Q3: Record revenue, record margins

Interim report January - September 2026

Third quarter 2026

• Net sales in the quarter amounted to SEK 802.3m (642.1), corresponding to net sales growth of 25% (35%). The growth was driven by strong performance in North America, where net sales grew by 54% (58%).
• Organic net sales growth was 18% (41%), adjusted for currency effects and acquisitions.
• EBITDA for the quarter was SEK 73.7m (37.6), resulting in an EBITDA margin of 9% (6%).
• Adjusted for items affecting comparability of SEK 4.2m (2.2), the adjusted EBITDA was SEK 77.8m (39.7). Items affecting comparability were mostly related to transaction costs in connection with the acquisition of Backyard Ventures.
• Operating profit amounted to SEK 47.7m (15.9), resulting in an EBIT margin of 6% (2%).
• The adjusted operating profit amounted to SEK 51.9m (18.1), reflecting an adjusted EBIT margin of 6% (3%).
• The result for the period amounted to SEK 45.4m (7.3).
• Earnings per share for the period before dilution amounted to SEK 0.25 (0.04). Earnings per share after dilution amounted to SEK 0.24 (0.04).
• Cash flow from operating activities amounted to SEK 21.7m (19.6).
• The number of listens and views (with views currently HLS-only) amounted to 1,155m (1,108), corresponding to a 4% increase versus the same period last year.
• The Average Revenue Per Listen or View (ARPLV), with views currently HLS-only, increased to SEK 0.69 (0.58), reflecting an increase of 20%.

Other significant events

• In August, Acast announced the acquisition of Backyard Ventures, a leading US network whose roster of 200+ creators spans audio, YouTube, newsletters and social. The acquisition strengthens Acast's position as the world's largest pure-play podcast company and extends its ability to monetize podcasters across every channel. It also gives Acast a presence in Austin, one of the most strategically important podcast markets in the US.

Comments from the CEO: Record revenue, record margins
Acast delivered another record quarter in Q3 2026, with our highest ever revenue and our highest adjusted EBITDA and EBIT margins to date. Growth continues to translate into profitability, while we invest in the leadership, talent and infrastructure needed to lead the market’s expansion into omnichannel podcast monetization.

ANOTHER RECORD REVENUE QUARTER
Net sales reached SEK 802m in Q3 2026, our highest-ever quarterly revenue, up 25% Y/Y. North America was the strongest driver of growth and is now our largest segment, up 54% Y/Y. In August we acquired US network Backyard Ventures, which contributed SEK 28m in sales during the quarter.

Other Markets grew 18% and Europe grew more modestly at 5% against a tough comparison, also following a strong second quarter that was partly supported by advertiser activity around the World Cup. Over the first nine months Europe has grown 16% organically, and with a new EVP, Europe, joining in early 2027 to lead the region as one market for the first time, our conviction in the opportunity there has only increased.

Our monetization strategy continues to deliver. Average Revenue Per Listen or View (ARPLV), where views are still HLS-only (Apple’s chosen video format), increased by 20% Y/Y to SEK 0.69, while listens and views grew 4% Y/Y. Growth is driven both by an expanding base of monetizable inventory, and by making that inventory more valuable.

HIGHEST-EVER ADJUSTED EBIT MARGIN
Scaling our revenue base against a controlled cost base is delivering the strongest profitability in our history. Gross margin remained stable at 39%, in line with Q3 2025, while adjusted operating expenses excluding depreciation increased by 11% Y/Y against sales growth of 25%, giving clear operating leverage across the Group.

As a result, our adjusted EBITDA margin expanded to 10% from 6% a year ago, with adjusted EBITDA almost doubling to SEK 78m (SEK 40m in Q3 2025). Adjusted EBIT nearly tripled to SEK 52m, representing a 6% margin, compared to SEK 18m and a 3% margin in Q3 2025.

ACCELERATING OMNICHANNEL MONETIZATION FOR PODCASTERS
Our Podcast Pulse 2026 research confirms a decisive shift in audience behavior: fans no longer choose between formats. Today, 88% of listeners consume both audio and video (up from 78% last year), and 63% have started an episode in one format and finished it in another. Audiences follow their favorite creators fluidly across audio, video, social and newsletters. As consumer habits blur these traditional channel lines, brands are increasingly demanding a single point of entry to access every channel. While podcast revenue is still overwhelmingly audio, monetization always follows attention and consumption – which is why we’ve been laying the groundwork for this evolution for a long time.

We are directly investing in the leadership and infrastructure required to capitalize on this shift. We recently appointed Liv Sandberg as EVP, Europe, bringing our European markets under a single leader for the first time as the region continues to scale. Liv joins our management team in early 2027 from TikTok, where she leads advertising across 17 markets, and has held prior leadership roles at Meta and Starcom. Her deep expertise - both creator and advertiser side, and within video - strengthens our position as global ad budgets move decisively toward omnichannel podcast buys. We also strengthened our product leadership with the appointment of Mark Bulling as VP Product, joining from WPP Media’s data and technology company Choreograph. With more than fifteen years of product leadership experience including Facebook/Meta and Apple, Mark will lead product strategy across our creator and advertiser offerings.

In tandem with leadership and talent investments, we are expanding our operational network through strategic M&A. The acquisition of Backyard Ventures brings a roster of 200+ creators across audio, YouTube, newsletters and social -all high-engagement formats that act as vital touchpoints in the modern omnichannel ecosystem - alongside premium US inventory, and specialist expertise in video sponsorship and direct response. While Acast has long excelled at direct response advertising - campaigns explicitly designed to drive immediate, trackable consumer actions and deliver a highly measurable ROI - integrating Backyard’s specialized capabilities will significantly reinforce and scale this proven revenue driver. It also establishes our presence in Austin, one of the most strategically important podcast markets in the US. Combining this with Acast’s global ad tech and advertiser demand allows us to give brands a single, frictionless point of entry across channels, and accelerates omnichannel monetization for our podcasters.

STRATEGY AND TARGETS ON TRACK
This quarter’s results show a model that scales: strong growth, expanding margins and a growing North American business, now our largest segment. With new leadership joining in Europe and Product and Backyard Ventures adding specialist video and creator expertise, we are strengthening the leadership and capabilities to extend that lead. We enter the final quarter confident that we are on the right path toward our 2028 targets.

Greg Glenday
CEO

Report presentation
CEO Greg Glenday and CFO Anders Hägg will present the report in a webcast today 28 October 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/kx8xrxa2/

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