#1Acast Interim Report Jan-Dec 2022 15 Feb 2023 www.acast.com A#2Hello! We're Acast. A#3A In The "Room" Ross Adams CHIEF EXECUTIVE OFFICER Emily Villatte CHIEF FINANCE OFFICER & DEPUTY CEO 3 A#4Acast's Business Strategy Is To create the world's most valuable podcast marketplace PODCAST CREATORS VICE FT Perne THAT PETER CROUCH PODCAST BACKG Rod EO BBC NEWS The The New York Times Economist VAR OFF HERU ➡PBS Mi CO UNQUALIFIED AKI TRAFFIC 1.3Bn LISTENS / QTR 92,000 SHOWS (1) Uniques defined as unique combination of IP adress and Device Acast We're doing that by providing a world- class product experience for podcasters, advertisers and listeners, laying the foundations for robust revenue streams for both Acast and its stakeholders PERFORMANCE BRIDGE FRET ADVERTISERS & LISTENERS HAVAS MEDIA C IFG M dentsu AECIS VERITONE. amnet OXFORD. accuen WPP VIVAKI K AD RESULTS OmnicomMedia Group H.M Google TELE2 92M MISS MOTORS Microsoft LEGO EURO SPORT XAXIS BOSE ADVERTISERS/ YEAR 2,300 од ва ба ба MONTHLY UNIQUES (¹) 4 A#51 CEO Update#6Financial Highlights Q4-2022 35% NET SALES GROWTH 35% GROSS MARGIN -7% Adj. EBITDA MARGIN Positive end to the year - but continued ad market uncertainty 6 A#7Financial Highlights Full Year - 2022 36% NET SALES GROWTH 34% GROSS MARGIN -20% Adj. EBITDA MARGIN Moving towards profitability in 2024 7 A#8Diversifying Monetization Routes Acast x amazon music 8 A#9Acast: Major US Force PODTRAC 1 WONDERY 2 3 libsyn 4 PODCASTONE Source: Podtrac US Sales Networks Ranker, October 2022 Acast 22 million monthly uniques 39 thousand US shows#10A leading force in the SE & UK Charts podspace podspace Acast Acast podspace podspace Acast Acast Acast PODD INDEX + PODPLAY ursäkta Alex & Sigges podcast Aftonbladet Daily Flashback Forever Filip & Fredrik podcast When We Were Kings Wahlgren & Wistam Den som skrattar förlorar podcast Alla goda ting är tre Vad? med IJustWantToBeCool Source: Poddindex 31 Jan 23 50% of top 10 Acast 66% of top 50 Acast Apple Podcasts DOAC The Diary Of A CEO with Steven Bartlett Steven Bartlett The Rest POLITICS LEADING Leading Goalhanger Podcasts global NEWS AGENTS The News Agents Global SHINGED MARRIED. ANNOYED. NITY CHRIS & ROSIE 7 Shged Married Annoyed Chris & Rosie Ramsey NO SUCH THING AS AFISH No Such Thing As A Fish No Such Thing As A Fish The Therapy Crouch The Therapy Crouch Therapy Crouch THE REST IS HISTORY The Rest is History Goalhanger Podcasts The Rest is POLITI The Rest Is Politics Goalhanger Podcasts OFF MENU Off Menu with Ed Gamble James Acaster Plosive SOPHIE HABOO JAMIE LA Nearly WEL 10 NearlyWeds JamPot Productions Source: Apple Podcasts 31 Jan 23 70% of top 10 Acast 56% of top 50 Acast 10 A#11More efficient targeting & ROI for advertisers#12MORE EFFICIENT TARGETING & ROI FOR ADVERTISERS Keyword Targeting Tech to match shows with advertisers DI SPEECH TO TEXT Acast's full catalog of shows is transcribed and converted to text before being scanned for keywords 113 KEYWORD SELECTION Advertiser selects keywords relevant to their brand NATURAL LANGUAGE PROCESSING Acast identifies content discussing those topics at the episode level AD EXPERIENCE Brand message is stitched in, in real time, for a seamless listening experience wherever they're listening 12 A#13MORE EFFICIENT TARGETING & ROI FOR ADVERTISERS Introducing Acast's first-party data onboarding solution We are the first to use