Truecaller Ab Class B · OMXSTO:TRUE_B
Truecaller Ab Class B — Q4 2025 Earnings Presentation
27 slides from Truecaller Ab Class B's earnings presentation, Feb 17, 2026
Slide 1: Q4 Report
Q4 Report JANUARY - DECEMBER 2025 Rishit Jhunjhunwala Odd Bolin CEO CFO @truecaller @Truecaller_IR
Slide 2: Q4 Highlights
Q4 Highlights 454M 393M 86% Avg MAU non-iOS (400M) Avg DAU non-iOS (341M) DAU/MAU Stickiness ▲14% (YoY) ▲15% (YoY) 451M 103M 22.8% SEK net sales (523M) SEK EBITDA¹ (169M) EBITDA margin incl. incentive costs1 ▼14% (YoY) ▼49% (YoY) (YoY) (38.5%) 1 EBITDA excl. Incentive costs was 160 M (231) and margi
Slide 3: Q4 Highlights
Q4 Highlights ● Strong recurring revenue growth ○ Accelerated growth of Premium revenues with all-time high subscription intake on Android ○ Strong development of Truecaller for Business ● Ads: No solution on the algorithm issue, focused on the long-term strategy ● Expanded core product suite with F
Slide 4: User growth
User growth Monthly Active Users1 (Millions, Q-average) +14% ● Growth in all regions continues, added 12.5 million users globally in Q4 ● CNAP solution in India partially rolled out ● Solid growth in high ARPU markets: ○ Mexico, Colombia, Ecuador, Brazil and UAE with user growth >20% and premium rev
Slide 5: Product Update
Product Update
Slide 6: Vastly improved core product
Vastly improved core product AI Contextual intelligence Community suggestions 6 2025 Q4 REPORT
Slide 7: Family protection - the shared safety net
Family protection - the shared safety net ● Allows the family “CTO” to protect the whole family ● Product enables e.g: ○ Shared safety and blocking settings ○ Real-time remote intervention on fraud calls to family members ● Launched in a few test markets late Q4 and global roll out expected in Q1 ●
Slide 8: Financial performance
Financial performance
Slide 9: Q4 Financial Highlights
Q4 Financial Highlights 451M 103M 22.8% Net sales (523M) EBITDA incl. incentive costs¹ (201M) EBITDA margin incl. incentive costs¹ ▼14% (YoY) ▼49% (YoY) (38.5%) In constant currencies: 518M 128M 24.8% SEK net sales (523M) SEK EBITDA incl. incentive costs2 EBITDA margin incl. incentive costs2 ▼1% (Yo
Slide 10: Ads: Focus on long strategic transition
Ads: Focus on long strategic transition ● 3-party programmatic revenues from largest demand partners decreased Y/Y 255M ● 3-party revenues from other programmatic partners growing but from Net sales (372M) ▼-31% YoY and lower base ▼-22% in constant currencies ● Direct sales ex RMG-sector is growing
Slide 11: Recurring revenues grew by 46% in constant currencies (excl. one-off)
Recurring revenues grew by 46% in constant currencies (excl. one-off) SEKm +32% 11 2025 Q4 REPORT Subscriptions Truecaller for Business
Slide 12: Premium Subscriptions - Overview
Premium Subscriptions - Overview 106M 24% 48% Net sales (78M) Share of total net sales iOS share of premium revenues ▲37% YoY and ▲53% in constant (15%) (43%) currencies 3.7M 0.75% 9.91 SEK Av. number of subscribers (2.6M) Conversion rate (0.61%) Monthly revenue per subscriber (9.71) ▲38% YoY ▲22% Y
Slide 13: Truecaller for Business - Overview
Truecaller for Business - Overview 88M 19% Net sales (72M) Share of Net Sales (14%) ▲22% (SEK YoY) and▲48% in constant currencies (YoY) 236M 2.2% 3.9BN ARR for Verified Business (200M) Revenue churn Verified business Delivered business messages (4.9 Bn) ▲9% (YoY) ▲32% in constant (2.7%) ▼20% (YoY) c
Slide 14: Gross margin
Gross margin Gross profit & margin (%) SEKm Gross profit -20% YoY in SEK Gross margin declined to 71.2% (77.1%) ● Gross margin excluding adjustment for partner fees in Q4 was 75.6% ● Lower revenues impact the margin as costs for servers and verification is not directly linked to revenues 14 2025 Q4
Slide 15: OPEX
OPEX SEKm ● Stable staff costs ● Some impact from cost initiatives on other costs ● Extra LTIP cost of SEK 30 million in the quarter ● The tax rate was 35.6% (25.7%) in the quarter and 29.2% YTD (25.0%). The Q4-level was an effect of the programmatic partner issue, since that impacted revenue booked
Slide 16: Incentive costs
Incentive costs SEKm Dilution costs increased with SEK 30 million due to fulfilled performance criteria that resulted in higher provision for LTIP 2022 program. Dilution cost expected to decrease from Q3 when LTIP 2022 matures Accounting treatment in P/L different from cash flow effect 16 2025 Q4 RE
Slide 17: Profit development including incentive costs
Profit development including incentive costs EBITDA and margin (%) SEKm ● EBITDA including incentive costs decreased to 103 SEKm (201) ● EBITDA-margin including incentive costs was 22.8% (38.5%) ● EBITDA in constant currencies decreased by approximately 36% due to lower ad revenues and increased inc
Slide 18: Profit development excluding incentive costs
Profit development excluding incentive costs EBITDA and margin (%) SEKm ● EBITDA decreased to 160 SEKm (231) ● EBITDA-margin of 35.4% (44.3%) ● EBITDA in constant currencies decreased by 20% due to lower ad revenues 18 2025 Q4 REPORT 18
Slide 19: Cash flow and financial position
Cash flow and financial position Net cash flow from operating activities before ● Net cash flow from operating activities taxes paid and changes in working capital excl. paid income tax and changes in SEKm working capital was 181 SEKm (236). ● Changes in working capital was -30 SEKm (-46) and YTD -2
Slide 20: Revenue Outlook
Revenue Outlook Revenues from our TfB revenue growth rate is Premium subscriptions largest programmatic expected to be lower in continue growth trend ads partner not likely to 2026 - Growing on both Android rebound - Discontinued partner and iOS, in many countries exclusivity for Business - We are s
Slide 21: The Next Phase Of Growth
The Next Phase Of Growth
Slide 22: Product, User Growth, Revenue Growth
User Product Revenue Growth 22 2025 Q4 REPORT
Slide 23: Product
Product Phone number is Fraud is rising AI challenges & everything rapidly globally opportunities 23 2025 Q4 REPORT
Slide 24: User Growth
User Growth Multiple large markets Multiple high ARPU Local product variants not fully tapped markets with strong PMF 24 2025 Q4 REPORT
Slide 25: Revenues
Revenues Focus on recurring Revamp ads revenue business business 25 2025 Q4 REPORT
Slide 26: Q&A
Q&A —truecaller N x ; a 7” ‘X
Slide 27: Thank you
Thank you to our users, partners, customers, shareholders, and the Truecaller team