#1Acast Year End Report Jan-Dec 2022 11 Feb 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#41 Acast Basics#5PODCAST CREATORS VICE BBC FT WYDAD BERT SHOW Rod EO >1Bn The HEARST Economist OFF RERU >40,000 PBS B TRAFFIC LISTENS / QUARTER Acast's Business Strategy Is To become the largest marketplace for podcast monetization globally SHOWS (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 73M XAXIS Microsoft LEGO EURO SPORT BOSE ADVERTISERS / YEAR 6 6 6 6 MONTHLY UNIQUES (¹) 5 A#62 CEO Update#740% NET SALES GROWTH Financial Highlights Q4-2021 36% GROSS MARGIN -8% Adj. EBITDA MARGIN 7 A#8Financial Highlights Full Year 2021 73% NET SALES GROWTH 36% GROSS MARGIN -15% Adj. EBITDA MARGIN 8 A#960% ORGANIC NET SALES CAGR 2020-2025 Financial Goals Articulated June 2021 37% MAINTAIN AT LEAST 37% GROSS MARGIN LEVEL 3-5 YEARS REACH EBITDA BREAK EVEN 9 A#10Quarterly Listens >1Bn Q4-21 LISTENS n >1Bn LISTENS GROWTH PICKS UP PACE & ARPL INCREASES ||| NUMBER OF SHOWS ON THE ACAST PLATFORM REACHES 40,000 +5,000 SHOWS QonQ 10 A#11#1 1 10 US Market Position Measured by Global Downloads/Streams 2 3 npr 4 WONDERY 5 6 7 8 9 Source: Podtrac Dec 21 iHeart MEDIA The New York Times NBC NEWS WALT DISNEY BARSTOOL STORE DAILY WIRE PRX THE Acast 1.09 billion listens in Q4-21 11 A#12#3 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 BARSTOOL STORE DAILY WIRE PRX THE Source: Podtrac Dec 21 and Acast internal data Dec 2021 Acast 17.6 million monthly uniques 12 A#13Dominating SE & UK Charts 1 2 3 6 Acast 4 Acast 5 Acast Acast 7 8 00 PODD INDEX podspace podspace podspace podspace 9 Acast 10 Acast Source: Poddindex 3 Feb '22 ursäkta Alex & Sigges podcast Aftonbladet Daily Mellan Himmel och Jord Flashback Forever Wahlgren & Wistam Filip & Fredrik podcast When We Were Kings Framgångspodden Historiepodden 60% of top 10 Acast 72% of top 50 Acast Apple Podcasts Browse THE DIARY OF A CEO STEVEN BARTLETT The Trojan Horse Affair The Trojan Horse Aff... Serial Productions &.... 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 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 4 Off Menu with Ed G Plosive 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 13 A#14New shows join the party 1024 Bet On Yourself with Fred Van Vleet and Derek Folk Acast ANNA FARIS IS UNQUALIFIED ED GD Acast Flashback forever KASICH & KLEPPER Treefort Stand EAMON DUNPHY Jäljillä true crime podcast DUDAS MEDIA GUNKE BRYNOLFSSON LYSKOVA MORBERG GRENHOLM SAKNAD FÖLJARNA Acast Storyone 14 A#15()) BBC Rättegångspodden Acast ANNA FARIS IS UNQUALIFIED Better Than Yesterday The. Guardian: ED NIZAR & SHAYAN DIE DEUTSCHEN with Osher Günsberg Acast The Economist sex W/ EMILY CN Acast Creator Network Acast TOMMY HECTOR& LAURITA Väryet Väet Acast Acast Med Kristoffer Trif tXPRX EVERYTHING ICONIC WITH DANNY PELLEGRINO Acast GROWING UP WITH gal-dem SH* GED. MARRIED. ANNOYED. WITH CHRIS & ROSIE FT Forever 35 VICE PO DRINNIES DANE BAPTISTE QUESTIONS EVERYTHING PBS PUBLIC BROADCASTING SERVICE Acast THE RETRO SPECTORS CURIOUS MOMENTS FROM THIS DAY IN HISTORY 15 A#16Acast supports entire open ecosystem UNMATCHED SCALE OF FIRST PARTY DATA 8 DO D)) Acast STITCHER C Rp Cu a Hi. f 16 A#171ST PARTY iii Data collected directly by the company Data Generated 2ND PARTY Data collected by another source, shared through a partnership 3RD PARTY Aggregated data from various sources 17 A#181ST THE OPEN ECOSYSTEM Data provided by more than 40k RSS feeds from every podcast listening app and platform 1ST Quality first party data at scale OUR OWNED PROPERTIES The Acast embed player - currently used across 233 countries Our apps ABP Our 40,000 shows' Acast-hosted webpages (shows.acast.com) Listener surveys 1ST AI & MACHINE LEARNING Deep audio intelligence powered by speech- to-text transcription and machine-based content analysis 1ST Acast' Provides rich data on listener behaviour from every podcast listening app and platform As of today, potential to reach 73m+ monthly uniques and growing 3RD + EXTERNAL DATA Robust external data partners to power third-party data audience segments and enable Brand Suitability & Safety nielsen comscore 18 A#19Our diverse data points enable: EFFECTIVE AD TARGETING Geographic, Demographic, Time of day, Device, Contextual Content Categories, Content Verticals, Audiences Ø INNOVATION Conversational Targeting: Targeting conversations about: Topic/Subject, Trending topics, Keywords, Entities, and in future, Emotions and sentiments Brand Safety & Suitability: Targeting away from GARM- standard brand safety categories or by allowing risk profiles INSIGHTS Data combined to power content and audience insights, and discovery for expert media planning Advanced consumption analytics for podcasters 19 A#20Acast+ For The Fans.