advertisers' first-party data in podcasts and reach the most engaged audiences anywhere they listen. Acast B.Y.O.D Bring Your Own Data 13 A#14Making it easy to buy podcast ads#15Dashboard + Create ad campaign Back to overview Plan your campaign. This section can be edited at any time. Campaign name Audio Budget (SEM) of 200 K is reque SELF-SERVE - NEW Countries Upload audio file Drop or select an MP3 file Specific end date Upload Campaign start Select s Required targeting Define where you want your campaign to be heard Targeting cannot be char Listener location Making it easy to buy podcast ads Introducing new self-serve platform Regions ⒸASDASD Estimated budget spend To be forecasted 180/- SEK Postal codes Podcast advertising that drives results for your brand. No two ways about it: podcast advertising works. In fact, Kantar ranked podcasts as the most effective online media channel, above social media ads, influencer content and every other channel. From driving mass awareness to converting a highly targeted, niche audience, podcast advertising can do it all. PROGRAMMATIC 15 A#1600⁰ Market Reflections Podcast ad market projected to grow by 15%* Globally and 8% US** despite weak macro 2023 will see more challenging growth comparatives in H1, easing into H2 for Acast, and the ad-market in general Programmatic buying remains the fastest-growing advertising channel for Acast Acast now have the building blocks for the 'AdWords for Podcasting' Programmatic, Keywords, Self-Serve The Acast business model built on open distribution of podcasts, giving creators control of their IP and tech innovation is proving resilient *PwC Global Entertainment and Media Outlook Jun 2022 **IAB 16 A#172 Financials#18Q4 Listens YoY . 1091 0,31 Q4-21 +22% 22% growth in listens in quarter 1327 0,34 Q4-22 Listens (Millions) ARPL (SEK) Listens grew +22% compared to Q4 -21 ARPL of 0.34 SEK has increased compared to Q4 -21 (0.31 SEK) reflecting increasing monetization of each listen Quarterly Listens . 863 0,28 872 0,23 Q4-20 Q1-21 880 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 0,26 891 0,30 1091 0,31 1256 0,24 1 238 0,26 Listens (Millions) ARPL (SEK) 1318 0,24 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Number of shows reaches c. 92,000 - with listens remaining over 1.3 billion The potential for ARPL to grow over time remains 1327 0,34 Q4-22 18 A#19Q4 Net Sales YoY (SEKm) 336 Q4 2021 +35% Net Sales growth rebounds to 35% 454 Q4 2022 FX contributed +9% to net sales growth and the acquisition of Podchaser contributed +2% Organic growth was 24% in the quarter Quarterly Net Sales (SEKm) 95% 240 74% 197 130% 227 89% 265 336 40% 298 51% 316 39% 322 21% Net Sales YOY Growth 454 35% Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 All segments contributed to net sales growth of 35% in the quarter, rebounding from the prior quarter The fourth quarter is per usual the largest quarter in the year due to ad market seasonality 19 A#20Net Sales Build-up Inventory % of Inventory Sold Mechanics of Acast's Net Sales Build-up Pricing 1 2 3 4 Number of Listens Ad Slots (#) Sell Through Rate (%) Cost Per Mille Impressions (Thousands) (CPM) Net Sales from Ads Net Sales from Non-ads Total Net Sales X X X + 1 2 3 4 Listens equal the number of times all shows have been listened to Ad slots refers to the number of available ad breaks in each show I ! Inventory: Multiplying the Number of Listens and the I available Ad Slots gives the total capacity for ad placement Sell Through Rate represents % of total ad inventory that has been sold Delivered Impressions: Number of delivered ads, which is a product of Inventory and Sell Through Rate The price for one thousand impressions, or CPM, is often expressed in USD Inventory x STR x Price results in the Net Sales from Ads Both regular Ads and Host-read Sponsorships have a similar net sales build-up structure#21Multiple levers for net sales growth and increased ARPL NET SALES BUILD Listens (M's) Listens growth Ad-Slots (#) Inventory (M's) Sell Through Rate CPM Pricing (USD) Net Sales from Ads Total Net Sales (MSEK) Net sales growth ARPL (SEK) 2018 1 330 4.5 5 985 17% 19 174 190 0.14 2019 1 950 47% 5.0 9 750 21% 18 332 361 90% 0.19 2020 2 976 53% 5.0 14 880 22% 19 545 591 64% 0.20 2021 3 735 26% 5.2 18 675 28% 22 994 1026 74% 0.27 2022 5 139 38% 5.5 28 421 29% 16 1 291 1 390 36% 0.27 In addition to growing listens, increasing the amount of inventory sold (i.e. Sell Through Rate) as well as opening new ad-slots provides opportunity to increase Average Revenue per Listen (ARPL) over time.#22Net Sales (SEKm) 215 Q4-21 CBIT (¹) (SEKM) CBIT CBIT margin, % 45 21% Europe Q4-21 +38% 297 Q4-22 54 18% Q4-22 Europe takes the lead on growth in Q4... • Europe has seen steady net sales growth during the and delivered 38% net sales growth in Q4 despite the macroeconomic climate • Profit contribution margin (CBIT %) decreases slightly to 18% (21%) (1) CBIT refers to a local market or segment's operating profit before allocation of global costs Net Sales (SEKm) 91 Q4-21 North America 0% CBIT (¹) (SEKm) +28% 116 Q4-22 -5% -6 CBIT CBIT margin, % Q4-21 • North America rebounds after Q3 to deliver Q4 net sales growth of 28% and a marginal decline in contribution profits (CBIT) Podchaser contributed to Q4 Net Sales growth by 8% Q4-22 Net Sales (SEKm) 31 Q4-21 Other markets CBIT (¹) (SEKm) 7% 2 Q4-21 +34% 42 Q4-22 7% 3 Q4-22 CBIT CBIT margin, % • Other markets deliver 34% net sales growth and a marginal increase in contribution profits (CBIT) 22 A#23...and North America bounces back 107% 47% 35% Q1 Europe 72% 48% 28% Q2 North America 36% 22% 16% Q3 Net Sales Growth YoY Q122 0422 Other Markets 38% 28% Q4 34% Europe and Other Markets have provided relatively steady growth during the year whereas the North America growth momentum has seen larger movement. 23 A#24Net Sales (SEKm) CBIT(¹) (SEKM) UK . 273 2020 55 20% 68% 2020 CBIT Margin in % 459 2021 98 21% 2021 28% 585 2022 121 21% 2022 Steady delivery in established markets (1) CBIT refers to a local market or segment's operating profit before allocation of global costs CAGR 2020-2022 29% US 141 60% 2020 -3% -5 2020 CBIT Margin in % 225 2021 11 5% 2021 34% 301 2022 CAGR 2020-2022 29% -14% -42 2022 Sweden 68 2020 9 13% 74% 2020 CBIT Margin in % 118 2021 23 20% 2021 31% 155 2022 37 24% 2022 CAGR 2020-2022 32% In addition to posting positive local profits (CBIT), the UK and Sweden were also profitable after allocation of global costs in 2021 and 2022. US CBIT was impacted by one-off costs related to minimum guarantee payments in 2022 and all markets also absorbed one-off costs related to redundancies in Q3 and Q4 of 2022. 24 A#25Q4 Gross Profit (SEKm) Gross Profit Gross Margin (%) . 