Acast today reported net sales of SEK 802.3 million for the third quarter of 2026, the highest quarterly figure in the Stockholm-based podcast company's history, after sales in North America rose 54% and overtook Europe as the group's largest segment. Adjusted operating profit nearly tripled to SEK 51.9 million. Organic growth, though, slowed to 18% from 41% a year earlier, and European sales rose just 5%.

In Short

Acast, a company that sells ads inside podcasts, brought in more money between July and September 2026 than in any three months before, and kept more of it as profit. Most of that growth came from North America, which is now a bigger business for Acast than Europe, while growth in Europe nearly stalled after a busy spring. Acast is earning more from each listen than a year ago, but the number of listens is rising slowly, so it is buying creator networks and adding video to keep growing.

The quarter in numbers

The interim report for January to September 2026 was released at 07:00 CET on October 28, 2026, under the EU Market Abuse Regulation, and carries a review report from KPMG. A review is narrower than an audit, and KPMG states that it does not express an audit opinion.

Net sales for the three months to September 30 reached SEK 802.3 million, up 25% from SEK 642.1 million, according to the report. Stripped of acquisitions and currency movements, growth was 18%, against 41% in the same quarter of 2025. Acast's reconciliation table shows acquisitions contributing SEK 34.4 million to the quarter and currency translation adding a further SEK 7.7 million. That is a reversal from the first half, when exchange rates worked against reported growth: over nine months, currency reduced net sales by SEK 58.6 million, which is why the nine-month organic rate of 26% sits above the reported 25%. Acast defines organic growth as growth adjusted for translational currency effects, acquisitions and divestments, with currency effects calculated at constant currency by applying the previous period's exchange rates.

Gross profit rose 25% to SEK 313.9 million. Cost of content grew at the same pace as sales, to SEK 488.3 million, so gross margin held at 39%, identical to the third quarter of 2025.

Below that line, the numbers moved faster. EBITDA reached SEK 73.7 million, up from SEK 37.6 million, for a margin of 9%. Items affecting comparability came to SEK 4.2 million, of which SEK 3.7 million were transaction costs from the Backyard Ventures acquisition and SEK 0.4 million an adjustment to accruals made for the 2025 change of chief executive. Adjusted EBITDA was SEK 77.8 million, against SEK 39.7 million, a 10% margin compared with 6%.

Operating profit reached SEK 47.7 million (SEK 15.9 million), a 6% margin. Adjusted operating profit was SEK 51.9 million, against SEK 18.1 million and a 3% margin a year earlier. Profit for the period came to SEK 45.4 million, up from SEK 7.3 million, and basic earnings per share rose to SEK 0.25 from SEK 0.04. Diluted earnings per share were SEK 0.24.

The nine-month picture shows how far the company has moved in a year. Net sales for January to September totalled SEK 2,222.8 million, up 25%. EBITDA swung to SEK 160.5 million from a loss of SEK 13.7 million, and operating profit to SEK 84.0 million from a loss of SEK 81.4 million. Profit for the period was SEK 89.6 million, against a loss of SEK 165.2 million. Part of that swing sits outside operations: unrealised exchange gains of SEK 15.9 million lifted the 2026 figure, while the same period of 2025 absorbed unrealised exchange losses of SEK 83.4 million.

Records on an adjusted basis

"Acast delivered another record quarter in Q3 2026, with our highest-ever revenue and our highest adjusted EBITDA and EBIT margins to date," Greg Glenday, chief executive, wrote in the report.

The revenue claim holds without qualification. The quarterly table in the report shows SEK 802.3 million against SEK 775.6 million in the second quarter of 2026 and SEK 732.6 million in the fourth quarter of 2025. Acast describes the fourth quarter as seasonally its strongest, with the first quarter softer and the second and third showing less seasonal variation, so a third quarter that exceeds the previous fourth quarter is notable in itself.

The margin claim depends on the word "adjusted". On PPC Land's calculation from the quarterly table, the adjusted EBITDA margin was 9.7% in the third quarter against 8.7% in the fourth quarter of 2025, and the adjusted EBIT margin 6.5% against 5.6%. On a reported basis, the fourth quarter of 2025 remains ahead: EBITDA of SEK 80.6 million, an 11% margin, and operating profit of SEK 57.9 million, an 8% margin. That quarter was lifted by SEK 17.1 million of net positive items affecting comparability, including a SEK 13.3 million gain on the bargain purchase of Wake Word GmbH and a positive adjustment to costs for the change of chief executive.

