of shares by the estimated number of shares from the incentive programs that have reached the market condition as of the balance sheet date. The average number of shares before dilution during the year amounted to 181,546,583 (181,068,106) and after dilution to 181,546,583 (187,732,380). There are 12,449,746 (13,532,742) outstanding performance shares/ options as of December 31, 2025, the market condition has been met for all incentive programs as of December 31, 2025. The instruments are considered anti-dilutive as of the balance sheet date, as the Group reports a loss for the financial year and a possible conversion would reduce the loss per share, they therefore have no dilutive effect at present but could potentially result in dilution of earnings per share before dilution in the future. N OT 32. HÄNDELSER EFTER BALANSDAGEN In January, Acast entered into a partnership with Perfect Day Media for ad sales. Under the partnership, Acast gains exclusive responsibility for the distribution and sale of brand ad sales for all podcasts within Perfect Day Media. In early February, Acast entered into a partnership with respected publisher Slate. Acast becomes the exclusive partner for advertising sales and distribution of Slate’s podcast network. The agreement adds more than 1.5 million weekly listens to Acast’s marketplace and strengthens the company’s growth in the United States. Group Notes ACAST ANNUAL REPORT 2025 68
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Acast Parent company financial information Income statement Parent company SEK thousand Note 2025 2024 Net sales 2 560,660 513,797 Cost of content 3 -162,217 -159,068 Gross profit 398,443 354,728 Sales and marketing costs 3, 4, 5 -48,407 -50,758 Administration expenses 3, 4, 5, 6 -162,447 -115,485 Product development costs 3, 4, 5 -201,585 -172,439 Other income 21 2,419 2,626 EBIT (Operating prorfit/loss) -11,578 18,672 Financial income 7 17,076 82,510 Financial costs 7 -101,468 -1,665 Profit/Loss before income tax -95,970 99,517 Tax 8 — 65,323 Profit/Loss for the year -95,970 164,840 There are no items in the parent company that are reported as other comprehensive income, and therefore the sum of total comprehensive income corresponds to the profit/loss for the year. Parent company financial information ACAST ANNUAL REPORT 2025 69
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Balance sheet Parent Company SEK thousand Note 31.12.2025 31.12.2024 ASSETS Non-current assets Intangible assets 9 637 1,530 Tangible assets 10 4,608 2,858 Financial assets Participation in group companies 20, 22 737,152 707,348 LT receivables from group companies 21, 22 176,159 162,773 Deferred tax assets 8 65,323 65,323 Total non-current assets 983,879 939,833 Current assets Accounts receivable 11 117,300 87,361 ST receivables from group companies 21 1,024,635 932,200 Other receivables 12 10,959 6,845 Prepaid expenses and accrued income 2, 13 66,891 36,982 Cash and cash equivalents 14 456,011 632,059 Total current assets 1,675,795 1,695,447 TOTAL ASSETS 2,659,674 2,635,280 SEK thousand Note 31.12.2025 31.12.2024 Not 31 dec 2025 31 dec 2024 EQUITY AND LIABILITIES EQUITY Restricted equity Share capital 15 1,183 1,174 Non-restricted equity Other paid in capital 2,337,807 2,337,807 Retained earnings -494,705 -715,560 Profit/loss for the year -95,970 164,840 Total equity 1,748,315 1,788,261 LIABILITIES Current liabilities Accounts payable 28,443 171,829 Liabilities to group companies 21 713,898 421,314 Other payables 16 53,291 29,829 Accrued expenses and prepaid income 2, 17 115,727 224,047 Total current liabilities 911,359 847,019 TOTAL EQUITY AND LIABILITIES 2,659,674 2,635,280 Parent company financial information ACAST ANNUAL REPORT 2025 70
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Changes in equity Parent company Note Share capital Otheer paid in capital Retained earnings (including profit/loss Total equity Opening balance at January 1, 2024 1,174 2,337,808 -740,741 1,598,241 Profit/Loss for the year/Total comprehensive income for the year 164,840 164,840 Total comprehensive income for the year 164,840 164,840 Transactions with owners Employee share schemes - value of employee services 25,181 25,181 Total transactions with owners 25,181 25,181 Closing balance at December 31, 2024 1,174 2,337,808 -550,720 1,788,261 Opening balance at January 1, 2025 1,174 2,337,808 -550,720 1,788,261 Profit/Loss for the year/Total comprehensive income for the year -95,970 -95,970 Total comprehensive income for the year -95,970 -95,970 Transactions with owners Issued ordinary shares 9 9 Employee share schemes - value of employee services 34,830 34,830 Total transactions with owners 9 56,015 56,024 Closing balance at December 31, 2025 1,183 2,337,808 -590,675 1,748,316 Parent company financial information ACAST ANNUAL REPORT 2025 71
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Statement of cash flows, Parent Company SEK thousand Note 2025 2024 Operating activities EBIT (Operating profit/loss) -11,578 18,672 Adjustments for non-cash items 19 8,959 10,177 Interest received 7 9,537 20,700 Interest paid 7 -100 -72 Cash flow from operating activities before changes in working capital 6,818 49,477 Changes in working capital Accounts receivable (increase - / decrease +) -29,940 -19,584 Other current receivables (increase - / decrease +) -126,456 -301,339 Accounts payable (increase + / decrease -) -143,386 28,507 Other current liabilities (increase + / decrease -) 204,217 247,111 Total change in working capital -95,564 -45,304 Cash flows from operating activities -88,746 4,173 SEK thousand Note 2025 2024 Investing activities Investment in equipment -3,063 -3,162 Investment in intangible assets -354 -73 Long-term assets (increase-/decrease+) -49,533 38,708 Cash flows from investing activities -52,950 35,472 Financing activities Issues of new shares 9 — Cash flows from financing activities 9 — Cash flows for the year -141,687 39,645 Cash and cash equivalents at the beginning of the year 632,059 585,357 Effect of movements in foreign exchange rates on cash and cash equivalents -34,361 7,059 Cash and cash equivalents at the end of the year 14 456,011 632,059 Parent company financial information ACAST ANNUAL REPORT 2025 72
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Parent company notes NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES Basis of presentation The parent company has prepared its annual report in accordance with the Swedish Annual Accounts Act (1995:1554) and the Swedish Sustainability and Financial Reporting Board's recommendation RFR 2 Accounting for Legal Entities. Statements issued by the Swedish Sustainability and Financial Reporting Board applicable to listed companies are also applied. The financial statements have been prepared on a historical cost basis. Preparing financial statements in accordance with RFR 2 requires the use of estimates for accounting purposes. Furthermore, it also requires management to make certain judgments in applying the accounting principles. Details of these complex estimates and judgments are disclosed in group note 2 . The company is subject to a number of financial risks, of different nature. The financial risk management policy for the parent company corresponds to the group’s policy. For further details, see group note 28. The application of RFR 2 requires the parent company to apply the same accounting policies as the group, which are all EU-approved IFRS Accounting Standards and statements, to the extent permitted by the Swedish Annual Accounts Act, the Guarantee Act and with regard to the connection between accounting and taxation. The main differences between the accounting policies adopted for the group and for the parent company are described below. Classification and presentation The income statement and balance sheet are prepared in accordance with the Swedish Annual Accounts Act. The statement