#1Acast Interim Report Jan-Mar 2022 17 May 2022 www.acast.com A#2Hello! We're Acast. A#3A Ross Adams CHIEF EXECUTIVE OFFICER In The "Room" Emily Villatte CHIEF FINANCE OFFICER & DEPUTY CEO 3 A#4PODCAST CREATORS VICE BBC FT WYDAD BERT SHOW Rod EO The HEARST Economist >1.2Bn >47,000 OFF RERU PBS B TRAFFIC LISTENS / QTR SHOWS Acast's Business Strategy Is To become the largest marketplace for podcast monetization globally (1) Uniques defined as unique combination of IP adress and Device Acast To get there we are winning the trust of the Supply and the Demand side PERFORMANCE BRIDGE HAVAS MEDIA IPG 201 FOX dentsu AEGIS ADVERTISERS & LISTENERS VERITONE. amnet OXFORD. WPP VIVAKI OmnicomMedia Group accuen AD RESULTS MH.M Google TELE2 2,400 HIRUDISH MOTORS 91M XAXIS Microsoft LEGO EURO SPORT BOSE ADVERTISERS / YEAR 6 6 6 6 MONTHLY UNIQUES (¹) 4 A#51 CEO Update#651% NET SALES GROWTH Financial Highlights Q1-2022 36% GROSS MARGIN -23% Adj. EBITDA MARGIN 6 A#7More creators are choosing Acast Q1-22 LISTENS GROWTH YOY no +44% LISTENS GROWTH MOMENTUM CONTINUES DELIVERING >1.2Bn LISTENS Q1-22 ||| NUMBER OF SHOWS ON THE ACAST PLATFORM REACHES 47,000 +7,000 SHOWS QonQ 7 A#8#2 1 2 3 4 5 6 7 8 9 10 US Market Position Measured by Reach iHeart MEDIA npr WONDERY The New York Times NBC NEWS WALT DISNEY DAILY WIRE podcastone BARSTOOL STORE Source: Podtrac March 22 and Acast internal data March 2022 Acast 21.7 million monthly uniques 8 A#9#2 Global Downloads/Streams 1 iHeart MEDIA 2 3 4 5 6 7 8 9 WALT DISNEY 10 npr The New York Times WONDERY Source: Podtrac March 22 DAILY WIRE *PRX THE NBC NEWS FOX AUDIO NETWORK Acast 1.2 Bn listens in Q1-22 9 A#10Dominating SE & UK Charts 1 2 3 4 5 00 8 PODD INDEX + 9 podspace Acast podspace 6 Acast 7 Acast Acast PODPLAY podspace podspace 10 Acast Source: Poddindex 13 May '22 ursäkta Aftonbladet Daily Alex & Sigges podcast Flashback Forever Fallen jag aldrig glömmer Spöktimmen Wahlgren & Wistam Filip & Fredrik podcast When We Were Kings Framgångspodden 50% of top 10 Acast 54% of top 50 Acast Apple Podcasts Browse THE DIARY OF A CEO STEVEN BARTLETT The Trojan Horse Affair Top Shows 1 2 The Diary Of A CEO wi... Rob Beckett and Jos... Steven Bartlett Keep It Light Media OFF MENO NEWSCAST BBC 5 Newscast BBC Radio 4 The Trojan Horse Aff...Off Menu with Ed G Serial Productions &.... Plosive SHINGED. MARRIED. ANNOYED. CHRIS & ROSIE 7 Sh**ged Married An... Chris & Rosie Ramsey DOE THE COMING STORM www amm 9 The Coming Storm BBC Radio 4 RECHETY 4 All Categories WINTHELLOU BBC FAIRY MEADO 6 Fairy Meadow BBC Radio 4 W BO B B 8 Sweet Bobby Tortoise Media 4 10 Happy Place Fearne Cotton Source: Apple Podcasts 3 Feb '22 NK 70% of top 10 Acast 58% of top 50 Acast 10 A#112 Podcast Advertising#12C G 0 A powerful medium for advertising Proven ROI: $6 back in sales for every $1 spent* An intimate and immersive experience Undivided attention Content is deliberately sought out by the listener Podcasts reach both mainstream and niche consumer passions *OMNICOM/ACAST STUDY, NORDICS, 2022 12 A#13Ads ~ 5% Content 15-20% 20-25% ~ 25% ]|||| 75-80% ~ 95% Podcasting has a low ad-load... Podcasts PwC Strategy and Market Study 80-85% Radio TV 15-20% ~ 75% ~ 80-85% YouTube Social Media Ad load in 2020 (% of ads/hour) A#14Podcast Ads Digital Online ...and high ad acceptance >90% Completion rates 50- 70% YouTube ~80% Ad acceptance -35% YouTube >60% Recall rate ~25% Online Video >50% Brand consideration ~30% Social Media PwC Strategy and Market Study A#15CPM Ranges Across Media Segments in 2020 ($) 10 2 Out of home media (HOO) 8 4 Radio 10 ...resulting in higher CPMs than other media 5 Instagram influencer 19 5 Digital video Source: PwC Global Entertainment & Media Outlook 2020-2024. 