Adtraction Group Ab · OMXSTO:ADTR
Adtraction Group Ab — Q2 2025 Earnings Presentation
57 slides from Adtraction Group Ab's earnings presentation, Jul 24, 2025
Slide 1: Financial Hearings Audiocast Q2
Financial Hearings Audiocast Q2
Slide 2: The short story Q2
The short story Q2 We are not happy with our performance in Q2, GP -2,6% Adtraction remains profitable E-commerce stable, growth Finance weak, negative growth Cashflow lower for the quarter, but R12 looks good Q3 negative growth M&A opportunities What about AI? Track more!
Slide 3: The short story Q2
The short story Q2 We are not happy with our performance in Q2 Adtraction remains profitable, EBITA 9,4 MSEK E-commerce stable, growth Finance weak, negative growth Cashflow lower for the quarter, but R12 looks good Q3 negative growth M&A opportunities What about AI? Track more!
Slide 4: The short story Q2
The short story Q2 We are not happy with our performance in Q2 Adtraction remains profitable E-commerce GP +8,6%, stable, growth Finance weak, negative growth Cashflow lower for the quarter, but R12 looks good Q3 negative growth M&A opportunities What about AI? Track more!
Slide 5: The short story Q2
The short story Q2 We are not happy with our performance in Q2 Adtraction remains profitable E-commerce stable, growth Finance GP -17,9%, weak, negative growth Cashflow lower for the quarter, but R12 looks good Q3 negative growth M&A opportunities What about AI? Track more!
Slide 6: The short story Q2
The short story Q2 We are not happy with our performance in Q2 Adtraction remains profitable E-commerce stable, growth Finance weak, negative growth Cashflow lower for the quarter, but R12 looks good Q3 negative growth M&A opportunities What about AI? Track more!
Slide 7: The short story Q2
The short story Q2 We are not happy with our performance in Q2 Adtraction remains profitable E-commerce stable, growth Finance weak, negative growth Cashflow lower for the quarter, but R12 looks good Q3 negative growth M&A opportunities What about AI? Track more!
Slide 8: The short story Q2
The short story Q2 We are not happy with our performance in Q2 Adtraction remains profitable E-commerce stable, growth Finance weak, negative growth Cashflow lower for the quarter, but R12 looks good Q3 negative growth M&A opportunities What about AI? Track more!
Slide 9: The short story Q2
The short story Q2 We are not happy with our performance in Q2 Adtraction remains profitable E-commerce stable, growth Finance weak, negative growth Cashflow lower for the quarter, but R12 looks good Q3 negative growth M&A opportunities What about AI? Track more!
Slide 10: The short story Q2
The short story Q2 We are not happy with our performance in Q2 Adtraction remains profitable E-commerce stable, growth Finance weak, negative growth Cashflow lower for the quarter, but R12 looks good Q3 negative growth M&A opportunities What about AI? Track more!
Slide 11: The second quarter focus areas
The second quarter focus areas Back to growth New CRM system International framework Update tracking New partner platform ¨
Slide 12: Finance
Finance Finance GP, SEK million Weak markets in general, lower demand Some regulatory uncertainty Adtraction remains committed to this vertical because we can provide great value to brands and partners Over time this market will grow Change leads to innovation
Slide 13: E-com
E-com E-com GP, SEK million 2024 a very challenging year More stable development 2025 Fewer accounts closed or paused Strong accounts wins More optimistic outlook from brands Still far from a booming market
Slide 14: Combined
Combined E-com and Finance GP R12, SEK million E-com Finance
Slide 15: A bigger picture, sales
A bigger picture, sales @ KSEK 1400 000 1200 000 1000 000 800 000 innit - 600 000 = ££ £&E: Ee 400 000 200 000 f [ .o—-—-_ a a a [] Zz i i i 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 RTM RTM Ql 25Q2 25 ADTRACTION Expect more
Slide 16: A bigger picture, gross profit
A bigger picture, gross profit KSEK
Slide 17: The Internet is changing
The Internet is changing ‘pect m
Slide 18: AI chatbots
G chatert @& Copilot %& Claude + Gemini OO LLaMA (x) perplexity (J Grok ADTRACTION expect more
Slide 19: AI is taking content from content sites
AI is taking content from content sites without sending users back
Slide 20: Big drops in traffic reported from many content sites
Big drops in traffic reported from many content sites
Slide 21: What's happening to Adtraction's traffic?
What’s happening to Adtraction’s traffic?
Slide 22: We do not rely on one traffic source
We do not rely on one traffic source, we rely on an innovative network of traffic sources
Slide 23: Partners are indeed showing up in the AI results
Partners are indeed showing up in the AI results
Slide 24: Adtraction traffic is stable
Adtraction traffic is stable Index of R12 platform traffic (clicks)
Slide 25: # of conversions is also growing
# of conversions is also growing Index of R12 platform traffic (conversions)
Slide 26: # of conversions is also growing
# of conversions is also growing Index of R12 platform traffic (conversions) We have not seen a drop in traffic or conversions. Traffic is there. Tracking obviously works.
Slide 27: Let's talk about tracking
Let’s talk about tracking ‘pect m
Slide 28: Let's talk about tracking
Let’s talk about tracking Yes, it makes sense for brand to to pay for conversions.