The report also leaves one prior figure slightly altered. Its quarterly table puts second-quarter 2026 organic growth at 30%, while PPC Land's coverage of the July report cited 29%. The new report does not comment on the difference.

North America takes the lead

Net sales in North America reached SEK 384.0 million in the third quarter, up 54% from SEK 248.7 million, according to the report. Organic growth in the segment was 41%. Europe produced SEK 361.9 million, which means North America accounted for about 48% of group sales and Europe for about 45%, on PPC Land's calculation. As recently as the second quarter, the order was the reverse, with Europe at SEK 398.3 million and North America at SEK 319.3 million.

Acast attributes the North American increase to three sources. Backyard Ventures, consolidated from August 11, added SEK 27.9 million. The company also points to "expanding sales within omnichannel" and to synergies from Wonder Media Network, the New York studio that Acast agreed to buy in December 2024 and which, according to the report, was acquired on January 2, 2025.

Profitability in the region improved faster than sales. Contribution profit, Acast's measure of a segment's contribution to group operating profit before global shared services are allocated, rose 82% to SEK 72.1 million from SEK 39.6 million. That implies a contribution margin of about 18.8%, up from 15.9%, on PPC Land's arithmetic. "The improvement is a result of higher net sales, as operational costs have not increased to the same extent," the report states. Over nine months, North American net sales rose 39% to SEK 959.4 million and contribution profit 102% to SEK 146.1 million.

Other Markets, the segment covering the rest of the world, grew 18% to SEK 56.4 million, or 12% organically, with contribution profit of SEK 8.6 million against SEK 5.3 million. Global shared services, which hold central finance, legal, people operations, selling, marketing and product development costs, absorbed SEK 110.8 million in the quarter, up from SEK 105.9 million.

Backyard Ventures' first seven weeks

The quarter offers the first financial look at Backyard Ventures since Acast bought the US network for $20 million on August 11, 2026. Acast Stories Inc acquired 100% of the shares and votes. The price was USD 20 million on a cash and debt-free basis: USD 16 million in cash at completion, funded from existing cash with no external financing, and USD 4 million in Acast shares on a deferred plan, due 24 and 36 months after the acquisition. The deferred consideration amounts to 1,005,671 shares.

Between August 11 and September 30, Backyard Ventures contributed SEK 27.9 million in net sales and SEK 3.1 million in contribution profit, and added SEK 3.5 million to net income, according to the report. Had the deal closed on January 1, 2026, consolidated net sales would have been SEK 133.9 million higher and net profit SEK 10.0 million higher. That full-year sales figure is equal to about 5% of Acast's 2025 net sales of SEK 2,516.9 million, on PPC Land's calculation. Backyard Ventures has 17 full-time employees.

Almost the entire price was booked as goodwill. Of total consideration of SEK 209.6 million, SEK 198.2 million was recognised as goodwill and SEK 11.5 million as net identifiable assets, a goodwill share of roughly 95% on PPC Land's arithmetic. The report attributes the goodwill to "the staff's cutting-edge expertise in video sponsorship as well as revenue synergies and a strengthened position in the US," including a presence in Austin and omnichannel sales. The purchase price allocation is preliminary. Group goodwill rose to SEK 621.3 million at September 30, from SEK 380.6 million at the end of 2025, with the remainder of the change coming from exchange rates because the whole amount is reported in US dollars.

The deferred share portion carries a make-whole protection that compensates the seller under certain conditions if the value of Acast shares falls. It was valued at USD 0.2 million at completion, measured with a Monte Carlo simulation, and classified at level 3 in the fair value hierarchy. "A lower share price increases the probability that the condition is triggered and raises the liability," the report notes.

