#1Acast Interim Report Jan-Jun 2022 2 Aug 2022 www.acast.com A#2Hello! We're Acast. 2 A#3A Ross Adams CHIEF EXECUTIVE OFFICER In The "Room" Emily Villatte CHIEF FINANCE OFFICER & DEPUTY CEO 3 A#4VICE BBC FT MY DAD Perne PODCAST CREATORS THAT PETER CROUCH PODCAST The The New York Times Economist WTF Rod EO >1.2Bn >66,000 OFF RERU PBS B UNQUALIFIED AKT 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 BOX dentsu AECIS ADVERTISERS & LISTENERS VERITONE. amnet OXFORD. WPP VIVAKI OmnicomMedia Group accuen AD RESULTS MH.M a Google TELE2 2,400 87M HIRUDISH MOTORS XAXIS Microsoft LEGO EURO SPORT BOSE ADVERTISERS / YEAR MONTHLY UNIQUES (¹) 4 A#51 CEO Update#639% NET SALES GROWTH Financial Highlights Q2-2022 30% GROSS MARGIN -31% Adj. EBITDA MARGIN EBITDA margin inflection point reached - Updated financial targets 6 A#7333 8 Ad market reflections Advertising market experiencing macroeconomic headwinds and some restraint in spending Podcasting ad-spend continues to grow faster than the general advertising market Revision of podcasting ad-spend outlook by PwC to 15% growth for 2022* Strong performance for host-read ads whilst programmatic sees a relative slow-down in growth Acast continues to take market share *PWC GLOBAL ENTERTAINMENT AND MEDIA OUTLOOK, JUNE 2022 7 A#82 IN Updated Financial Targets#9Updated Financial Targets ORGANIC NET SALES GROWTH GROSS MARGIN EBITDA DIVIDEND POLICY NEW FINANCIAL TARGETS AS OF AUG 2022 Average annual organic net sales growth of 40-45% between 2020-2025 Annual gross margin of 35-38% Full year EBITDA profitability in 2024 Retain available funds and future earnings to support growth and development. Acast does not intend to pay cash dividends in the foreseeable future FINANCIAL TARGETS PRE AUG 2022 Average annual organic net sales growth of 60% between 2020-2025 In line with current level 37% EBITDA profitability in the next 3-5 years (2024-2026) Retain available funds and future earnings to support growth and development. Acast does not intend to pay cash dividends in the foreseeable future 9 A#101 CEO Update cont.#1111#12Podchaser Feed Browse Community. My Feed Popular Feed This American Life Search for Podcasts, Creators, Lists, Guests... Tools - This American Life released a new episode about 5 hours ago This American Life - 94 400: Stories Pitched by Our Parents 1h 4m Podchaser Acquisition coolguy5000 rated an episode ✰✰✰✰✰ about 6 hours ago COTT AUKERMAN'S Comedy Bang Bang: The Podcast 82 COMEDY Andy Richter, Jon Gabrus, Vic Michaelis, Casey Feigh O Jun 6th, 2022 1h 23m We try something harder than anything we've ever tried before, by taking the random ideas that members of our own families have told us would be "perfect for the show," and turning them into actual stories. New Releases & Guests Only Ⓡ Everything ★ *** C BANG! TV's Andy Richter (The Three Questions) joins Scott and intern Gino Lombardo to answer BANG Scott's Four Questions, share his Burbank celebrity story, and find out why Gino has been in the hospital. Then, teenager Susie Tewman drops by to talk about her secret double life as a... G ▶ PLAY EPISODE ▶ PLAY EPISODE a Podchaser 25 Welcome Ryan! ROTHER reply-a CASEFILE CRIMINAL Change Top 8 My Pro Exports 4 items Searches 3 saved Support My Activity office Ladies Lists 4 podcast lists, 4 episode lists OH NO Bookmarks 68 episodes, 58 podcasts More Ratings 464 episodes, 30 podcasts View Profile COMEDY BANG! BANG! BOLLOP Share Top 8 Follows 44 podcasts, 59 creators, 31 users, 5 lists (PRO ง Podchaser Acast 12 A#13CREATE PODCASTLE Focusrite Even more reasons for creators to choose Acast REACH resso MONETIZE SPRING ENGAGE ∞ Meta LAYLO Podcasts 13 A#14New shows join the party 3 SHOTS TEQUILA Acast Acast WTF with MARC MARON Acast SIT WITH US The Daily T FULL OF THINGS CANADA'S BEST FLAVOURED HUMOUR TUNA Acast CANADIAN POLITICS IS BORING SECOND