30 5 Ad-supported digital music 21 10 Print magazine 17 13 Cable TV 40 10 YouTube influencer 30 15 Podcast Podcast has high CPM compared to rest of the media industry CPM levels has been relatively stable within podcasting for the last 5 years The CPMs have a wide range depending on ad-format and can go as high as USD 100+ 15 A#16Klarna. Smoooth shopping 10% BRAND FAVORABILITY UPLIFT 100% UPLIFT IN LIKELIHOOD OF CONSUMERS PICKING KLARNA FIRST *SOURCE: ONEPULSE BRAND STUDY 10:27 < gee thanks, just bought it! Gee Thanks, Just Bought It! ✰✰✰✰✰ Not enough ratings Rate this show EPISODES PO + FOLLOW RELATED Ep 105: A Masterclass On Solo Hosting With Kate Kennedy Jan 7 2022.1 hr 17 min - 70 MB F ABOUT BONUS: Nobody Asked E14: Valentime's Day w/ Ashlee and Her BFF Ryan Cabrera (S1E4 Part Two) BONUS Dec 31 2021-33 min - 46 MB Gift Guides Ep 6: Whatcha Getting For 1 . *** Ep 104: Two Loud Women Walk Into A Podcast With El Cholo's Kid Daisy Romero 11 10:43 ◄ Safari G Mom Ideas C by Caroline at Gee Thanks! $139.99 SS-15 Combo Coffee Maker HOMMA 197 $229.9 + Follow AED 385 Engravable Necklace 650 Share More 10 geethanksjustboughtit.com gee thanks, just bought it! My Mom Used To Be Hard To Shop For - Now I Have A Secret Weapon Brought to you in partnership with Klarna and Acast Creative. I usually start thinking about the holidays on July 5th. It's true. Am I embarrassed to admit it? Sure. But it doesn't make it any less true. Last year I had nothing but time (anyone else?) and so I used that time to come up with the 16 A#17+ Ad market reflections US podcast ad spending will surpass $2 billion next year and $3 billion by 2026* Programmatic continues to grow rapidly Walled gardens in comparative mediums open up Talent recognising value of mass distribution Listeners crave creativity in advertising *EMARKETER, US PODCASTER ADVERTISING, 2022 17 A#183 ESG Update#19A Acast's vision is to build, champion and supercharge a profitable, fair and sustainable open global ecosystem for podcasts. ESG is therefore on our agenda.#20What is Acast going to do? SOCIAL GOVERNANCE Ensuring diverse voices are heard internally and externally ENVIRONMENTAL Championing a sustainable open podcasting ecosystem Minimizing our CO2 Footprint#21The power of engaged listeners With half of Sweden listening, it's important that Acast uses this power to make a difference. A бо Co + A#22#234 Financials#24Quarterly Listens YoY Listens (Millions) -ARPL (SEK) 872 0,23 Q1-21 Starting the year with strong fundamentals +44% 1 256 0,24 Q1-22 Listens continue to grow +44% compared to Q1-21 ARPL increases marginally with potential to continue to increase over time Quarterly Listens Listens (Millions) -ARPL (SEK) 603 0,19 Q1-20 701 0,14 Q2-20 809 0,17 863 0,28 Q3-20 Q4-20 872 0,23 880 0,26 891 0,30 1091 0,31 Q1-21 Q2-21 Q3-21 Q4-21 Note: Number of