of changes in equity adhere to the format of the group, but includes the columns stipulated by the Annual Accounts Act. There are certain discrepancies in terminology used compared to the consolidated financial statements, mainly relating to equity. Subsidiaries Shares in subsidiaries are reported in the parent company according to the cost method, meaning that transaction costs are included in the carrying amount for investments in subsidiaries. In the consolidated financial statements, such costs are recognized in the income statement when they arise. When there is an indication that shares in subsidiaries have decreased in value, a calculation of the recoverable amount is made. Should the carrying amount exceed the calculated recoverable amount, an impairment loss is made. Impairment losses are reported in the income statement as “Results from Participation in group companies”. Leasing The parent company has chosen not to apply IFRS 16 and instead has chosen RFR 2 IFRS 16 p. 2-12. This means that neither a right-of-use asset nor a lease liability is recognized in the statement of financial position. Instead, the lease payment is recognized as an expense in the income statement on a straight-line basis over the lease period. Intangible fixed assets The cost of internally generated intangible assets are recognized in the income statement when they arise. Financial instruments IFRS 9 is not applied by the parent company, which instead applies RFR 2 (IFRS 9 Financial Instruments, p. 3-10.). Financial instruments are initially recognized at acquisition cost. In subsequent periods, current financial assets are recognized at the lower of acquisition cost and market value. When determining the net realizable value of receivables classified as current assets, impairment testing and loss risk provisioning are applied in accordance with IFRS 9. For a receivable that is recognized at amortized cost at group level, this means that the loss risk provision that is recognized in the group in accordance with IFRS 9 must also be recognized in the parent company. Acast AB does not expect any credit losses on the internal receivables. Group contributions and shareholders’ contributions Group contributions are reported as appropriations in the income statement. Shareholders’ contributions are reported as an increase in the carrying amount of the shares in the subsidiary and in the recipient company as an increase in equity. Financial risks are managed at group level. The description in the consolidated note 28 is therefore essentially applicable to the parent company as well. NOTE 2. NET SALES SEK thousand 2025 2024 Europe 309,863 389,458 North America 210,970 88,255 Other 39,827 36,084 Total 560,660 513,797 Acast AB's net sales are primarily generated from advertising revenue that is recognized over time. Just over 5% (12%) of net sales are generated from other revenue streams, such as SaaS and recurring revenue. Revenue is affected by the group's transfer pricing model, as the group's profit is lower than the previous year, the parent company's transfer pricing revenue is also lower in 2025, which primarily affects Europe. CONTRACT ASSETS AND LIABILITIES 2025 SEK thousand Contract assets Contract liabilities Opening balance, 1 Jan 20,151 7,201 New advances from customers — 72,389 Increase (+)/Decrease (-) due to revenue recognized 50,122 -76,042 Increase (+)/Decrease (-) due to transfers to recievables -20,119 — Revaluations — — Translation differences — — Closing balance, Dec 31 50,154 3,548 The entire opening balance of contract liabilities has been recognized as revenue during 2025. Parent company notes ACAST ANNUAL REPORT 2025 73
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SEK thousand Contract assets Contract liabilities Opening balance, 1 Jan 15,205 5,298 New advances from customers — 95,232 Increase (+)/Decrease (-) due to revenue recognized 20,119 -93,932 Increase (+)/Decrease (-) due to transfers to recievables -15,174 — Revaluations 1 604 Translation differences — — Closing balance, Dec 31 20,151 7,201 2024 Contract assets refer to accrued revenue that will be invoiced during the first quarter of 2026. Contract liabilities are expected to be recognized as revenue within one year. NOTE 3. EXPENSES BY NATURE SEK thousand 2025 2024 Cost of content 162,217 159,068 Emplyees benefits expenses 177,095 147,133 Depreciation 2,560 2,504 Other operating expenses 232,784 189,046 Total 574,656 497,751 The increase in other operating expenses consists primarily of higher transfer pricing costs and increased consulting fees, partly due to the re-listing. NOTE 4. OTHER OPERATING EXPENSES SEK thousand 2025 2024 Rent and office expenses 16,104 16,683 Computers and software 47,001 41,082 Marketing and reseller expenses 3,148 4,236 Transfer pricing charges 106,003 69,816 External services 59,896 39,240 Other expenses 631 17,989 Total 232,784 189,046 Internal sales costs have increased as a result of the group's transfer pricing model where the parent company is one of three Entrepreneurs that take a large share of the Group's profit. Costs for external services increased mainly as a result of higher consulting fees, partly due to the re-listing.. NOTE 5. EMPLOYEES EXPENSES DUE TO REMUNERATIONS TO EMPLOYEES SEK thousand 2025 2024 Salaries 92,920 83,395 (of which bonuses, etc.) 7,834 12,981 Termination benefits 3,386 593 Pension expenses 9,743 8,655 Social expenses 32,258 28,429 Other 14,769 11,440 Total 153,077 132,512 GENDER DISTRIBUTION IN THE PARENT COMPANY MANAGEMENT* 2025 % women 2024 % women Board of Directors 33% 33% Other senior management 50% 43% *Includes both those who receive compensation from subsidiaries and from the parent company. As of December 31, 2024, Acast's board of directors consisted of two women and four men, and as of December 31, 2025, Acast's board of directors consisted of two women and four men. During 2025, one woman left the board and one woman joined. AVERAGE NUMBER OF FULL TIME EMPLOYEES 2025 2025 % women 2024 2024 % women Sweden 111 57% 105 61% Total 111 57% 105 61% PERSONNEL COSTS 2025 SEK thousand Salaries and other renumerations Social expenses Pension expenses Board and executive management (2 individuals) 9,173 3,113 970 Other employees 87,133 29,145 8,773 Total 96,306 32,258 9,743 2024 SEK thousand Salaries and other renumerations Social expenses Pension expenses Board and executive management (3 individuals) 6,674 2,310 896 Other employees 77,315 26,119 7,758 Total 83,989 28,429 8,655 Parent company notes ACAST ANNUAL REPORT 2025 74
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SALARIES AND OTHER REMUNERATION OF THE BOARD AND SENIOR EXECUTIVES 2025 SEK thousand Basic salary board fees Variable renumeration Share-based renumeration* Pension costs Other renumeration 2025 Total Group management (2 individuals) 4,597 4,562 3,810 970 14 13,953 Total 4,597 4,562 3,810 970 14 13,953 2024 SEK thousand Basic salary board fees Variable renumeration Share-based renumeration* Pension costs Other renumeration 2024 Total Group management (3 individuals) 3,847 2,813 4,297 896 14 11,867 Total 3,847 2,813 4,297 896 14 11,867 *Refers to this year’s estimated non-cash costs for long-term incentive programs 2022/2025, 2023/2026, 2024/2027 and 2025/2028, according to IFRS 2. NOTE 6. AUDIT FEES AND EXPENSES SEK thousand 2025 2024 KPMG Audit service 3,611 2,675 Audit services in excess of the audit engagement 625 625 Other services 458 — Total 4,693 3,300 KPMG is the auditor of Acast AB. Audit engagements refer to the auditor's work with the statutory audit of the annual and consolidated accounts, the accounting and the administration of the board of directors and the CEO. This also includes reviews carried out in accordance with special agreements or arrangements as well as advice or other assistance that can be directly derived from the audit or the auditor's other statutory duties. Other services are those that are not included in audit engagements. NOTE 7. NET FINANCE COST SEK thousand 2025 2024 Interest income 9,537 20,700 Interest income from group companies 7,539 5,264 Other financial income — 56,547 Finance income 17,076 82,510 Interest expenses -100 -72 Interest expense from group comanies -2,210 -1,593 Other financial expenses -99,157 — Finance costs -101,468 -1,665 Net financial items -84,392 80,845 Interest income for the year is lower due to a lower bank balance and lower interest rate. Other financial expenses consist entirely of currency exchange rate losses. NOTE 8. INCOME TAX AND DEFERRED TAX RECOGNIZED IN THE STATMENT OF PROFIT OR LOSS 2025 2024 Current tax expense for the year — — Adjustment of tax relating to prior years — — Deferred tax related to utilization and capitalizaton of tax value in loss carryforwards — 65,323 Total reported tax income/expense — 65,323 Parent company notes ACAST ANNUAL REPORT 2025 75