Europe slows after the World Cup quarter

Europe grew 5% to SEK 361.9 million, and organic growth was 3%. Wake Word Studios, acquired on December 19, 2025, contributed SEK 3.8 million. Acast gives two reasons: "a tough comparison" and a strong second quarter "that was partly supported by advertiser activity around the World Cup." Measured against the SEK 398.3 million Europe posted in the second quarter, third-quarter sales were about 9% lower, on PPC Land's calculation.

The same tournament worked against another Nordic media company. Viaplay's advertising sales fell 0.6% organically in its third quarter, with rival broadcasters carrying the FIFA men's competition to general audiences.

European contribution profit rose 1% to SEK 77.8 million, a margin of about 21.5% against 22.3% a year earlier by PPC Land's arithmetic. Wake Word Studios contributed a loss of SEK 2.6 million at that level. Across nine months, Wake Word Studios produced SEK 9.2 million in sales and a contribution loss of SEK 11.3 million.

The Wake Word accounting has also been revised. Acast paid EUR 2 for Wake Word GmbH and its subsidiary Podius.IO GmbH, and booked the deal as a bargain purchase. After the purchase price allocation was finalised, the fair value of acquired net assets fell to SEK 13.3 million from SEK 18.8 million, as intangible assets were cut by SEK 3.3 million and a SEK 2.2 million deferred tax asset was written down to zero. Other operating income for the fourth quarter of 2025 was reduced by SEK 5.5 million, and the full-year 2025 comparatives were restated.

Over nine months, Europe still grew 15% to SEK 1,103.1 million, or 16% organically. "Over the first nine months Europe has grown 16% organically, and with a new EVP, Europe, joining in early 2027 to lead the region as one market for the first time, our conviction in the opportunity there has only increased," Glenday wrote.

Revenue per listen and the YouTube question

Acast reported 1,155 million listens and views in the quarter, up 4% from 1,108 million, the highest figure in the nine quarters shown in the report and about 3% above the second quarter's 1,120 million. ARPLV, the average revenue per listen or view, rose 20% to SEK 0.69 from SEK 0.58. It was unchanged from the second quarter, when the same SEK 0.69 represented a 26% year-on-year increase.

"Growth is driven both by an expanding base of monetizable inventory, and by making that inventory more valuable," Glenday wrote.

The definition behind the metric matters for anyone comparing periods. Since the second quarter of 2026, the figure has included video views, but only those delivered through HLS, the streaming format Apple chose for video in Apple Podcasts. According to Note 11, reported listens and views "include all IAB-valid listens, plus HLS listens and views." Apple only announced HLS video podcasts on February 16, 2026, and the report does not separate the 1,155 million into audio listens and video views. The 4% growth rate therefore mixes audio growth with a video stream that is new this year.

YouTube is still missing. When Acast reported its second quarter in July, PPC Land reported that the company expected to add YouTube by the third-quarter report. The new report describes views as "currently HLS-only" and gives no date for adding other platforms. Counting YouTube is not straightforward: in September, Podtrac said YouTube's revised public view counter overstated podcast attention by 36 points, and IAB Tech Lab's version 2.3 podcast measurement guidelines, finalised on September 29, cover video delivered through open RSS feeds and HLS streams, and do not mention YouTube.

Acast's own audience research explains why the gap matters to the company. According to the CEO's letter, the company's Podcast Pulse 2026 survey found that 88% of listeners consume both audio and video, up from 78% the year before, and that 63% have started an episode in one format and finished it in another. The report does not give the sample size, the markets covered or the fieldwork dates. Sounds Profitable reached a similar conclusion in June, when The Podcast Atlas found 73% of podcast listeners would follow a creator from audio to video.

"While podcast revenue is still overwhelmingly audio, monetization always follows attention and consumption," Glenday wrote.

Costs, cash and creator guarantees

Other operating expenses rose 13% to SEK 267.3 million, driven by "an increased number of employees in all functions, both through acquisitions and new hires," according to the report. Glenday's letter puts adjusted operating expenses excluding depreciation up 11%, against sales growth of 25%. At September 30, Acast had 494 full-time employees, up from 420, plus 24 full-time consultants. The acquisitions of Wake Word Studios and Backyard Ventures added 33 full-time employees.