#21+ ୦୦୧ Market Reflections The Open Ecosystem continues to best serve the interest of podcasters Subscriptions have the potential to become a great addition to ad-supported monetization Social influencers have firmly entered the podcasting space We continue to see a healthy mix of native ads / host read and regular ads in podcasting with programmatic buying being the fastest growing advertising channel Having relevant and transparent creator community guidelines remains in focus 21 A#223 Financials#23Full Year Listens Listens in Millions -ARPL (1) 2976 0,20 2020 +26% Quarterly listens surpass 1 billion in Q4 3 735 0,27 2021 Listens continue to grow +26% compared to 2020 - and the business delivers more effective monetization Quarterly Listens Listens in Millions -ARPL (1) 603 0,19 Q1-20 . . 701 10,14 809 0,17 Q2-20 Q3-20 863 0,28 872 0,23 Note: Number of listens per year 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. (1) Net sales per listen in SEK. 880 0,26 Q4-20 Q1-21 Q2-21 891 0,30 Listens in Q4-21 increased by 26% compared to Q4-20, which is an acceleration of listens growth in the prior quarter ARPL has increased over time due to more effective monetization 1091 0,31 Q3-21 Q4-21 23 A#24Full Year Net Sales (SEKm) 592 2020 +73% 2021 Net Sales reach 1 billion SEK All segments contributing to strong net sales growth. Organic growth reaches 74% YoY 1 026 2021 Quarterly Net Sales (SEKm) Net Sales -YOY Growth 113 55% Q1-20 . 98 22% 140 66% 240 95% Q2-20 Q3-20 I Q4-20 197 74% Q1-21 130% 227 Q2-21 265 89% Q3-21 336 Q4 2020 represents a tougher comparative as the end of 2020 saw a wave of late spending following a slower Q2-20 as a result of covid-19 Q4 Net sales grow 35% when adjusting for FX 40% Q4-21 24 A#25Full Year Gross Profit (SEKm) Gross Profit -Gross Margin (%) 219 37,1% 2020 +70% A healthy 36% Gross Margin 373 36,4% 2021 Gross margin impacted by a different product mix where a higher proportion of native ads (host read sponsorships) compared to regular ads were sold in 2021 vs 2020 Quarterly Gross Profit (SEKm) Gross Profit Gross Margin (%) 40 35,3% Q1-20 . 37 37,1% 50 35,9% 93 38,7% 71 36,0% Q2-20 Q3-20 i 04-20 Q1-21 83 36,5% 97 36,5% 123 36,5% Q2-21 Q3-21 Q4-21 Whilst a discernable financial impact may take time, Acast+ will from Q1-2022 start to contribute to Gross Profits and Gross Margins 25 A#26Full Year Other Operating Expenses (SEKm) 800 600 400 200 0 369 2020 Excluding IPO costs Other Operating Expenses grew 53% YOY Business operations continue to scale 600 IPO 35M 2021 Other Operating Expenses grew 63% from 369 MSEK in 2020 to 600 MSEK in 2021 Excluding IPO costs, underlying growth in Other Operating Expenses of 53% can be compared against growth in net sales of 73%, illustrating the business' ability to scale Quarterly Other Operating Expenses (SEKm) ■Other operating expenses 200 150 100 50 0 87 89 Q1 20 Q2 20 88 Q3 20 106 116 172 -20 Q4 20 Q1 21 Q2 21 149 Q3 21 Historical investments in operations have evidenced significant scalability 162 Q4 21 26 A#27Full Year Adj. EBITDA (SEKM) Adj. EBITDA -Adj. EBITDA margin % -123 -21% Adj. EBITDA margin improvements continue in 2021 2020 -15% -150 2021 Full year Adj. EBITDA Margin improves to -15% (-21%) as the business continues to deliver scalability Quarterly Adj. EBITDA (SEKM) Adj. EBITDA -Adj. EBITDA margin % -37% -42 Q1-20 -45% -44 02-20 -22% -31 -3% -7 -17% -34 -21% -47 Q3-20 Q4-20 Q1-21 Q2-21 -16% -42 Q3-21 -8% -28 Q4-21 Seasonality and late 2020 covid recovery of Net Sales reflected in Adj. EBITDA results 27 A#28Net Sales (SEKm) CBIT(¹) (SEKm) UK 200 36% 2019 -CBIT Margin in % 33 17% 2019 273 2020 55 20% 2020 US delivers first full year of local profits (CBIT) in 2021 68% 459 2021 98 21% 2021 (1) CBIT refers to a local market or segment's operating profit before allocation of global costs CAGR 2019-2021 52% US 65 2019 CBIT Margin in % -41% 116% -27 141 2020 -3% -5 60% 225 2021 11 5% CAGR 2019-2021 85% Sweden 55 2019 24% CBIT Margin in % 7% 2019 In addition to delivering positive local profits CBIT, the UK was also profitable after allocation of global costs in 2020 and 2021 as was Sweden in 2021. 