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RECONCILIATION OF EFFECTIVE TAX RATE SEK thousand 2025 2024 Profit/loss before income tax -95,970 99,517 Theoretical tax according to current tax rate 20.6% 19,770 20.6% -20,501 Non-deductible expenses -0.3% -325 -0.4% -365 Recognized loss carryforwards of previous years’ losses —% — 89.8% 86,200 Unrecognized loss carried forward -20.3% -19,445 —% -12 Reported effective tax —% — 68.1% 65,323 CHANGE IN DEFERRED TAX IN TEMPORARY DIFFERENCES SEK thousand Balance January 1 Recognized in profit or loss Balance December 31 2025 Deferred tax asset 65,323 — 65,323 Deferred tax liability — — — Net deferred tax asset 2025 65,323 — 65,323 2024 Deferred tax asset — 65,323 65,323 Deferred tax liability — — — Net deferred tax liability 2024 — 65,323 65,323 Deferred tax assets of SEK 65,323 thousand (65,323) are reported in the balance sheet as of December 31, 2025. In 2024, it was assessed that it was likely that future taxable surpluses would be available against which the tax losses could be utilized. As a result, a deferred tax asset of SEK 86,200 thousands during 2024, of which SEK 20,877 thousands of these were also utilized during 2024. Unused tax losses, for which no deferred tax asset has been recognized, amounted to SEK 498,666 thousand (404,050) as of December 31, 2025. The unused tax loss carryforwards relate to losses; the tax loss carryforwards are not time- limited. With a tax rate that is currently 20.6%, the unrealized future tax asset amounts to SEK 102,725 thousand (83,234). NOTE 9. INTANGIBLE ASSETS SEK thousand Concessions, patents, trademarks and similar rights Total Accumulated acquisition cost Opening balance 1.1.2024 9,474 9,474 Investments 73 73 Closing balance 31.12.2024 9,547 9,547 Opening balance 1.1.2025 9,547 9,547 Investments 354 354 Closing balance 31.12.2025 9,901 9,901 Accumulated amortization and impairment Opening balance 1.1.2024 -6,132 -6,132 Amortization -1,885 -1,885 Closing balance 31.12.2024 -8,017 -8,017 Opening balance 1.1.2025 -8,017 -8,017 Amortization -1,247 -1,247 Closing balance 31.12.2025 -9,264 -9,264 Carrying amount Opening balance 1.1.2024 3,342 3,342 Closing balance 31.12.2024 1,530 1,530 Opening balance 1.1.2025 1,530 1,530 Closing balance 31.12.2025 637 637 Intangible assets refer to acquired assets such as expenses for patents, trademarks and system implementation. Parent company notes ACAST ANNUAL REPORT 2025 76
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NOTE 10. TANGIBLE ASSETS SEK thousand Equipment Leasehold improvement Total Accumulated acquisition cost Opening balance 1.1.2024 1,394 1,456 2,850 Investment 1,030 2,133 3,162 Closing balance 31.12.2024 2,424 3,589 6,012 Opening balance 1.1.2025 2,424 3,589 6,012 Investments 3,030 33 3,063 Closing balance 31.12.2025 5,454 3,621 9,075 Accumulated depreciation and impairment Opening balance 1.1.2024 -1,330 -1,206 -2,535 Depreciation -149 -470 -619 Closing balance 31.12.2024 -1,479 -1,675 -3,154 Opening balance 1.1.2025 -1,479 -1,675 -3,154 Depreciation -854 -459 -1,313 Closing balance 31.12.2025 -2,333 -2,134 -4,467 Carrying amount Opening balance 1.1.2024 64 250 315 Closing balance 31.12.2024 945 1,913 2,858 Opening balance 1.1.2025 945 1,913 2,858 Closing balance 31.12.2025 3,121 1,487 4,608 Investments in 2025 relate to the purchase of furniture and equipment for the Stockholm office. NOTE 11. TRADE RECEIVABLES SEK thousand 31.12.2025 31.12.2024 Trade receivables 119,011 89,645 Provision for expected credit loss -1,710 -2,285 Net trade receivables 117,300 87,361 Number of days past due date SEK thousand Carrying amount Not due 1<29 30<89 90< 2025 Trade receivables as of 31.12.2025 119,011 57,515 40,314 20,158 1,023 Provision for expected credit loss -1,710 -288 -403 -212 -808 Net trade receivables 2025 117,300 57,228 39,911 19,946 215 100% 49% 34% 17% —% Number of days past due date SEK thousand Carrying amount Not due 1<29 30<89 90< 2024 Trade receivables as of 31.12.2024 89,645 41,931 25,805 14,725 7,185 Provision for expected credit loss -2,285 -210 -258 -300 -1,517 Net trade receivables 2024 87,361 41,721 25,547 14,425 5,667 100% 48% 29% 17% 6% SEK thousand 2025 2024 Balance 1.1 2,285 2,571 Confirmed bad debt losses -270 -306 Net remeasurement of loss allowance -304 20 Balance 31.12 1,710 2,285 See group note 28 for further description of the group's provision for credit losses. Parent company notes ACAST ANNUAL REPORT 2025 77
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NOTE 12. OTHER RECEIVABLES SEK thousand 31.12.2025 31.12.2024 VAT receivables 2,548 1,429 Tax receivable 6,888 3,369 Other receivables 1,522 2,047 Total other receivables 10,959 6,845 The tax receivable due to estimated tax payments during the year. NOTE 13. PREPAID EXPENSES AND ACCRUED INCOME SEK thousand 31.12.2025 31.12.2024 Prepaid rent 3,359 3,288 Prepayment to podcast creators — 4,494 Other prepaid expenses 13,378 9,049 Accrued income 50,154 20,151 Total 66,891 36,982 Accrued income has increased as a result of an overall increase in sales. NOTE 14. CASH AND CASH EQUIVALENTS SEK thousand 31.12.2025 31.12.2024 Cash and cash equivalents 456,011 632,059 Total 456,011 632,059 As of December 31, 2025, 99.6% of the bank balance was held with Swedish commercial banks, 74.2% of the total balance denominated in SEK. NOTE 15. EQUITY 31.12.2025 31.12.2024 Shares issued fully paid At the beginning of the year 181,068,106 181,068,106 Issued consideration WMN 1,397,154 0 Shares issued fully paid 182,465,260 181,068,106 As of December 31, 2025, the total number of shares was 182,465,260 (181,068,106) and the share capital was SEK 1,183 thousand (1,174) All shares are ordinary shares and carry equal voting rights. The shares have a par value of SEK 0.0065 (0.0065). NOTE 16. OTHER PAYABLES SEK thousand 31.12.2025 31.12.2024 Taxes and social charges 34,862 16,168 Cash rebate 17,351 10,967 Other short-term liabilitites 1,079 2,694 Total 53,291 29,829 Social security contributions for the company's LTI program increased due to a higher share price during the year. For more information about the company's LTI program, see the group note 9. Cash rebate has increased as a result of higher net sales. NOTE 17. ACCRUED EXPENSES AND PREPAID INCOME SEK thousand 31.12.2025 31.12.2024 Accrued payroll related expenses 31,048 28,567 Accrued content costs 62,145 172,025 Other accrued expenses 18,985 16,254 Prepaid income 3,548 7,201 Total 115,727 224,047 Since the first half of 2025, payments to our podcast creators are to a greater extent settled by the respective subsidiaries. This has resulted in lower accrued content costs within the parent company, as both provisioning and payments are now managed at the local market level. NOTE 18. LEASES SEK thousand 2025 2024 Maturity date within 1 year 12,150 12,150 Maturity date between 1-3 years 36,450 36,450 Maturity date later than 3 years 3,038 15,188 Total 51,638 63,788 The year's leasing costs regarding operational leasing fees amounted to SEK 13,352 thousands (13,521). NOTE 19. ADJUSTMENT FOR NON-CASH ITEMS SEK thousand 2025 2024 Depreciation 2,560 2,242 Long term incentive plan, no cash consideration 6,400 7,740 Total 8,959 9,981 NOTE 20. PARTICIPATION IN GROUP COMPANIES PARTICIPATION IN GROUP COMPANIES Opening balance 1.1.2024 689,842 Shareholder's contribution* 17,507 Closing balance 31.12.2024 707,348 Opening balance 1.1.2025 707,348 Shareholder's contribution* 29,804 Closing balance 31.12.2025 737,152 *In 2024 and 2025, shareholder’s contributions relates to employee long-term incentive programs. For more information about Acast's current incentive program, please refer to group note 9. Parent company notes ACAST ANNUAL REPORT 2025 78
