Slide 1: Year-end report Oct-Dec 2025
Oct-Dec 2025 Year-end report
Slide 2: In the Room
In the Room Greg Glenday Anders Hägg Chief Executive Officer Chief Financial Officer and Deputy CEO
Slide 3: Uniquely positioned at the center of the podcasting value chain
More than More than 140,000 1BN shows listens/quarter Creator payouts More than $550M 115M CONSUME USD EVERYWHERE uniques/month MONETIZE GROW YOUR ACCESS HIGH AUDIENCE QUALITY CONTENT Uniquely positioned REACH YOUR LISTENERS SUPPORT YOUR FAVORITE PODCAST at the center of the podcasting value chain E
Slide 4: Full spectrum of creators
Full spectrum of creators Big Shows and Publishers, Niche Shows, Massive Impact Engaged Audiences at Scale
Slide 5: CEO Update
1 CEO Update
Slide 6: Financial highlights Q4 2025
Financial highlights Q4 2025 27% 31% SALES GROWTH ORGANIC GROWTH 9% 6% ADJ. EBITDA MARGIN ADJ. EBIT MARGIN Consistent execution drives year-end strength
Slide 7: Financial highlights January — December 2025
Financial highlights January — December 2025 29% 33% SALES GROWTH ORGANIC GROWTH 5% 1% ADJ. EBITDA MARGIN ADJ. EBIT MARGIN First ever full year with positive operating profit and cash-flow
Slide 8: Business events Q4 2025
Business events Q4 2025 Nasdaq Stockholm listing Signing of Le Monde Acquisition of Wake Word Studios
Slide 9: Deepening our footprint in Germany
Deepening our footprint in Germany • Acquisition of Wake Word Studios - a leading German creative audio and video studio, and the media planning platform Podius • Accelerates Acast Creative Studios global rollout • Brings 50+ titles generating more than 2m monthly listens • Meets the rising need for
Slide 10: Financials
2 Financials
Slide 11: Listens back to growth
Listens back to growth Listens (m) Listens and Average Revenue Per Listen 1,200 1,117 0.75 1,500 0.96 1,064 1,162 1,124 1,104 1,094 1,064 1,109 1,102 1,108 1,117 0.66 1,000 0.66 0.72 ARPL (SEK) 800 0.50 Listens (m) 0.54 ARPL (SEK) Listens (m) 0.58 0.54 0.55 0.48 500 0.43 0.43 0.43 0.48 400 0.25 0.37
Slide 12: 31% organic net sales growth
31% organic net sales growth Net sales Net sales 1000 900 35% 40% 733 30% 733 642 750 27% 607 25% 578 600 535 Growth Y/Y 578 494 478 475 27% 27% SEKm SEKm 413 20% 500 24% 300 17% 250 12% 9% 0 0 —% Q4 2024 Q4 2025 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2024 2024 2024 2025 2025 2025 2025 Net sales Net s
Slide 13: Ad sales breakdown
Ad sales breakdown Net sales break down 2019 2020 2021 2022 2023 2024 2025 Listens (M's) 1,950 2,976 3,735 5,139 5,019 4,385 4,436 Listens growth 47 % 53 % 26 % 38 % (2)% (13)% 1% Ad-Slots (#) 5.0 5.0 5.2 5.5 6.2 6.8 8.4 Inventory (M's) 9,750 14,880 18,675 28,421 30,969 29,665 37,325 Inventory growt
Slide 14: Healthy gross margin
Healthy gross margin Gross profit Gross profit 400 360 60% 292 292 40% 245 252 40% 300 28% 39% 39% 228 37% Gross margin 240 200 40% 228 185 192 40% 40% SEKm 39% SEKm 24% 159 200 119 120 20% 100 0 —% 0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q4 2024 Q4 2025 2023 2024 2024 2024 2024 2025 2025 2025 2025 Gross profi
Slide 15: North America fuelling group growth
North America fuelling group growth Europe North America Other markets Net sales Net sales Net sales 500 400 100 404 349 16% 275 50% 54 21% SEKm 184 SEKm SEKm 250 45 200 50 0 — — Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Net sales - Europe Net sales - North America Net sales - Other markets Co
Slide 16: 61% US growth in FY2025
61% US growth in FY2025 US UK SWE Net sales Net sales Net sales 1000 1,000 300 796 223 775 677 694 195 200 495 153 SEKm SEKm SEKm 500 360 500 100 0 0 — 2023 2024 2025 2023 2024 2025 2023 2024 2025 Contribution profit Contribution profit Contribution profit 136 200 184 80 150 170 62 67 118 24% 24% SE
Slide 17: Scaling revenue base fuels profitability expansion
Scaling revenue base fuels profitability expansion Adj. EBIT Adj. EBIT (LTM) 45 41 8% 100 10% 30 6% 6% 25 2 SEKm SEKm 1% 0 0% 0% 17 -1% -3% -2% 15 4% -4% -22 3% -47 -56 -75 0 2% -100 -10% Q4 2024 Q4 2025 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Adj. EBIT Adj. EBIT margin % Adj. EBIT (LTM) Adj
Slide 18: Improving cash flows on back of profitability increase
Improving cash flows on back of profitability increase Operating cash flow Operating cash flow (LTM) 75 67 100 79 55 75 50 62 50 SEKm SEKm 50 34 25 29 27 25 0 0 Q4 2024 Q4 2025 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Operating cash flow Operating cash flow (LTM) • The operating cash flow amo
Slide 19: Wrap-up
3 Wrap-up
Slide 20: Key takeaways
Key takeaways Sustained growth Strengthened Operational leverage A validation momentum German footprint Delivered a 4%-p Y/Y of our strategy Another quarter of Enhanced market expansion in adjusted We enter 2026 with a high business activity, position through the operating profit proven framework to
Slide 21: Q&A
4 Q&A
Slide 22: Follow us
Follow us investors.acast.com/subscribe acast.com/news shows.acast.com/acast-financial-reporting Key dates Apr 17, 2026 - Annual report for the period January 1 - December 31, 2025 May 5, 2026 - Interim report for the period January 1- March 31, 2026