68 2020 9 13% 2020 74% 118 2021 23 -20% 2021 CAGR 2019-2021 47% 28 A#29Full year cash flow from operating activities (SEKm) ■Cash Flows From Operating Activities Significant enhancement of Operating Cash Flow -189 2020 IPO -107 2021 Cash flow from operating activities includes c. 35 MSEK of IPO costs in 2021 Effective management of working capital plays an important part in the improvement of cash flow from operating activities Quarterly cash flow from operating activities (SEKm) ■Cash Flow from Operating Activities -70 Q1-20 -26 Q2-20 -39 Q3-20 -55 1 IPO -65 Q4-20 Q1-21 Q2-21 -71 Q3-21 28 Q4-21 Whilst individual quarters have been impacted by changes to working capital and IPO related costs, the business has delivered consistent enhancement to operating cash flow over time 29 A#304 Recent Events and Upcoming Areas of Focus#31Recent & Upcoming Events Continued work to attract podcasters A Focus on data strategy and advertiser offering Ongoing roll out of Acast+ across markets, new features, expanded distribution 31 A#325 Q&A#33Follow us on Investors.acast.com/subscribe Medium.com/acast https://shows.acast.com/acast-financial-reporting 33 A#34Acast For The Stories.#35Appendix Financial KPI's & Definitions#36Net Sales (SEKm) CBIT(¹) (SEKm) Europe 161 Q4-20 CBIT Margin in % 31 19% Q4-20 +34% Americas remains fastest growing segment 215 Q4-21 45 21% Q4-21 (1) CBIT refers to a local market or segment's operating profit before allocation of global costs Americas 58 Q4-20 -CBIT Margin in % 7 12% Q4-20 +57% 91 Q4-21 0% Q4-21 Other Markets 21 Q4-20 -CBIT Margin in % 12% 3 Q4-20 +47% 31 Q4-21 2 7% Q4-21 36 A#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)** 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 0.31 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 * 50:1 sharesplit undertaken in Q2-21 applied to all reporting periods. **Listens adjusted for Apple bug effects in 2021 (+60M) amounted to 3,795 for the full year. 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 Q4 239,868 95% 117% 92,718 39% -6,624 -3% -6,624 -3% -13,040 -5% -13,040 -5% -28,059 -54,728 -0.21 863 0.28 2020 Q3 139,975 66% 73% 50,206 36% -30,756 -22% -30,756 -22% -37,417 -27% -37,417 -27% -40,200 -38,540 -0.30 809 0.17 2020 Q2 98,454 113,233 22% 24% 36,560 37% -44,301 -45% -44,301 -45% -51,439 -52% -51,439 -52% 55% 48% 39,943 35% -41,677 -37% -41,677 -37% -46,643 -41% -46,643 -41% -58,858 -25 653 -0.38 701 2020 Q1 0.14 -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 37 A#38DEFINITIONS Alternative performance measurements not defined under IFRS Net sales growth (%) Organic net sales growth (%) Gross profit Gross margin (%) Other operating expenses EBITDA EBITDA margin Adjusted EBITDA Adjusted EBITDA margin (%) Definition Change in net sales compared to same period previous year. Change in net sales compared to same period previous year adju- sted for translational currency effects, acquisition and divest- ment effects. Currency effects are calculated by applying the previous period exchange rates to the current period. Net sales for the period reduced by cost of content. Gross profit in relation to net sales. The sum of sales and marketing costs, administration expenses and product development costs. Loss for the period adding back income tax expense, financial income, financial costs, depreciation and amortization. EBITDA in relation to net sales. EBITDA adjusted for items affecting comparability. Adjusted EBITDA in relation to net sales. Purpose The measure shows growth in net sales com- pared to the same period previous year. It is a relevant performance measure for a company within a high growth industry. Organic net sales growth facilitates a compa- rison of net sales over