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NOTE 21. RELATED PARTY 2025 Acast Stories Inc Acast Stories Ltd Acast Stories Pty Acast Stories SAS Acast Stories AS Acast Stories GmbH Acast Stories Canada Inc Acast Stories Ireland Ltd Acast Stories Mexico, S. de R.L. de C.V. Podchaser Inc Total SEK thousand Transfer pricing revenue 30,557 53,221 52 11,747 — 8,627 — 162 7,821 1,260 113,447 Transfer pricing charges -158,974 -60,377 -15,624 -5,826 -11,051 -3,034 -18,327 -7,243 -461 -53,646 -334,562 Intercompany loans -176,159 — — — — — — — — — -176,159 Non-current intercompany liabilities — — — — — — — — — — — Current intercompany liabilities -512,219 -279,741 -45,397 -39,766 -10,693 -12,397 -40,999 -12,092 -19,958 -51,373 -1,024,635 Current intercompany receivables 229,799 206,226 41,273 44,092 14,453 25,376 26,207 19,426 17,224 89,822 713,898 2024 Acast Stories Inc Acast Stories Ltd Acast Stories Pty Acast Stories SAS Acast Stories AS Acast Stories GmbH Acast Stories Canada Inc Acast Stories Ireland Ltd Acast Stories Mexico, S. de R.L. de C.V. Podchaser Inc Total SEK thousand Transfer pricing revenue 17,167 29,166 — 9,413 2 10,181 8 304 3,614 — 69,854 Transfer pricing charges -62,792 -143,270 -6,253 — -4,215 — -288 -3,677 — — -220,495 Intercompany loans -162,773 — — — — — — — — — -162,773 Non-current intercompany liabilities — — — — — — — — — — — Current intercompany liabilities -431,360 -318,318 -50,166 -45,188 -8,345 -20,129 -33,133 -12,002 -13,106 -453 -932,200 Current intercompany receivables 119,118 150,749 28,036 34,578 3,453 16,084 15,035 10,036 9,049 35,175 421,314 The table above shows Transfer pricing income invoiced from subsidiaries and Transfer pricing expenses invoiced to subsidiaries. Intragroup receivables show the subsidiaries' receivables from the parent company and intragroup liabilities show the subsidiaries' liabilities to the parent company. The parent company's cash pool is also reported in gross receivables and liabilities. The group’s legal entities are divided into two categories, Affiliates and Entrepreneurs. Entrepreneurs are defined as a group of entities with strategic group-wide functions and senior executives involved in the group’s decision-making. Acast AB, Acast Stories Ltd and Acast Stories Inc. have been classified as Entrepreneurs, other subsidiaries are classified as Affiliates and have cost-plus agreements. The group’s results are distributed between the Entrepreneurs based on their respective contribution. When the group's results improve, this also means that Transfer Pricing income and costs are lower for the parent company and vice versa. SEK thousand 2025 2024 Receivables which fall due later than one year 176,159 162,773 Transactions with related parties Related party transactions within the Group consist of internal trading of services and is carried out on market terms. In addition, Acast has identified two related parties with whom transactions have taken place during the year. One party to whom a portion of the Stockholm office is sublet and one party from which Acast has purchased consultancy services. All transactions have taken place on market terms. Related parties to natural persons are defined as senior executives, board members and close family members of such persons. For information on remuneration to senior executives and board members, please refer to note 5. SEK thousand 2025 2024 Subletting of premises* 2,414 2,414 Total income 2,414 2,414 *Related party Alfvén & Didrikson AB SEK thousand 2025 2024 Consultancy services* 768 — Total purchases of services 768 — *Related party Hedwig Associates LLC Parent company notes ACAST ANNUAL REPORT 2025 79
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NOTE 22. SUBSIDIARIES Name Corporate reg.no Place of Business Ownership 12.31.2025 Ownership 12.31.2024 12.31.2025 carrying amount Acast Stories AS 922 061 084 Norway 100.00% 100.00% 103 Acast Stories GmbH HRB 205265B Germany 100.00% 100.00% 321,903.1 Acast Stories Inc 36-4813086 USA 100.00% 100.00% 275,253,226.9 Acast Stories Ltd 9040006 Great Britain 100.00% 100.00% 453,561,045.7 Acast Stories Pty ABN 30 619 624 823 Australia 100.00% 100.00% 1,786,782.6 Acast Stories SAS 848 766 663 France 100.00% 100.00% 1,340,753.4 Acast Stories Ireland Ltd 661 047 Ireland 100.00% 100.00% 35,821.0 Acast Stories Canada Inc 715 141 Canada 100.00% 100.00% 949,789.2 Acast Stories Mexico, S. de R.L. de C.V. N-2020014294 Mexico 99.99% 99.99% 2,425,681.1 Wake Word GmbH HRB 249507 Germany 100.00% —% 1,373,886.0 Total 737,152 Wake Word GmbH was acquired in December 2025, the remaining direct subsidiaries have arisen through Acast AB starting its own operations. Acast Stories Mexico, S. de R.L is owned by Acast AB to 99.99% and the remaining 0.01% is owned by Acast Stories Ltd. NOTE 23. ALLOCATION OF PROFIT OR LOSS The Board of directors and the Chief Executive Officer propose that the shareholders at the 2026 AGM decide that Acast AB will balance available funds in a new account for the 2025 financial year. ALLOCATION OF PROFIT OR LOSS Share premium reserve 2,337,806,821 Retained earnings -494,705,064 Profit for the year -95,969,742 Total 1,747,132,016 Profit or loss brought forward 1,747,132,016 Total 1,747,132,016 Parent company notes ACAST ANNUAL REPORT 2025 80
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Declaration by the Board and CEO We confirm that the financial statements for the period from January 1 to December 31, 2025 to the best of our knowledge, have been prepared in accordance with applicable accounting standards, IFRS® Accounting Standards, that the accounts give a true picture of the assets, liabilities, financial position and results of operations, and that the information in the report includes a fair review of development, performance and position of the entity and the group, together with a description of the principal risks and uncertainties the company faces. Board and CEO our signature has been submitted on the date for our electronic signature of Acast’s Swedish Annual Report John Harrobin Marta Martinez Björn Jeffery Chair Board member Board member Hjalmar Didrikson Jonas von Hedenberg Samantha Skey Board member Board member Board member Gregory Glendale CEO Board Signatures ACAST ANNUAL REPORT 2025 81