Cash generation lagged profit. Operating cash flow was SEK 21.7 million, against EBITDA of SEK 73.7 million, because "the high turnover in the second quarter leads to higher payments to our creators in the third quarter," the report explains. Working capital absorbed SEK 61.7 million. Investing activities used SEK 170.7 million, of which SEK 152.7 million was the net outflow for Backyard Ventures. Cash and cash equivalents fell to SEK 479.1 million from SEK 629.5 million at the end of June and SEK 589.3 million at the end of 2025.

Accounts receivable reached SEK 779.6 million, up from SEK 695.0 million at the end of December. Accrued expenses rose to SEK 457.9 million from SEK 378.6 million; Acast notes that "higher revenue leads to a higher liability to our creators, since they are directly linked." Other liabilities climbed to SEK 236.2 million from SEK 139.2 million, mainly because the company withheld SEK 96.0 million in tax when employees exercised options under the 2023/2026 programme, which expired on September 1 and resulted in 2,779,524 new shares.

The most striking balance sheet movement sits in the contingent liabilities note. To attract and retain podcasts, Acast offers certain creators a minimum revenue guarantee, paid monthly, upfront, or both, for the length of the contract. The maximum obligation under those agreements stood at SEK 289.7 million at September 30, 2026, against SEK 207.4 million a year earlier and SEK 117.4 million at the end of 2025. The portion falling due within 12 months was SEK 234.4 million, compared with SEK 73.7 million in December. On PPC Land's calculation, the total has risen about 2.5 times in nine months. The report does not name the creators involved or explain the increase. It notes that obligations may be reduced if creators do not fulfil their side of the contract, and that Acast values expected future ad sales against them on an ongoing basis.

Around 4% of net sales come from SaaS and subscription revenue, according to the report; the rest is mainly advertising revenue recognised over time.

Leadership hires and the omnichannel pitch

The CEO's letter details two senior appointments. Liv Sandberg joins as EVP, Europe in early 2027 from TikTok, "where she leads advertising across 17 markets," after earlier roles at Meta and Starcom. Acast's European markets will report to a single leader for the first time. Acast has also appointed Mark Bulling as VP Product, joining from Choreograph, the data and technology company within WPP Media, with more than fifteen years of product leadership experience including Facebook/Meta and Apple.

Acast describes the strategy in terms of channels rather than formats. "As consumer habits blur these traditional channel lines, brands are increasingly demanding a single point of entry to access every channel," Glenday wrote. Backyard Ventures, whose roster of more than 200 creators spans audio, YouTube, newsletters and social, is presented as the main operational step, along with "specialist expertise in video sponsorship and direct response." Acast says direct response advertising, "campaigns explicitly designed to drive immediate, trackable consumer actions," is an established revenue driver that the deal "will significantly reinforce and scale."

The year's other steps, listed in the report, follow the same line. In January, Acast took exclusive responsibility for distributing and selling brand-made ads for all Perfect Day Media podcasts. In early February, it became the exclusive advertising sales and distribution partner for Slate's podcast network, which adds more than 1.5 million weekly listens. In February it was among the first to work with Apple on HLS video distribution, and in May it ran the first integrated video campaigns on Apple Podcasts, with State Farm and T-Mobile. In late August, Acast also partnered with Kit to give its podcasters access to newsletter tools, with sign-on offers scaled to each creator's audience.

Shares, owners and incentive targets

Acast's shares stood at SEK 30.5 at 18:00 CET today, down 5.86% on the day, according to share data on the company's investor relations site. With 185,244,784 shares outstanding, that values the company at about SEK 5.65 billion, on PPC Land's calculation. The record revenue figure came alongside the slowest organic growth rate since the fourth quarter of 2024, when it was 15%.

The largest shareholders, according to the same ownership data, are Bonnier with 16.89% of capital and votes and Alfvén & Didrikson AB with 13.09%. AltoCumulus holds 6.82% after reducing its position by 738,575 shares, a change verified on September 30. Moor&Moor AB holds 5.80% and Janus Henderson Investors 5.09%. The ten largest holders together hold 67.57%.

