Fourth quarter 2025

• Net sales in the quarter amounted to SEK 732.6m (577.5), corresponding to net sales growth of 27% (17%). The growth was primarily driven by the North American region where net sales grew by 50% (33%). 
• Organic net sales growth was 31% (15%). 
• EBITDA for the quarter was SEK 86.1m (34.5), resulting in an EBITDA margin of 12% (6%). 
• Adjusted for items affecting comparability of SEK 22.6m, the adjusted EBITDA was SEK 63.5m (36.1).
• Operating profit amounted to SEK 63.4m (15.6), resulting in an EBIT margin of 9% (3%).
• The adjusted operating profit amounted to SEK 40.8m (17.2), reflecting an adjusted EBIT margin of 6% (3%).
• The result for the period amounted to SEK 52.7m (126.5).
• Earnings per share for the period before dilution amounted to SEK 0.29 (0.70). Earnings per share after dilution amounted to SEK 0.27 (0.67).
• Cash flow from operating activities amounted to SEK 67.0m (55.3).
• The number of listens amounted to 1,117 (1,064), corresponding to a 5% increase versus the same period last year.
• The Average Revenue Per Listen (ARPL) increased to SEK 0.66 (0.54), reflecting an increase of 21%.

Full year 2025

• Net sales in the year amounted to SEK 2,516.9m (1,943.7), corresponding to net sales growth of 29% (19%). The growth was primarily driven by the North American region where net sales grew by 60% (33%). 
• Organic net sales growth was 33% (18%). 
• EBITDA for the year was SEK 72.4m (24.3), resulting in an EBITDA margin of 3% (1%). 
• Adjusted for items affecting comparability of SEK -43.4m, the adjusted EBITDA was SEK 115.8m (25.9).
• Operating profit amounted to SEK -18.0m (-57.5), resulting in an EBIT margin of -1% (-3%).
• The adjusted operating profit amounted to SEK 25.4m (-55.9), reflecting an adjusted EBIT margin of 1% (-3%).
• The result for the year amounted to SEK -112.4m (78.2).
• Earnings per share for the year before dilution amounted to SEK -0.62 (0.43). Earnings per share after dilution amounted to SEK -0.62 (0.42).
• Cash flow from operating activities amounted to SEK 62.2m (34.4).
• The number of listens amounted to 4,436 m (4,385).
• The Average Revenue Per Listen (ARPL) increased to SEK 0.57 (0.44).

Other significant events in Q4

• Anders Hägg was appointed new CFO and deputy CEO of Acast. Anders Hägg brings extensive financial leadership and deep international experience, having held senior executive financial positions at Food Folk (McDonald’s in the Nordics), Scandi Standard, Arla Foods and Unilever. Anders commenced his CFO tenure January 15, 2026.
• On October 30, Acast announced updated financial targets. The new financial targets are to deliver an organic net sales growth (CAGR) exceeding 15% in the period 2025 to 2028, and an operating profit (EBIT) margin of 10% by 2028.
• 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 announced a new partnership with the French Media Group Le Monde. Under the terms of the deal, Acast will be the ad sales and distribution partner for their digital audio inventory.
• In December, Acast announced the acquisition of Wake Word Studios, a leading Munich and Berlin-based creative audio and video studio, and original content producer. Following the transaction, Wake Word Studios will be rebranded as Acast Creative Studios.

Other significant events in 2025

• 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. 
• 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. 
• Acast announced a new partnership with the French Media Group Le Monde Group. 
• In December, Acast announced the acquisition of Wake Word Studios.

Comment from the CEO: Consistent execution and a strongfourth quarter
The strong revenue performance in North America has continued to serve as a powerful engine for growth, hand-in-hand with improved profit margins across the group. This balance of expansion and profitability demonstrates the scalability of our business. As we enter 2026, our enhanced market position and operational scale provide a powerful platform to lead the global shift toward podcast advertising.

Sustained growth momentum
We concluded the fourth quarter with a revenue increase of 27% Y/Y, driven by healthy demand across our territories. Also in the fourth quarter, North America remains a primary driver of growth with a 50% revenue increase, while our European markets provided a solid contribution at 16% growth. The growth in listens increased to 5% Y/Y, while our monetization has continued to improve with the average revenue per listen reaching SEK 0.66, growing by 21%. Our focus remain on high-quality reach and attractive target audiences, with the aim of building a long-term, sustainable monetization capability.

Operational leverage and improved cash flows
Underpinned by a healthy 40% gross margin, our scaling revenue base has fueled continued profitability expansion. Adjusted EBITDA amounted to SEK 63m, reflecting a 9% margin for the quarter and 5% for the full-year 2025. Our adjusted operating profit increased to SEK 41m, corresponding to a 6% margin. This improving profitability was mirrored by increased cash generation, with operating cash flow reaching SEK 67m in the fourth quarter and totaling SEK 62m for the full year. This marks Acast’s first full year ever with positive adjusted operating profit and cash flow.

Strengthening our footprint through german acquisition
To complement our ongoing momentum in Continental Europe, we took a strategic step in Germany this quarter with the acquisition of Wake Word Studios and its media planning platform, Podius. This move provides us with the localized production and planning infrastructure necessary to serve this high-potential market effectively. It secures a strengthened position in Germany and serves as a key driver for our long-term ambitions in the region.

A validation of our strategy
Reflecting on 2025, Acast has taken significant strides forward, proving that our model scales with efficiency — evidenced by our revenue growth and our adjusted operating profit margin expanding by 4 percentage points Y/Y. As a result of our investment in North America, we reached an important milestone when the United States became the Group’s largest market. With full-year growth of 61 percent, the United States accounted for 32 percent of total revenue in 2025.

Our US success is driven by a shift toward upstream engagement, allowing us to influence budgets earlier and secure larger bookings from a broader base of advertisers. The strategy and our ability of engaging early in advertisers’ planning processes, combined with our extensive creator network and the acquisition of Wonder Media Network, has strengthened Acast’s brand and contributed to increased market share in the US.

We enter 2026 with a proven model to capture the accelerating global shift toward podcast advertising—uniquely positioned through our complete focus on the medium, global scale, and omnichannel expertise.

Acast is supported by a professional and committed team, providing a strong foundation for continued positive progress. Together, we look ahead to 2026 with confidence and the next phase of Acast’s development.

Greg Glenday
CEO

Report presentation
CEO Greg Glenday and CFO Anders Hägg will present the report in a webcast today February 11 at 10:00 CET. The presentation will be held in English and there will be the opportunity to ask questions during the presentation. Link to the presentation: https://edge.media-server.com/mmc/p/uoe6i6rz/

Link to the report
The Interim Report is attached to this press release and available on https://investors.acast.com/