123 36% Q4 2021 Gross Margin stable at 35% 157 -35% Q4 2022 The gross margin in the period was stable at 35% Quarterly Gross Profit (SEKm) Gross Profit Gross Margin (%) 93 39% 36% 83 37% 97 36% 123 36% 106 36% 94 30% 113 35% 157 35% Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Gross margin remains at 35% in Q4-22 as per the prior quarter 25 A#26Q4 Other Operating Expenses (SEKm) . 162 Q4 2021 Cost reductions conclude during Q4 217 Q4 2022 Other Operating Expenses growth relate mainly to expanding Sales and Marketing capabilities in North America as well as investments in Product Development Q4 includes the first full quarter of Podchaser's operating expenses Quarterly Other Operating Expenses (SEKm) 106 116 Q4-20 Q1-21 2 PO 172 149 162 186 206 215 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 217 Q4-22 A reduction in workforce of c. 15% of Acast staff (ex Podchaser) was announced in Q3 and was concluded in Q4 Items affecting comparability of 11 MSEK related to staff redundancies and acquisition expenses were posted in Q4 The workforce reduction will realize annualized cost savings of c. 77 MSEK moving forward 26 A#27Q4 Adj. EBITDA (SEKM) ● Q4 2021 -8% -28 Tangible steps towards profitability Q4 2022 Adj. EBITDA -Adj. EBITDA margin % -7% -31 Adj. EBITDA Margin of -7% compared to -8% in the same quarter last year Quarterly Adj. EBITDA (SEKm) Q4-20 ● -3% -7 Q1-21 Q2-21 03-21 -17% -34 -21% -47 -16% -42 Adj. EBITDA Q4-21 -8% -28 Q1-22 -23% -68 Q2-22 -31% -98 -Adj. EBITDA margin % Q3-22 -23% -75 Q4-22 -7% -31 • The path to profitability is underpinned by the cost reductions concluded in Q4 Adj. EBITDA development is subject to usual seasonality 27 A#28Q4 cash flow from operating activities (SEKm) ● Q4-21 The year ends with a healthy cash position 12 Q4-22 -12 Operating cash flow were impacted by losses in the quarter and working capital fluctuations Quarterly cash flow from operating activities (SEKm) -55 12 "|*||| -71 -88 -64 -98 -97 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 • The cash balance at the end of Q4 was a healthy 868 MSEK -12 Q4-22 Year End Cash Balance 868 MSEK 28 A#293 Upcoming Areas of Focus#30V Upcoming Events 1st Full ESG Report Publication with Annual Report - 18th April PHO /100000 Results from Self-Serve launch and trials 30 A#314 Q&A#32Follow us on Investors.acast.com/subscribe Acast.com/blog Shows.acast.com/acast-financial-reporting MN A#33Acast For The Stories.#34Appendix Financial KPIs#35Group financial KPIs 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 Oct-Dec 454,297 35% 24% 157,016 35% -42,431 -9% -31,109 -7% -58,636 -13% -47,314 -10% 11,322 -73,997 -12,314 -0.41 1,327 0.34 2021 Oct-Dec 336,491 40% 35% 122, 811 36% -28,123 -8% -28,227 -8% -39,512 -12% -39,616 -12% -104 -25,289 12.383** *2022 adjusted for costs from the acquisition of Podchaser and restructure costs. 2021 adjusted for costs related to our IPO. **Adjustment of cashflow for previous periods has been done. For more information see note 9. ***50:1 sharesplit undertaken in Q2-21 applied to all reporting periods. For definitions and purpose see note 10, and for reconciliations see note 11. -0.14 1,091 0.31 2022 Jan-Dec 1,390,366 36% 26% 469,856 34% -294,949 -21% -272,337 -20% -352,643 -25% -330,031 -24% 22,612 -286,375 -294,284 -1.59 5,139 0.27 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 -121,806** -1.91 3,735 0.27#36Acast For The Stories.