CAPTAIN FIRST CAPTAIN WHAT ER... Acast THE CAPTAINS PODCAST JEN WITH HANNAH BERNER 14 A#15#3 1 US Market Position Measured by Reach iHeart MEDIA WONDERY 2 3 4 5 6 7 DAILY WIRE 8 WALT DISNEY 9 podcastone 10 npr The New York Times NBC NEWS BARSTOOL STORE Source: Podtrac June 22 and Acast internal data June 2022 Acast 20.6 million monthly uniques 15 A#16#2 Global Downloads/Streams 1 iHeart MEDIA 2 3 WONDERY 4 npr 5 The New York Times 6 NBC NEWS 7 DAILY WIRE 8 WALT DISNEY 9 podcastone 10 Source: Podtrac June 22 THE BARSTOOL STORE Acast 1.2 billion listens in Q2-22 16 A#17NEW Q3 Q4 New Innovation: The Industry's Smartest Ad Targeting Opportunities Conversational Episodic Level Categories 700, Tier 1/2/3 Categories Keywords By relevancy of keyword, topics or trending topics Sentiment Positive, negative, towards or away from competition Audience Listener Level Acast Audience Segments Using Nielsen data Audience Demographics 1st party data via Nielsen Advertiser Audience Segments 1st party data via Liveramp, Nielsen, Tapad 17 Curated Show Level 40+ Content Collections Curated by Acast Experts O PODCHASER#184 Financials#19Quarterly Listens YoY 880 0,26 41% growth in listens as more creators choose Acast Q2-21 +41% Listens (Millions) ARPL (SEK) ARPL (SEK) 1 238 0,26 Q2-22 Listens grew +41% compared to Q1 -21 ARPL constant compared to Q1 -21, with potential to continue to increase over time Quarterly Listens . 701 0.14 Q2-20 809 0,17 863 0,28 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 872 0,23 880 0,26 891 0,30 1091 0,31 Listens (Millions) ARPL (SEK) 1 256 0,24 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 1 238 0,26 Q2-22 Number of shows exceeds 66,000 - with listens remaining above 1.2 billion Listens remain largely flat on previous quarter similar to prior year seasonal patterns ARPL follows a seasonal pattern and expected to continue to grow over time 19 A#20Q2 Net Sales (SEKm) 227 Net Sales grow by 39% despite advertiser sentiment Q2 2021 +39% All segments as well as FX contributing to net sales growth Organic growth of 28% 316 Q2 2022 Quarterly Net Sales (SEKm) 98 22% 66% 140 95% 240 74% 197 130% 227 89% 265 336 40% 298 51% Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Net sales impacted by seasonality in the podcasting advertising industry where Q4 is the strongest quarter of the year followed by a softer Q1 and consequent growth Net Sales YOY Growth 316 39% Q2-22 20 A#21Net Sales (SEKm) 157 Q2-21 CBIT (¹) (SEKM) 20 13% Q2-21 Europe +28% North America remains fastest-growing segment as one-off costs impact contribution profits 201 Q2-22 -CBIT 35 17% Q2-22 CBIT margin, % Net sales grows by 28% despite advertiser sentiment CBIT margin improves to 17% (1) CBIT refers to a local market or segment's operating profit before allocation of global costs Net Sales (SEKm) 49 Q2-21 CBIT (¹) (SEKM) 5 11% North America Q2-21 +72% 85 Q2-22 -34% -29 Q2-22 CBIT CBIT margin, % 72% net sales growth despite macro impact Strong FX tailwinds with Americas growing 54% at organic growth rates Continued investment as well as one-off impact on gross margin in US impacts contribution profits Net Sales (SEKm) 20 Q2-21 CBIT (¹) (SEKm) 4% 1 Other markets Q2-21 +48% 30 Q2-22 -2% CBIT -CBIT margin, % Q2-22 Other markets deliver 48% net sales growth and a marginal reduction in contribution profits 21 A#22Q2 Gross Profit (SEKm) . 83 37% Q2 2021 Gross Margin at 30% impacted by one-off costs 94 30% Q2 2022 Gross Profit Gross Margin (%) A lower than usual gross margin at 30%, as the softening ad market resulted in one-off costs of SEK 18 million for the quarter The costs are related to a reassessment of podcaster contracts in the US running over a longer period of time and which are affected by a lower ad-sales outlook Excluding this one-off the underlying gross margin was 35% Quarterly Gross Profit (SEKm) 37% 37 Q2-20 36% 50 93 39% 71 36% 83 37% 97 36% 123 36% 106 36% Gross Profit Gross Margin (%) 94 30% Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 The weakened advertising market resulted in one-off cost to podcast creators during Q2-22 22 A#23Investments in product development, sales and marketing Q2 Other Operating Expenses (SEKm) . 