The company's incentive programme spells out what management is being measured on. A performance stock unit programme started on June 15, 2026, runs to June 15, 2029, and covers a maximum of 2,190,000 units. Half vest on total shareholder return, with full vesting if the average return reaches at least 10% a year from a starting price of SEK 25.92. Today's price is about 18% above that level, on PPC Land's arithmetic. Forty per cent depend on an EBIT margin of at least 10% in 2028, against 6% in the third quarter and 4% over the first nine months of 2026. The remaining 10% depend on Acast donating unsold advertising inventory worth at least USD 3.0 million to charitable causes over the 2026 to 2028 financial years.

"We enter the final quarter confident that we are on the right path toward our 2028 targets," Glenday wrote. At September 30, Acast also had 9,099,426 unexercised warrants outstanding. Adding the retention shares for Wake Word Studios and the deferred Backyard Ventures shares brings the potential total to 195,535,361 shares and warrants.

The report flags one change to come in the accounts. IFRS 18 replaces IAS 1 from January 1, 2027, and will move some items, such as exchange rate differences, to different lines of the income statement, with 2026 comparatives restated.

Why this matters for advertisers and podcasters

The third quarter adds a third set of numbers to a picture PPC Land has tracked through October. Audioboom reported third-quarter revenue up 17% to $23.8 million, with an adjusted EBITDA margin of 9%, on October 14. Eight days later, Spotify's ad-supported revenue rose 9% at constant currency while its direct sales channel lost €53 million. Acast's 25% reported growth is ahead of both, and its 10% adjusted EBITDA margin is a point above Audioboom's, though the companies use different currencies, definitions and adjustments, so the comparison is indicative only.

For buyers, the more useful figures may be the ones that describe inventory. Acast is growing revenue mainly by earning more per unit of audience rather than by finding much more audience: ARPLV rose 20% while listens and views rose 4%. The company lists audience growth among its three main operational risks, next to an ad-market downturn and changes in the competitive landscape, including strategic partners. Backyard Ventures gives Acast a larger stake in the creator economy beyond podcast feeds, yet the headline audience metric still excludes YouTube, a channel the Backyard roster itself spans, even as Acast tells brands it can offer one point of entry across channels.

Video advertising in podcasts is also still thin. In August, MillionPodcasts found that 77% of 34,208 active English-language video podcasts carried no detectable advertising. In July, Glenday described video on its own as a small share of the podcast industry, and the latest letter repeats that podcast revenue remains "overwhelmingly audio."

For podcasters, the guarantee note may matter more than the headline. A maximum obligation of SEK 289.7 million, most of it due within a year, is larger than at any balance sheet date shown in the report. Combined with the Slate and Perfect Day Media agreements, the Backyard Ventures roster and earlier deals such as The Best One Yet's multi-year exclusive in February, it is consistent with a company competing harder for supply. Can Acast sell that guaranteed inventory at the revenue per listen it reported this quarter? The fourth quarter, historically its strongest, will be reported on February 11, 2027.

Timeline

Summary

Who: Acast AB, the Stockholm-based podcast company listed on Nasdaq Stockholm, led by chief executive Greg Glenday, with its newly acquired US network Backyard Ventures and incoming EVP, Europe Liv Sandberg.

What: Acast reported third-quarter 2026 net sales of SEK 802.3 million, up 25% and a company record, with 18% organic growth. North America grew 54% to SEK 384.0 million and overtook Europe, which grew 5%. Adjusted EBITDA reached SEK 77.8 million, a 10% margin, and adjusted operating profit SEK 51.9 million. Revenue per listen or view rose 20% to SEK 0.69 while listens and views rose 4%, and views are still counted only from Apple's HLS format, not YouTube. Maximum creator guarantee obligations reached SEK 289.7 million.

When: The report covers July 1 to September 30, 2026, and was published at 07:00 CET on October 28, 2026. Shares stood at SEK 30.5 at 18:00 CET the same day, down 5.86%.

Where: Growth was concentrated in North America, helped by Backyard Ventures in Austin and Wonder Media Network in New York. Europe, Acast's home region, slowed after a World Cup-supported second quarter.

Why: The results show podcast advertising revenue at Acast rising mainly through higher revenue per listen rather than audience growth, with the company paying for US networks, video capability and larger creator guarantees to support its pitch of a single point of entry across audio, video, newsletters and social. For advertisers, the audience metric still leaves out YouTube; for podcasters, the guarantees show competition for supply rising.