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DEFINITION OF ALTERNATIVE PERFORMANCE MEASURES AND OPERATIONAL MEASURES Certain information in this report that management and analysts use to assess the group’s development is not defined in IFRS Accounting Standards. Management believes that this information makes it easier for investors to analyze the group’s earnings trend and financial position. Investors should consider this information as a supplement to, rather than a replacement of, the financial reporting in accordance with IFRS Accounting Standards. IFRS Accounting Standards performance measurements Definition Purpose Gross profit Net sales for the period reduced by cost of content. Gross profit is used to measure the residual profit that remains after deducting the cost of content. It gives an indication of the group’s ability to cover its Other operating expenses. Cash flow from operating activities Cash flow for the period excluding cash flow from financing activities and cash flow from investing activities Cash flow from operating activities indicates the amount of cash generated from (or spent on) its ongoing operations. Alternative performance measurements not defined under IFRS Accounting Standards Definition Purpose Net sales growth (%) Change in net sales compared to same period previous year. The measure shows growth in net sales compared to the same period previous year. It is a relevant performance measure for a company within a high growth industry. Organic net sales growth (%) Change in net sales compared to same period previous year adjusted for translational currency effects, acquisition and divestment effects. Currency effects are calculated by applying the previous period exchange rates to the current period. Organic net sales growth facilitates a comparison of underlying net sales over time excluding impact from currency translation, acquisitions and divestments. Gross margin (%) Gross profit in relation to net sales. Gross margin is used to measure the residual profit that remains after deducting the cost of content. It gives an indication of the group’s ability to cover Other operating expenses. Other operating expenses The sum of sales and marketing costs, administration expenses and product development costs. Other operating expenses is used to assess the amount of operating expenses excluding cost of content and excluding other operating income. Total operating expenses The sum of sales and marketing costs, administration expenses, product development costs and other operating income Total operating expenses is used to assess the amount of operating expenses excluding cost of content, including other operating income. Total operating expenses excl D&A The sum of sales and marketing costs, administration expenses product development costs and other income, excluding depreciation and amortization. Total operating expenses excl D&A is used to assess the amount of operating expenses excluding cost of content, depreciation, amortization and including other operating income. EBITDA EBIT (Operating profit/loss) before depreciation and amortization. EBITDA is a measure of operating profit/loss before depreciation and amortization and is used to monitor the operations. Allows comparison of performance at an operational cash-flow generating level. EBITDA margin (%) EBITDA in relation to net sales. EBITDA in relation to net sales is used to measure the profitability of operations and shows cost effectiveness. Adjusted EBITDA EBITDA adjusted for items affecting comparability. Adjusted EBITDA is a measure of operating profit/loss before depreciation and amortization and is used to monitor the operating activities. The purpose is to facilitate a fair comparison between two comparable periods and to show the underlying trend in operating activities excluding non-recurring items. Adjusted EBITDA- margin (%) EBITDA adjusted for items affecting comparability in relation to net sales. Adjusted EBITDA in relation to net sales is used to measure the profitability of operations and shows the group’s cost effectiveness. EBIT (Operating profit/loss) Profit/loss before financial items and tax. EBIT is used to evaluate the group’s profitability. EBIT margin (%) EBIT in relation to net sales. EBIT in relation to the group’s net sales is an indicator of the group’s profitability. Adjusted EBIT EBIT adjusted for items affecting comparability. Adjusted EBIT is a supplement to EBIT and the purpose is to show the operating profit/loss excluding items that affect comparability to facilitate a fair comparison between two comparable periods and show the underlying trend in operating activities excluding non-recurring items. Adjusted EBIT margin (%) Adjusted EBIT in relation to net sales. djusted EBIT in relation to net sales is an indicator of the group’s profitability. Items affecting comparability Items such as cost in connection with acquisitions or major structural changes as well as significant items that are relevant to understanding the results when comparing two given periods and that are not part of the ordinary activities. Items affecting comparability is used by management to explain variations in historical profitability. Adjusting these items provides a better understanding of the underlying operating activities of the company and allows the users of the financial statements to understand and evaluate the adjustments performed by management when presenting Adjusted EBIT and Adjusted EBITDA. Contribution profit Operating segments contribution to the group's EBIT before allocation of Global costs. Contribution profit is used in the assessment of the group’s operating segments, i.e. local market operations. It shows the operating segments contribution to the group’s Operating profit/ loss before allocation of Global costs. Contribution margin (%) Contribution profit in relation to net sales. Contribution profit in relation to net sales of a segment is an indicator of the segment’s profitability. Global costs Global costs include central costs including global sales- and marketing costs, administrative costs, finance team costs, the people team costs, strategy, product development and business development, legal team costs. The purpose of measuring global costs is to be able to illustrate the difference between global costs and local segment costs and is used in the calculation of the contribution profit. Definitions and purposes ACAST ANNUAL REPORT 2025 82
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Operational measures Definition Purpose Listens* Number of listens per year based on Acast’s IAB 2.0 certified measurement. Used to identify number of listens during a specific period. Average net sales per listen (ARPL) Net sales divided by number of listens for the same period. Used to measure average net sales per listens as defined above and is, over time, a relevant measure of how effectively the company sells the inventory avaiable on the platform. *Number of listens per year based on Acast’s IAB 2.0 certified measurement. A listen is defined as a minimum download of at least 60 seconds of the episode and Acast only count one listen per listener per episode within 24 hours. RECONCILIATION OF ALTERNATIVE PERFORMANCE MEASURES NOT DEFINED UNDER IFRS ACCOUNTING STANDARDS AND OTHER OPERATIONAL MEASURES 2025 2024 SEK thousand (unless stated otherwise) Alternative performance measures not defined under IFRS Accounting standards Net sales 2,516,851 1,943,701 Net sales growth (%)* 29% 19% Net sales 2,516,851 1,943,701 Translational currency effects on Net sales (a positive amount represents a negative effect on net sales in current period, a negative amount represents the opposite) 98,752 -10,831 Impact from acquisitions -37,277 — Organic net sales 2,578,326 1,932,869 Net sales growth (%) 29% 19% Translational currency effects on Net sales growth (%) (a positive percentage represents a negative effect on growth in current period, a negative percentage 5% -1% Impact from acquisitions on Net sales growth (%) -2% —% Organic net sales growth (%) 33% 18% 2025 2024 SEK thousand (unless stated otherwise) Net sales 2,516,851 1,943,701 Cost of content -1,527,440 -1,179,505 Gross profit 989,412 764,196 Net sales 2,516,851 1,943,701 Gross margin 39% 39% Sales and marketing costs -510,717 -414,377 Administration costs -313,724 -223,444 Product development costs -207,941 -188,065 Other operating expenses -1,032,382 -825,886 Other operating expenses -1,032,382 -825,886 Other income 24,935 4,180 Total operating expenses -1,007,447 -821,707 Total operating expenses -1,007,447 -821,707 Depreciation and amortization 90,397 81,823 Total operating expenses excl D&A -917,050 -739,884 Definitions and purposes ACAST ANNUAL REPORT 2025 83 * Net sales growth compared to the same period previous year.