172 IPO Q2 2021 206 Q2 2022 Other Operating Expenses grew from 172 MSEK (or 143 MSEK excluding IPO costs and other adjustment items) to 206 MSEK Geographically the investments were focused on North America By cost category the investments were focused on Product Development as well as Sales and Marketing Quarterly Other Operating Expenses (SEKm) 89 106 Q2-20 116 172 HRO 149 162 186 88 li Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 206 Selective investments have taken place in product development as well as sales and marketing The heavy investment period is now over and a slow down in investment is expected in H2 23 A#24Q2 2022 represents inflection point for Adj. EBITDA-margin Q2 Adj. EBITDA (SEKM) Q2 2021 -21% -47 Q2 2022 -31% Adj. EBITDA -Adj. EBITDA margin % -98 Adj. EBITDA Margin -31% Reduced gross margin and increase in costs impacted the EBITDA result in combination with advertiser sentiment Quarterly Adj. EBITDA (SEKm) Q2-20 Q3-20 Q4-20 Q1-21 -3% -7 -44 -45% -22% -31 -17% -34 Q2-21 -21% -47 Q3-21 -16% -42 Q4-21 Q1-22 Q2-22 -8% -28 Adj. EBITDA -Adj. EBITDA margin % -23% -68 -31% -98 The Adj. EBITDA margin has historically been more favorable in H2 compared to H1 and is expected to improve moving forward Q2-22 represents a margin inflection point 24 A#25Q2 cash flow from operating activities (SEKm) Q2-21 Operating Cash Flow impacted by losses -64 Q2-22 -98 The operating cash flow was impacted by losses in the quarter as well as a positive impact from changes in working capital Quarterly cash flow from operating activities (SEKm) -26 Q2-20 -39 -55 -64 -71 12 || -87 -98 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Individual quarters impacted by changes in working capital An adjustment has been made to operating cash flows in Q1-22 and Q4-21 related to movements in exchange rates 25 A#265 Recent Events and Upcoming Areas of Focus#27Expansion: Singapore & Italy Recent & Upcoming Events G New Ad Capabilities: Keyword targeting WTF A WTF with Marc Maron Podcast+ Mathyg 2009 Select membership The Full Maron $5.00 The WTF Archives $3.00 Plussers $2.00 ED. ust Sh Sh"ged Married Annoyed+ Lucrative Lucrative RHISTR Select membership Plussers Plus £3.00 RHLSTP with Richard Herring+ Pussers Me Select membership Sponsor LUCRATIVE LUCR SPONSOR £3.50 Plussers £5.00 Lucrative Sponsor SPONSOR £3.00 Acast+: Creators of all sizes launch subscriptions 27 A#28Capital Markets Update 4th October 28 A#296 Q&A#30Follow us on Investors.acast.com/subscribe Acast.com/blog https://shows.acast.com/acast-financial-reporting 30 A#31Acast For The Stories.#32Appendix Financial KPIs#33Group 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) 2022 Apr-Jun 315,826 39% 28% 94,003 30% -98,570 -31% -98,253 -31% -111,959 -35% -111,642 -35% 317 -70,635 -97,629 -0.40 1,238 Average revenue per listen, ARPL (SEK) * Adjustment of cashflow for previous periods has been done. For more information see note 7. ** 50:1 sharesplit undertaken in Q2-21 applied to all reporting periods. For definitions and purpose see note 9, and for reconciliations see note 10. 0.26 2021 Apr-Jun 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 2022 Jan-Jun 614,119 45% 34% 200,288 33% -166,401 -27% -166,084 -27% -192,022 -31% -191,705 -31% 317 -143,836 -185,262 -0.80 2,495 0.25 2021 Jan-Jun 424,069 100% 108% 153,925 36% -111,456 -26% -80,245 -19% -129,388 -31% -98,177 -23% 31,211 -228,974 -63,361 -1.78 1,752 0.24 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#34Acast For The Stories.