time excluding impact from currency translation, acquisitions and divestments. Gross profit is used to measure the residual profit that remains after deducting the cost of content. It gives an indication of the Group's ability to cover its Other operating expenses. Gross margin is used to measure the residual profit that remains after deducting the cost of content. It gives an indication of the Group's ability to cover Other operating expenses. Other operating expenses is used to assess the amount of operating expenses excluding cost of content. EBITDA is a measure of operating loss before depreciation and amortization and is used to monitor the operations. EBITDA in relation to net sales is used to mea- sure the profitability of operations and shows cost effectiveness. Adjusted EBITDA is a measure of operating loss before depreciation and amortization and is used to monitor the operating activities. The purpose is to show adjusted EBITDA excluding items that affect comparability with other periods Adjusted EBITDA in relation to net sales is used to measure the profitability of operations and shows the Group's cost effectiveness. Alternative performance measurements not defined under IFRS Operating loss Operating margin (%) Adjusted operating loss Adjusted operating margin (%) Items affecting comparability Cash flows from operating activities CBIT CBIT margin (%) Global costs Definition Loss for the period adding back income tax expense, financial costs and financial income. Operating loss in relation to net sales. Operating loss adjusted for items affecting comparability. Adjusted operating loss in relation to net sales. Items affecting comparability means items that are reported separately due to their character and amount. Cash flows for the period exclu- ding cash flows from financing activities and cash flows from investing activities. Operating profit/loss in a seg- ment before deducting Global costs. CBIT in relation to net sales. Global costs include central costs including administrative costs, finance team costs, the people team costs, strategy and business development, legal team costs. Purpose Operating loss is used to evaluate the Group's profitability. Operating loss in relation to the Group's net sales is an indicator of the Group's profitability. Adjusted operating loss is a supplement to operating loss and with the purpose is to show the operating loss excluding items that affect comparability with other periods. Adjusted operating loss in relation to net sales is an indicator of the Group's profitability. Items affecting comparability is used by mana- gement to explain variations in historical profi- tability. Separate reporting and specification of Items affecting comparability enables the users of the financial statements to understand and evaluate the adjustments performed by mana- gement when presenting Adjusted operating profit and Adjusted EBITDA. Cash flow from operating activities indicates the amount of cash generated from (or spent on) its ongoing operations. CBIT is used in the assessment of the Group's operating segments. It shows the operating segments contribution to the Group's Operating loss before allocation of Global costs. CBIT in relation to net sales of a segment is an indicator of the segment's profitability. The purpose of measuring global costs is to be able to illustrate the difference between global and local costs and is used in the calculation of CBIT. 38 A#39DEFINITIONS CONT. Operational measures Listens Average net sales per listen (ARPL) Definition Number of listens per year based on Acast's IAB 2.0 certified measurement** Net sales divided by number of listens for the same period. Purpose Used to identify number of listens during a specified period. Used to measure average net sales per listens as defined above. "Number of listens per year 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. "The IAB 2.0 measurement came into effect in Q4 2019 for Acast. Historical listens preceding this date have been recal- culated by Acast management to retroactively seek to align with the IAB 2.0 measurement. Listens figures have not been audited by any third party. 39 A#40Acast For The Stories.