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2025 2024 SEK thousand (unless stated otherwise) Profit/Loss for the period -112,411 78,215 Income tax expense -10,157 61,260 Financial costs -101,557 -6,118 Financial income 17,338 80,584 EBIT (Operating profit/loss) -18,035 -57,511 Net sales 2,516,851 1,943,701 EBIT margin (%) -1% -3% EBIT (Operating profit/loss) -18,035 -57,511 Items affecting comparability* 43,415 1,628 Adj. EBIT 25,380 -55,883 Net sales 2,516,851 1,943,701 Adj. EBIT margin (%) 1% -3% EBIT (Operating profit/loss) -18,035 -57,511 Depreciation and mortization 90,397 81,823 EBITDA 72,361 24,312 Net sales 2,516,851 1,943,701 EBITDA margin (%) 3% 1% EBITDA 72,361 24,312 Items affecting comparability* 43,415 1,628 Adj. EBITDA 115,776 25,939 Net sales 2,516,851 1,943,701 Adj. EBITDA margin (%) 5% 1% Operational measures Listens (millions) 4,436,452 4,385,371 Net sales 2,516,851 1,943,701 Average revenue per listen (ARPL), SEK 0.57 0.44 Reconciliation of alternative performance measures ACAST ANNUAL REPORT 2025 84 * Items affecting comparabiltiy 2025 consists of a gain from the bargain purchase of Wake Word GmbH, costs from the change of CEO, the re-listing and the acquisition of Wonder Media Network and Wake Word GmbH. Items affecting comparability 2024 consists of acquisition costs incurred for Wonder Media Network, which was acquired on JAnuary 2, 2025. For further information see group note 7.
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Group financial KPI’s and alternative performance measures 2025 2025 2025 2025 2024 2024 2024 2024 2025 2024 SEK thousand (unless stated otherwise) Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Jan-Dec Jan-Dec Net sales 732,562 642,150 606,733 535,406 577,535 475,375 477,905 412,886 2,516,851 1,943,701 Cost of content -440,780 -390,245 -361,476 -334,938 -349,315 -283,314 -292,963 -253,913 -1,527,440 -1,179,505 Gross profit 291,782 251,904 245,257 200,468 228,220 192,062 184,941 158,973 989,412 764,196 Total operating expenses excl DA -205,683 -214,345 -288,504 -208,518 -193,721 -175,889 -196,218 -174,056 -917,050 -739,884 EBITDA 86,099 37,559 -43,247 -8,049 34,499 16,172 -11,276 -15,083 72,361 24,312 Depreciation and amortization -22,705 -21,690 -23,151 -22,850 -18,929 -22,201 -20,985 -19,709 -90,397 -81,823 EBIT (Operating profit/loss) 63,394 15,869 -66,398 -30,900 15,570 -6,028 -32,261 -34,792 -18,035 -57,511 Financial items -6,464 -6,219 -10,932 -60,604 46,553 -19,636 6,154 41,395 -84,219 74,466 Income tax expense -4,184 -2,366 -2,376 -1,231 64,385 -929 -788 -1,407 -10,157 61,260 Profit/Loss for the period 52,746 7,283 -79,706 -92,735 126,508 -26,594 -26,895 5,196 -112,411 78,215 Net sales growth (%) 27% 35% 27% 30% 17% 12% 24% 25% 29% 19% Organic net sales growth (%) 31% 41% 32% 26% 15% 14% 22% 23% 33% 18% Gross margin (%) 40% 39% 40% 37% 40% 40% 39% 39% 39% 39% EBITDA margin (%) 12% 6% -7% -2% 6% 3% -2% -4% 3% 1% Adj. EBITDA* 63,487 39,746 15,839 -3,295 36,126 16,172 -11,276 -15,083 115,776 25,939 Ajd. EBITDA margin (%)* 9% 6% 3% -1% 6% 3% -2% -4% 5% 1% EBIT margin (%) 9% 2% -11% -6% 3% -1% -7% -8% -1% -3% Adj. EBIT* 40,782 18,055 -7,312 -26,145 17,198 -6,028 -32,261 -34,792 25,380 -55,883 Adj. EBIT margin (%)* 6% 3% -1% -5% 3% -1% -7% -8% 1% -3% Items affecting comparability* -22,612 2,187 59,086 4,755 1,628 — — — -43,415 -1,628 Cash flow from operating activities 67,026 19,619 -53,397 28,927 55,268 -4,126 -1,253 -15,498 62,176 34,390 Earnings per share, basic (SEK) 0.29 0.04 -0.44 -0.51 0.70 -0.15 -0.15 0.03 -0.62 0.43 Earnings per share, basic (SEK) 0.27 0.04 -0.44 -0.51 0.67 -0.15 -0.15 0.03 -0.62 0.42 Listens (millions) 1,116,779 1,107,992 1,102,385 1,109,297 1,063,893 1,093,942 1,103,795 1,123,741 4,436,452 4,385,371 Average revenue per listen, ARPL (SEK) 0.66 0.58 0.55 0.48 0.54 0.43 0.43 0.37 0.57 0.44 *Items affecting comparability in the fourth quarter of 2025 relate to revenue attributable to acquisitions at a low price, from the acquisition of Wake Word GmbH, adjustment of costs in connection with the CEO change, acquisition costs for Wake Word and costs in connection with the list change. Items affecting comparability in the third quarter of 2025 relate to costs for the list change and adjustment of costs in connection with the CEO change. Items affecting comparability in the second quarter of 2025 relate to costs in connection with the CEO change and costs for the list change. Items affecting comparability in the first quarter of 2025 relate to costs for the list change and acquisition costs for Wonder Media Network. Items affecting comparability in the fourth quarter of 2024 and the full year of 2024 relate to acquisition costs for Wonder Media Network which was acquired on January 2, 2025. Overview KPI’s ACAST ANNUAL REPORT 2025 85
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Auditor’s report To the general meeting of the shareholders of Acast AB (publ), corp. id 556946-8498 Report on the annual accounts and consolidated accounts OPINIONS We have audited the annual accounts and consolidated accounts of Acast AB (publ) for the year 2025, except for the corporate governance statement on pages 35-39.The annual accounts and consolidated accounts of the company are included on pages 32-81 in this document. In our opinion, the annual accounts have been prepared in accordance with the Annual Accounts Act, and present fairly, in all material respects, the financial position of the parent company as of 31 December 2025 and its financial performance and cash flow for the year then ended in accordance with the Annual Accounts Act. The consolidated accounts have been prepared in accordance with the Annual Accounts Act and present fairly, in all material respects, the financial position of the group as of 31 December 2025 and their financial performance and cash flow for the year then ended in accordance with IFRS Accounting Standards, as adopted by the EU, and the Annual Accounts Act. Our opinions do not cover the corporate governance statement on pages 35-39 and sustainability report on pages 16-26. The statutory administration report is consistent with the other parts of the annual accounts and consolidated accounts. We therefore recommend that the general meeting of shareholders adopts the income statement and balance sheet for the parent company and the income statement and statement of financial position for the group. Our opinions in this report on the the annual accounts and consolidated accounts are consistent with the content of the additional report that has been submitted to the parent company's audit committee in accordance with the Audit Regulation (537/2014) Article 11. BASIS FOR OPINIONS We conducted our audit in accordance with International Standards on Auditing (ISA) and generally accepted auditing standards in Sweden. Our responsibilities under those standards are further described in the Auditor’s Responsibilities section. We are independent of the parent company and the group in accordance with professional ethics for accountants in Sweden and have otherwise fulfilled our ethical responsibilities in accordance with these requirements.This includes that, based on the best of our knowledge and belief, no prohibited services referred to in the Audit Regulation (537/2014) Article 5.1 have been provided to the audited company or, where applicable, its parent company or its controlled companies within the EU. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinions. KEY AUDIT MATTERS Key audit matters of the audit are those matters that, in our professional judgment, were of most significance in our audit of the annual accounts and consolidated accounts of the current period. These matters were addressed in the context of our audit of, and in forming our opinion thereon, the annual accounts and consolidated accounts as a whole, but we do not provide a separate opinion on these matters. Revenue recognition See disclosure 3 and accounting principles on pages 45-46 in the annual account and consolidated accounts for detailed information and description of the matter. Description of key audit matter Net sales for the financial year 2025 amounts to SEK 2,517 million (SEK 1,944 million) and relates to revenue from delivered advertising and sponsorships in podcasts. The customer contracts underlying revenue recognition are primarily linked either to the number of listens or to agreed time periods. This means that the performance obligations are satisfied over time and that revenue is recognised as the advertisements are delivered, based on actual listens achieved. Revenue calculations are based on extensive datasets, where the number of delivered advertising listens and the varying allocation between Acast and podcast creators in accordance with the contractual terms contribute to complexity in the calculations. Given that net sales represents a material line item in the financial statements and involves elements of complexity, revenue recognition has therefore been assessed as an area of particular significance in our audit. Response in the audit Our audit included an evaluation of the Group’s revenue recognition policies and an assessment of compliance with these policies for each material revenue stream. We further obtained an understanding of the material transaction flows underlying revenue recognition and evaluated relevant controls designed to address the risk of material misstatement in the financial reporting, with respect to their design and implementation. As part of this work, we reviewed and verified the calculation logic applied in revenue recognition. For a selection of transactions, we verified that revenue is recognized as the performance obligations are satisfied. We also assessed the completeness of the underlying facts and circumstances presented in the disclosures in the annual report and evaluated whether the information is sufficiently comprehensive and in accordance with the requirements of IFRS Accounting Standards. OTHER INFORMATION THAN THE ANNUAL ACCOUNTS AND CONSOLIDATED ACCOUNTS This document also contains other information than the annual accounts and consolidated accounts and is found on pages 1-31, 82-85 and 90. The other information comprises also of the remuneration report which we obtained prior to the date of this auditor’s report. The Board of Directors and the Managing Director are responsible for this other information. Auditor’s report ACAST ANNUAL REPORT 2025 86