Slide 29: Let's talk about tracking
Let’s talk about tracking Yes, it makes sense for brand to to pay for conversions. Yes, if brands pay for conversions, they will get even more conversions
Slide 30: Let's talk about tracking
Let’s talk about tracking Yes, it makes sense for brand to to pay for conversions. Yes, if brands pay for conversions, they will get even more conversions Yes, tracking can be automatically updated
Slide 31: But the world is not perfect
But the world is not perfect ‘pect m
Slide 32: But the world is not perfect
But the world is not perfect Parallel truths GA4 and affiliate networks measure different things. Check out this article for a better understanding
Slide 33: But the world is not perfect
But the world is not perfect Parallel truths GA4 and affiliate networks measure different things. Tracking gaps The tracking code may not executed for one reason or another. 1. Consent & GTM Settings 2. Aggressive Deduplication 3. Redirect to Apps
Slide 34: But the world is not perfect
But the world is not perfect Parallel truths GA4 and affiliate networks measure different things. Tracking gaps The tracking code may not executed for one reason or another. 1. Consent & GTM Settings 2. Aggressive Deduplication 3. Redirect to Apps Not a huge problem, partners will find other brands i
Slide 35: Consequences
Consequences Sales may be underestimated (Partners and Adtraction may not be fairly compensated). The brand may perceive the channel as less valuable.
Slide 36: The beautiful solutions
The beautiful solutions Further increase transparency Adtraction will provide additional data for GA4 as requested by brands Adtraction will provide more tracking data for each tracked transaction 2 options - Always fire the code or compensate Execute Adtraction’s code at all times or Compensate in a
Slide 37: How will we grow?
How will we grow? (2.) ADTRACTION Expect more
Slide 38: Growth paths
Growth paths Grow with Grab that M&A Increase market share existing base Google budget in new markets
Slide 39: Growth paths
Growth paths Grow with Grab that M&A Increase market share existing base Google budget in new markets
Slide 40: Growth paths
Growth paths Grow with Grab that M&A Increase market share existing base Google budget in new markets
Slide 41: Growth paths
Growth paths Grow with Grab that M&A Increase market share existing base Google budget in new markets
Slide 42: Number of employees
Number of employees 50 131 (132 127 126 25 123 122 00 95 75 68 52 50 42 34 25 24 7 uw Qj aanhft 2008 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Ql Q2 Q3 a4 Qi. Q2 Q3 Q4 Ql Q2 23 23 23 23 24 24 24 24 #25 25 ADTRACTION Expect more
Slide 43: Cost base per quarter
Cost base per quarter 50 000 40 000 | 30 000 20 000 10 000 oO Ql @2 @3 @4 Ql @2 @3 Q4 Ql @Q2 @Q3 @Q4 Qi Q2z 220 220 «220 «220«23) 2828 2B KK 2K 2K 25 ADTRACTION Expect more
Slide 44: Q2 2025
Q2 2025 ● -5% growth ● -3% growth ● EBITA 4% decrease ● Decrease 7% ● (-2% excluding FX) ● Maintained marg. 3,6% ● Financial items ● Costs lowered ● Limited FX exposure Net sales Gross profit EBITA Adj. net result/share -5%
Slide 45: Q2 2025
Q2 2025 ● -5% growth ● -3% growth ● EBITA 4% decrease ● Decrease 7% ● (-2% excluding FX) ● Maintained marg. 3,6% ● Financial items ● Costs lowered ● Limited FX exposure Net sales Gross profit EBITA Adj. net result/share -3%
Slide 46: Q2 2025
Q2 2025 ● -5% growth ● -3% growth ● EBITA 4% decrease ● Decrease 7% ● (-2% excluding FX) ● Maintained marg. 3,6% ● Financial items ● Costs lowered ● Limited FX exposure Net sales Gross profit EBITA Adj. net result/share -4%
Slide 47: Q2 2025
Q2 2025 ● -5% growth ● -3% growth ● EBITA 4% decrease ● Decrease 7% ● (-2% excluding FX) ● Maintained marg. 3,6% ● Financial items ● Costs lowered ● Limited FX exposure Net sales Gross profit EBITA Adj. net result/share -7%
Slide 48: Q2 2025 - Verticals
Q2 2025 - Verticals ● 8% growth ● -18% growth ● Non platform business ● Growth on 8/12 ● General negative markets growth ● Slightly positive organic E-commerce Finance Other 8%
Slide 49: Q2 2025 - Verticals
Q2 2025 - Verticals ● 8% growth ● -18% growth ● Non platform business ● Growth on 8/12 ● General negative markets growth ● Slightly positive organic E-commerce Finance Other -18%
Slide 50: Q2 2025 - Verticals
Q2 2025 - Verticals ● 8% growth ● -18% growth ● Non platform business ● Growth on 8/12 ● General negative markets growth ● Slightly positive organic E-commerce Finance Other 120%
Slide 51: Q2 2025 - Geographies
Q2 2025 - Geographies ● -1% growth ● -7% growth ● 2/4 markets grow ● 2/8 markets grow Nordics Europe -1%
Slide 52: Q2 2025 - Geographies
Q2 2025 - Geographies ● -1% growth ● -7% growth ● 2/4 markets grow ● 2/8 markets grow Nordics Europe -7%
Slide 53: Q2 2025 - Cashflow
Q2 2025 - Cashflow ● R12 Operating cashflow high ● Working capital Q2 ○ Faster payments for Adtraction & Partners
Slide 54: Q2 2025 - Cashflow
Q2 2025 - Cashflow ● Partner payments effects Operating cashflow Investing activities -13.0 MSEK (-3.8) -0.2 MSEK (-1.8) Apr - Jun 2025 Apr - Jun 2025 ● Dividend payment first tranche ● Strong net cash position Financing activities Total cashflow -16.6 MSEK (-16.7) -29.7 MSEK (-22.2) Apr - Jun 2025 Apr
Slide 55: Goals
Goals Growth, Profitability & Cash flows A European network Serve wider range of clients A leading consolidator ¨
Slide 56: What's happening now?
What’s happening now? ● Back to growth ● New CRM and new international playbook ● Tracking ● M&A opportunities ● Bundler!
Slide 57: ADTRACTION Expect more
ADTRACTION Expect more