listens 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. ARPL: Average Revenue Per Listen measured in SEK No of shows exceeds 47,000 boosts listens to more than 1.2 billion ARPL has increased over time but decreased compared to previous quarter - in line with seasonal patterns 1 256 0,24 Q1-22 24 A#25Q1 Net Sales (SEKm) 197 Q1 2021 +51% All segments contributing to net sales growth Organic growth of 40% impacted by advertiser sentiment Q1 Net Sales grows by 51% 298 Q1 2022 Quarterly Net Sales (SEKm) Net Sales -YOY Growth 113 55% Q1-20 . 98 22% 140 66% 240 95% 197 74% 130% 227 265 89% 336 40% 298 51% Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Net sales reflects the usual seasonality for the podcasting advertising industry where Q4 is the strongest quarter of the year followed by a softer Q1 25 A#26Net Sales (SEKm) CBIT(¹) (SEKM) Europe 140 Q1-21 28 20% Q1-21 -CBIT +35% North America accelerates as European advertisers take a measured approach CBIT margin, % 189 Q1-22 32 17% Q1-22 Europe impacted by advertiser sentiment in Q1 delivering 35% net sales growth (1) CBIT refers to a local market or segment's operating profit before allocation of global costs North America 40 Q1-21 -3 -7% +107% -CBIT 84 Q1-22 CBIT margin, % -8% -6 Q1-21 Q1-22 North America is the fastest growing segment with 107% net sales growth as targeted investments continue Growth represents an accelleration compared to prior quarters Other Markets 17 Q1-21 0 -3% Q1-21 +47% CBIT 25 Q1-22 CBIT margin, % 1 2% Q1-22 Other markets deliver 47% net sales growth and marginal contribution profits 26 A#27Q1 Gross Profit (SEKm) Gross Profit Gross Margin (%) 71 36% Q1 2021 A stable 36% Gross Margin 106 36% Q1 2022 The gross profit increased by 35 MSEK, or 49%, from 71 MSEK to 106 MSEK Gross margin is stable reflecting a similar product mix compared to prior quarters Quarterly Gross Profit (SEKm) Gross Profit Gross Margin (%) 40 35% Q1-20 37 37% 50 36% 93 39% 71 36% 83 37% 97 36% 123 36% Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Decrease in gross profit compared to Q4-21 follows seasonal patterns 106 36% Q1-22 27 A#28Q1 Other Operating Expenses (SEKm) . Selective investments focused on product development Other Operating Expenses 116 Q1 2021 186 Q1 2022 Other Operating Expenses grew 60% from 116 MSEK to 186 MSEK Geographically the investments were focussed on North America Quarterly Other Operating Expenses (SEKm) . Other operating expenses Q1-20 . 87 89 88 106 116 172 HPO 149 162 186 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Selective investments have taken place in product development as well as both sales and marketing The pace of investment growth is expected to reduce in H2 28 A#29Adj. EBITDA margin reaches -23% in investment heavy quarter Q1 Adj. EBITDA (SEKm) . Adj. EBITDA -Adj. EBITDA margin % -34 -17% Q1 2021 -23% -68 Q1 2022 Adj. EBITDA Margin -23%. Increase in costs impacted the EBITDA result in combination with a measured approach to advertiser spend in Europe. Quarterly Adj. EBITDA (SEKM) Adj. EBITDA -42 -37% Q1-20 -44 -45% -Adj. EBITDA margin % -22% -31 -3% -7 -17% -34 Q2-20 Q3-20 Q4-20 Q1-21 -21% -47 -16% -42 -8% -28 Q2-21 Q3-21 Q4-21 The EBITDA margin has historically been more favorable in H2 compared to H1 -23% -68 Q1-22 