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Our opinion on the annual accounts and consolidated accounts does not cover this other information and we do not express any form of assurance conclusion regarding this other information. In connection with our audit of the annual accounts and consolidated accounts, our responsibility is to read the information identified above and consider whether the information is materially inconsistent with the annual accounts and consolidated accounts. In this procedure we also take into account our knowledge otherwise obtained in the audit and assess whether the information otherwise appears to be materially misstated. If we, based on the work performed concerning this information, conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. RESPONSIBILITIES OF THE BOARD OF DIRECTORS AND THE MANAGING DIRECTOR The Board of Directors and the Managing Director are responsible for the preparation of the annual accounts and consolidated accounts and that they give a fair presentation in accordance with the Annual Accounts Act and, concerning the consolidated accounts, in accordance with IFRS Accounting Standards as adopted by the EU. The Board of Directors and the Managing Director are also responsible for such internal control as they determine is necessary to enable the preparation of annual accounts and consolidated accounts that are free from material misstatement, whether due to fraud or error. In preparing the annual accounts and consolidated accounts The Board of Directors and the Managing Director are responsible for the assessment of the company’s and the group's ability to continue as a going concern. They disclose, as applicable, matters related to going concern and using the going concern basis of accounting. The going concern basis of accounting is however not applied if the Board of Directors and the Managing Director intend to liquidate the company, to cease operations, or has no realistic alternative but to do so. The Audit Committee shall, without prejudice to the Board of Director’s responsibilities and tasks in general, among other things oversee the company’s financial reporting process. AUDITOR’S RESPONSIBILITY Our objectives are to obtain reasonable assurance about whether the annual accounts and consolidated accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and generally accepted auditing standards in Sweden will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these annual accounts and consolidated accounts. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the annual accounts and consolidated accounts, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinions. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of the company’s internal control relevant to our audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors and the Managing Director. • Conclude on the appropriateness of the Board of Directors’ and the Managing Director's, use of the going concern basis of accounting in preparing the annual accounts and consolidated accounts. We also draw a conclusion, based on the audit evidence obtained, as to whether any material uncertainty exists related to events or conditions that may cast significant doubt on the company’s and the group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the annual accounts and consolidated accounts or, if such disclosures are inadequate, to modify our opinion about the annual accounts and consolidated accounts. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause a company and a group to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the annual accounts and consolidated accounts, including the disclosures, and whether the annual accounts and consolidated accounts represent the underlying transactions and events in a manner that achieves fair presentation. • Plan and perform the group audit to obtain sufficient and appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the consolidated accounts. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our opinions. We must inform the Board of Directors of, among other matters, the planned scope and timing of the audit. We must also inform of significant audit findings during our audit, including any significant deficiencies in internal control that we identified. We must also provide the Board of Directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, measures that have been taken to eliminate the threats or related safeguards. From the matters communicated with the Board of Directors, we determine those matters that were of most significance in the audit of the annual accounts and consolidated accounts, including the most important assessed risks for material misstatement, and are therefore the key audit matters. We describe these matters in the auditor’s report unless law or regulation precludes disclosure about the matter. Auditor’s report ACAST ANNUAL REPORT 2025 87
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Report on other legal and regulatory requirements Auditor’s audit of the administration and the proposed appropriations of profit or loss OPINIONS In addition to our audit of the annual accounts and consolidated accounts, we have also audited the administration of the Board of Directors and the Managing Director of Acast AB (publ) for the year 2025 and the proposed appropriations of the company's profit or loss. We recommend to the general meeting of shareholders that the profit be appropiated in accordance with the proposal in the statutory administration report and that the members of the Board of Directors and the Managing Director be discharged from liability for the financial year. BASIS FOR OPINIONS We conducted the audit in accordance with generally accepted auditing standards in Sweden. Our responsibilities under those standards are further described in the Auditor’s Responsibilities section. We are independent of the parent company and the group in accordance with professional ethics for accountants in Sweden and have otherwise fulfilled our ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinions. RESPONSIBILITIES OF THE BOARD OF DIRECTORS AND THE MANAGING DIRECTOR The Board of Directors is responsible for the proposal for appropriations of the company’s profit or loss. At the proposal of a dividend, this includes an assessment of whether the dividend is justifiable considering the requirements which the company's and the group's type of operations, size and risks place on the size of the parent company's and the group’s equity, consolidation requirements, liquidity and position in general. The Board of Directors is responsible for the company’s organization and the administration of the company’s affairs. This includes among other things continuous assessment of the company’s and the group's financial situation and ensuring that the company's organization is designed so that the accounting, management of assets and the company’s financial affairs otherwise are controlled in a reassuring manner. The Managing Director shall manage the ongoing administration according to the Board of Directors' guidelines and instructions and among other matters take measures that are necessary to fulfill the company's accounting in accordance with law and handle the management of assets in a reassuring manner. AUDITOR’S RESPONSIBILITY Our objective concerning the audit of the administration, and thereby our opinion about discharge from liability, is to obtain audit evidence to assess with a reasonable degree of assurance whether any member of the Board of Directors or the Managing Director in any material respect: • has undertaken any action or been guilty of any omission which can give rise to liability to the company, or • in any other way has acted in contravention of the Companies Act, the Annual Accounts Act or the Articles of Association. Our objective concerning the audit of the proposed appropriations of the company’s profit or loss, and thereby our opinion about this, is to assess with reasonable degree of assurance whether the proposal is in accordance with the Companies Act. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with generally accepted auditing standards in Sweden will always detect actions or omissions that can give rise to liability to the company, or that the proposed appropriations of the company’s profit or loss are not in accordance with the Companies Act. As part of an audit in accordance with generally accepted auditing standards in Sweden, we exercise professional judgment and maintain professional scepticism throughout the audit. The examination of the administration and the proposed appropriations of the company’s profit or loss is based primarily on the audit of the accounts. Additional audit procedures performed are based on our professional judgment with starting point in risk and materiality. This means that we focus the examination on such actions, areas and relationships that are material for the operations and where deviations and violations would have particular importance for the company’s situation. We examine and test decisions undertaken, support for decisions, actions taken and other circumstances that are relevant to our opinion concerning discharge from liability. As a basis for our opinion on the Board of Directors’ proposed appropriations of the company’s profit or loss we examined whether the proposal is in accordance with the Companies Act. The auditor’s examination of the Esef report OPINION In addition to our audit of the annual accounts and consolidated accounts, we have also examined that the Board of Directors and the Managing Director have prepared the annual accounts and consolidated accounts in a format that enables uniform electronic reporting (the Esef report) pursuant to Chapter 16, Section 4(a) of the Swedish Securities Market Act (2007:528) for Acast AB (publ) for year 2025. Our examination and our opinion relate only to the statutory requirements. In our opinion, the Esef report has been prepared in a format that, in all material respects, enables uniform electronic reporting BASIS FOR OPINION We have performed the examination in accordance with FAR’s recommendation RevR 18 Examination of the Esef report. Our responsibility under this recommendation is described in more detail in the Auditors’ responsibility section. We are independent of Acast AB (publ) in accordance with professional ethics for accountants in Sweden and have otherwise fulfilled our ethical responsibilities in accordance with these requirements. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion RESPONSIBILITIES OF THE BOARD OF DIRECTORS AND THE MANAGING DIRECTOR The Board of Directors and the Managing Director are responsible for the preparation of the Esef report in accordance with the Chapter 16, Section 4(a) of the Swedish Securities Market Act (2007:528), and for such internal control that the Board of Directors and the Managing Director determine is necessary to prepare the Esef report without material misstatements, whether due to fraud or error. Auditor’s report ACAST ANNUAL REPORT 2025 88
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AUDITOR’S RESPONSIBILITY Our responsibility is to obtain reasonable assurance whether the Esef report is in all material respects prepared in a format that meets the requirements of Chapter 16, Section 4(a) of the Swedish Securities Market Act (2007:528), based on the procedures performed. RevR 18 requires us to plan and execute procedures to achieve reasonable assurance that the Esef report is prepared in a format that meets these requirements. Reasonable assurance is a high level of assurance, but it is not a guarantee that an engagement carried out according to RevR 18 and generally accepted auditing standards in Sweden will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Esef report. The audit firm applies International Standard on Quality Management 1, which requires the firm to design, implement and operate a system of quality management including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements. The examination involves obtaining evidence, through various procedures, that the Esef report has been prepared in a format that enables uniform electronic reporting of the annual accounts and consolidated accounts. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement in the report, whether due to fraud or error. In carrying out this risk assessment, and in order to design procedures that are appropriate in the circumstances, the auditor considers those elements of internal control that are relevant to the preparation of the Esef report by the Board of Directors and the Managing Director, but not for the purpose of expressing an opinion on the effectiveness of those internal controls. The examination also includes an evaluation of the appropriateness and reasonableness of the assumptions made by the Board of Directors and the Managing Director. The procedures mainly include a validation that the Esef report has been prepared in a valid XHTML format and a reconciliation of the Esef report with the audited annual accounts and consolidated accounts. Furthermore, the procedures also include an assessment of whether the consolidated statement of financial performance, financial position, changes in equity, cash flow and disclosures in the Esef report have been marked with iXBRL in accordance with what follows from the Esef regulation. THE AUDITOR’S EXAMINATION OF THE CORPORATE GOVERNANCE STATEMENT The Board of Directors is responsible for that the corporate governance statement on pages 35-39 has been prepared in accordance with the Annual Accounts Act. Our examination of the corporate governance statement is conducted in accordance with FAR´s standard RevR 16 The auditor´s examination of the corporate governance statement. This means that our examination of the corporate governance statement is different and substantially less in scope than an audit conducted in accordance with International Standards on Auditing and generally accepted auditing standards in Sweden. We believe that the examination has provided us with sufficient basis for our opinions. A corporate governance statement has been prepared. Disclosures in accordance with chapter 6 section 6 the second paragraph points 2-6 of the Annual Accounts Act and chapter 7 section 31 the second paragraph the same law are consistent with the other parts of the annual accounts and consolidated accounts and are in accordance with the Annual Accounts Act. THE AUDITOR’S OPINION REGARDING THE STATUTORY SUSTAINABILITY REPORT The Board of Directors is responsible for the sustainability report on pages 16-26, and that it is prepared in accordance with the Annual Accounts Act in accordance with the older wording that applied before 1 July 2024. Our examination has been conducted in accordance with FAR ´s standard RevR 12 The auditor's opinion regarding the statutory sustainability report. This means that our examination of the statutory sustainability report is different and substantially less in scope than an audit conducted in accordance with International Standards on Auditing and generally accepted auditing standards in Sweden. We believe that the examination has provided us with sufficient basis for our opinion. A statutory sustainability report has been prepared. KPMG AB, Box 382, 101 27, Stockholm, was appointed auditor of Acast AB (publ) by the general meeting of the shareholders on the 20 May 2025. KPMG AB or auditors operating at KPMG AB have been the company's auditor since 2014. Stockholm 16 April 2026 KPMG AB Jesper Swärd Authorized Public Accountant Auditor’s report ACAST ANNUAL REPORT 2025 89
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Information to shareholders ANNUAL GENERAL MEETING 2026 The Annual General Meeting of Acast AB (publ) will be held on Tuesday, May 19, 2026 at 11 at the company’s head office at Kungsgatan 28 in Stockholm. Notice is given through advertising in Svenska Dagbladet and the Swedish Offical Gazette ( Post- och Inrikes Tidningar). RIGHT TO PARTICIPATE In order to participate in the AGM, shareholders must be registered in the share register kept by Euroclear Sweden AB no later than Friday, May 8, 2026. In addition, shareholders who wish to participate in the AGM must register their participation no later than Wednesday, May 13, 2026. The notice and other information before the annual general meeting can be found at investors.acast com/governance/ annual-general-meeting-2026. FINANCIAL CALENDER 2026 Interim report for the period January 1 - March 31, 2026 May 5, 2026 Annual general meeting 2026 May 19, 2026 Interim report for the period January 1 - June 30, 2026 July 23, 2026 Interim report for the period January 1 - September 30, 2026 October 28, 2026 CONTACT Acast AB (publ) Corporate ID number: 556946-8498 Kungsgatan 28 111 35 Stockholm Anders Hägg, CFO and deputy CEO E-mail: anders.haegg@acast.com Investor Relations Sofia Markovic E-mail: investors@acast.com This report has been prepared in Swedish and English. In case of any discrepancy, the Swedish version shall govern. Information to shareholders ACAST ANNUAL REPORT 2025 90
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