Acast (ACAST) Q4 2025 earnings summary

Executive summary

• Achieved 29% full-year revenue growth (33% organic), with Q4 revenue up 27% (31% organic); North America, especially the U.S., became the largest market, with 61% annual revenue growth and 32% of total revenue.

• Delivered first-ever full-year positive operating profit and cash flow, with adjusted EBIT margin at 1% and adjusted EBITDA margin at 5%.

• Expanded global footprint with acquisitions in Germany (Wake Word, Podius), Wonder Media Network, and exclusive partnership with Le Monde in France.

• Strategic partnerships with Magnite, The Athletic, Slate, and Perfect Day Media expanded content and market reach.

• CEO transition in June 2025 and new CFO appointed in January 2026.

Financial highlights

• Q4 adjusted EBIT margin reached 6%, doubling from 3% in the prior year; Q4 adjusted EBITDA margin 9%.

• Full-year ad sales rose to SEK 2.4 billion from SEK 1.8 billion, total revenue SEK 2.5 billion; full-year EBITDA was SEK 72.4m (margin 3%), adjusted EBITDA SEK 115.8m (margin 5%).

• Gross margin held steady at 40% in Q4, with gross profit up 28%.

• Operating cash flow for the year was SEK 62 million; year-end cash position at SEK 589 million.

• Full-year operating loss improved to SEK -18.0m from SEK -57.5m; net loss for the year was SEK -112.4m, mainly due to negative currency effects.

Outlook and guidance

• New financial targets: organic net sales CAGR above 15% for 2025–2028 and EBIT margin of 10% by 2028.

• Entering 2026 with a validated strategy and focus on high-value advertiser solutions and further US and European expansion.