29 A#30Q1 cash flow from operating activities (SEKm) ■Cash Flows From Operating Activities 1 Operating Cash Flow impacted by working capital Q1-21 -64 Q1-22 The cash flow was primarily related to changes in working capital including the impact of recoupable podcaster prepayments Quarterly cash flow from operating activities (SEKm) ■Cash Flow from Operating Activities -26 ["!! -39 -70 Q1-20 Q2-20 -55 1 -64 -71 28 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Individual quarters impacted by changes in working capital -64 Q1-22 30 A#315 Recent Events and Upcoming Areas of Focus#32A Expansion: Spain Discover Search shows or categories The Acast app is shutting down Learn how to switch apps and take your subscriptions with you The Acast app is shutting down App closure according to plan Recent & Upcoming Events TBD THAT PETER CROUCH PODCAST BACK STRONGER Peter Crouch from BBC BuzzFeed BuzzFeed Studios ADWEEK High profile creator partnerships Enriched targeting options AdWeek Acast For The Fans. Acast+ adoption accelerates H2→ Focus on deliberate investments 32 A#336 Q&A#34Follow us on Investors.acast.com/subscribe Medium.com/acast https://shows.acast.com/acast-financial-reporting 34 A#35Acast For The Stories.#36Appendix Financial KPI's#37Group financial KPI's and alternative performance measures SEK thousand Net Sales Net Sales growth (%) Organic net sales growth (%) Gross profit Gross margin (%) EBITDA EBITDA margin (%) Adj. EBITDA Adj. EBITDA margin (%) Operating loss Operating margin (%) Adj. operating loss Adj. operating margin (%) Items affecting comparability Loss for the period Cash flow from operating activities Basic and diluted earnings per share (SEK)* Listens (millions) Average revenue per listen, ARPL (SEK)** 2022 Q1 298,293 51% 40% 106,285 36% -67,832 -23% -67,832 -23% -80,063 -27% -80,063 -27% -73,201 -64,040 -0.41 1,256 0.24 2021 Q4 336,491 40% 35% 122,811 36% -28,123 -8% -28,227 -8% -39,512 -12% -39,616 -12% -104 -25,289 27,611 -0.14 1,091 * 50:1 sharesplit undertaken in Q2-21 applied to all reporting periods. 0.31 For definitions and purpose see note 7, and for reconciliations see note 8. 2021 Q3 265,142 89% 87% 96,740 36% -42,040 -16% -42,009 -16% -52,747 -20% -52,716 -20% 31 -46,132 -70,830 -0.26 891 0.30 2021 Q2 226,635 130% 134% 82,815 37% -75,246 -33% -46,638 -21% -84,951 -37% -56,343 -25% 28,608 -179,743 -64 452 -1.28 880 0.26 37 2021 Q1 197,434 74% 86% 71,110 36% -36,210 -18% -33,606 -17% -44,437 -23% -41,834 -21% 2,603 -49,231 1,091 -18.62 872 0.23 2020 2020 Q4 Q3 239,868 139,975 66% 73% 95% 117% 92,718 39% -6,624 -3% 50,206 36% -30,756 -22% -30,756 -22% -37,417 -27% -37,417 -27% -6,624 -3% -13,040 -5% -13,040 -5% -28,059 -54,728 -0.21 863 0.28 -40,200 -38,540 -0.30 809 0.17 2020 Q2 98,454 22% 24% 36,560 37% -44,301 -45% -44,301 -45% -51,439 -52% -51,439 -52% -58,858 -25 653 -0.38 701 0.14 2020 Q1 113,323 55% 48% 39,943 35% -41,677 -37% -41,677 -37% -46,643 -41% -46,643 -41% -45,105 -69 646 -18.86 603 0.19 2021 Jan-Dec 1.025,702 73% 74% 373,476 36% -181,618 -18% -150,480 -15% -221,646 -22% -190,508 -19% 31,138 -300,394 -106,578 -1.91 3,735 0.27 2020 Jan-Dec 591,530 64% 69% 219,427 37% -123,357 -21% -123,357 -21% -148,538 -25% -148,538 -25% -172,222 -188,800 -1.36 2,976 0.20#38Acast For The Stories.