Acast (OM:ACAST) Stock Price Lags Its Record Q3 Earnings

Acast walked into its Q3 2026 report with its stock under pressure, down roughly 20% over the past three months and closing at SEK30.5 on 28 October. The irony is hard to miss. The company reported record quarterly revenue of SEK802.3m and net income of SEK45.4m, yet the share price still reflects recent disappointment.

For short-term traders, that gap between performance and quotation is the whole story. For anyone thinking in years rather than days, the earnings trend and the valuation debate around Acast now become the real focal points.

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Q3 2026 Earnings Summary

• Revenue, Q3 2026 vs. Q3 2025: SEK802.3m vs. SEK642.2m (up about 25%)
• Net Income, Q3 2026 vs. Q3 2025: SEK45.4m vs. SEK7.3m (significant increase in profit)
• Basic EPS, Q3 2026 vs. Q3 2025: SEK0.25 vs. SEK0.04 (substantial increase per share)
• Adjusted EBITDA Margin, Q3 2026 vs. Q3 2025: 10% vs. a loss-making profile in the prior period (move into double-digit profitability)

North America just became Acast’s biggest and fastest-growing region. Ask Charlie what’s driving Acast’s North American surge.

Acast’s Video Upside Thesis Meets Early Milestones

For the bullish view to hold, Acast needs video to move from concept to real monetisation engine.

"The expansion into video podcasting, including being an inaugural launch partner for Apple’s HLS video and rolling out large premium video portfolios in the U.K. and U.S., adds higher CPM inventory."

The latest quarter shows this ambition starting to translate into numbers. ARPLV rose 20% to SEK0.69 while listens and views grew only 4%. That gap signals richer monetisation per audience impression. North America, where video adoption and premium campaigns are further along, is now the largest region and posted 41% organic growth with better contribution margin, which supports the thesis that higher CPM formats can scale without significantly affecting profitability so far.

One Narrative disagrees with today's price. → See where this Narrative says Acast should trade.

Acast Bear Case: ARPL Gains Versus Monetization Limits

The cautious view argues Acast is close to maxing out how much advertising each listener will tolerate before switching off.

"Reliance on continued ARPL uplift, after reaching SEK 0.58 in Q1 2026 and already capturing more value per listen through higher ad loads and sell through, leaves limited room for further pricing and yield gains without risking listener fatigue."

Q3 cuts both ways. ARPLV at SEK 0.69, up 20% while listens rose only 4%, shows pricing power still working. The same gap also means the quarter leans heavily on monetization rather than audience growth, so the concern about a future ceiling on ad load has not been disproved by these results.

Hunt For Quiet Mispricings

Acast reports solid earnings alongside a soft share price that may not reflect its performance. The real opportunity is spotting stocks that could be undervalued before the market fully reassesses them.

• Company 1 - 42% below our estimate - expand advanced composite production while an efficiency program targets higher free cash flow.
• Company 2 - 40% below our estimate - roll out an agentic AI platform that adds subscriptions onto an existing hosting and cloud base.
• Company 3 - 36% below our estimate - fold an acquired mattress brand into a rapidly expanding dealer and ecommerce network.

Three companies from the same screener. Open the full list of 196 companies trading below our fair value estimates →

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