Slide 1: Q1 Report January - March 2025
Q1 Report JANUARY - MARCH 2025 Rishit Jhunjhunwala Odd Bolin CEO CFO 2025 Q1 REPORT @truecaller @Truecaller_IR
Slide 2: Agenda
Agenda 1. Quarterly Highlights 2. Financial Performance 3. Product Update 4. Summary 5. Q&A 2025 Q1 REPORT
Slide 3: Quarterly Highlights
Quarterly Highlights
Slide 4: Q1 Business Highlights
Q1 Business Highlights ● Strong global user growth continued ● Advertising revenue growth continued ● Strong development of Truecaller for Business ● Steady growth of Premium revenues ● New iOS product rolled out, positive impact expected gradually from Q2 4 2025 Q1 REPORT
Slide 5: Q1 Highlights
Q1 Highlights 412M 356M 86% Avg Monthly Active non-iOS users, Avg Daily Active non-iOS Users, DAU DAU/MAU Stickiness MAU (359M) (305M) ▲15% (YoY) ▲17% (YoY) 497M 199M 178M SEK net sales (425M) SEK EBITDA excl. incentive costs¹ SEK in net cash from operating ▲16% (YoY) (162M) activities before tax pa
Slide 6: Continued strong user growth
Continued strong user growth (iOS now excluded) Monthly Active Users1 Daily Active Users1 (Millions, Q-average) (Millions, Q-average) +15% +17% 6 1. Figures represent period averages (i.e., the average of each day in the period) 6
Slide 7: Financial performance
Financial performance
Slide 8: Revenue
Revenue Total net sales SEKm All revenue streams contributed to +16% revenue growth ● Growth for ad revenues for 3rd consecutive quarter and increased recurring revenues growth (+49%) ● Negative impacts from FX ~10 SEKm and a weaker IPL period ~10 SEKm 8 2025 Q1 REPORT FINANCIAL PERFORMANCE 8
Slide 9: Revenue by service type
Revenue by service type Advertising Consumer subscriptions Truecaller for Business SEKm SEKm SEKm +5% +40% +60% Growth of impressions - increased user base, All regions are growing well, with the Strong growth for both the customer higher engagement and improved platform strongest development in RoW
Slide 10: Advertising
Advertising 334.4M 67% Net sales (317.7 M) Share of Net Sales (74%) ▲5% (YoY) 0.94 SEK Ad revenue per DAU on Android+Web (1.04) 10 2025 Q1 REPORT 10
Slide 11: Truecaller Premium Subscriptions
Truecaller Premium Subscriptions 82.0M 16% 43% Net sales subscription (58.4M) Share of total net sales iOS Share of premium revenues ▲40% (YoY) (14%) (39%) 2.77M 0.63% 9.86 SEK Av. number of subscribers (2.21M) Conversion rate (0.58%) Monthly revenue per subscriber (8.83) ▲25% (YoY) ▲12% (YoY) 11 20
Slide 12: Truecaller for Business
Truecaller for Business 79.2M 16% Net sales TfB (49.5M) Share of Net Sales (12%) ▲60% (YoY) 231M 2.4% 4.5BN ARR for Verified Business (166M) Revenue churn VB (2.5%) Delivered business messages (2.3 Bn) ▲39% (YoY) ▲90% (YoY) 12 2025 Q1 REPORT 12
Slide 13: Recurring revenues grew by +49% Y/Y
Recurring revenues grew by +49% Y/Y SEKm +49% 13 2025 Q1 REPORT Subscriptions Truecaller for Business
Slide 14: Improved gross margin
Improved gross margin Gross profit & margin (%) SEKm ● Gross profit +19% YoY and gross margin improved to 77.3% (75.6%) ● Increased direct sales for Ads and increased TfB sales contributed positively ● Continued focus on efficiency on server costs also had positive impact ● Variations in SMS fees et
Slide 15: Quarterly cost development
Quarterly cost development SEKm ● Higher share price and achieved performance criterias increased incentive costs with a total of +39 SEKm Y/Y and +20 SEKm Q/Q ● Increased other external expenses due to higher marketing spend and increased preloads ● Other costs stable ● Tax rate 27.7% (23.3) in the
Slide 16: Incentive costs impacted by higher share price
Incentive costs impacted by higher share price SEKm ● Albeit a part of our remuneration strategy, the incentive costs do not properly reflect our operations. ● Incentive costs cover both future dilution due to options and RSUs exercising, and accruals for future social security costs for mostly Swed
Slide 17: Profit development excluding incentive costs
Profit development excluding incentive costs EBITDA and margin excl. incentive cost (%) SEKm ● EBITDA increased by 22% to 199 SEKm (162), driven by strong revenue development and although higher growth related spend. ● EBITDA-margin increased to 40.0% (38.0%), meaning we see stable margin developmen
Slide 18: Profit development including incentive costs
Profit development including incentive costs EBITDA and margin (%) SEKm ● EBITDA including incentive costs decreased by 1% to 149 SEKm (151) ● EBITDA-margin including incentive costs 30.0% (35.4%) 18 2025 Q1 REPORT FINANCIAL PERFORMANCE 18
Slide 19: Cash flow and financial position
Cash flow and financial position • Net cash flow from operating activities excluding Net cash flow from operating activities paid income tax was 178 SEKm (114), of which 11 before tax paid SEKm MSEK (-62) was attributed to changes in working capital. • As of today TC holds 3.9 million B- and 6.1 mil
Slide 20: Quarterly Product Update
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Slide 21: Q1 Product Highlights
Q1 Product Highlights Live Caller ID for AI-powered core Premium, Truecaller for iPhone product improvements Business, and AdTech 21 2025 Q1 REPORT 21
Slide 22: Live Caller ID launched
TRUECALLER FOR iPHONE Live Caller ID launched Truecaller launched the revamped iPhone app with Live Caller ID in late January. The launch bridges the gap between Truecaller's Android and iOS offerings by leveraging Apple's Live Caller ID Lookup framework, specifically designed for apps like Truecall
Slide 23: Premium growth trends
TRUECALLER FOR iPHONE Premium growth trends Live Caller ID is a Premium feature on iPhone, with a 30-day free trial available to all non-Premium users at launch. Multiple A/B tests are being done to optimize the packaging and pricing in different markets. Early adoption and user feedback has been po
Slide 24: Spam and fraud detection
AI-POWERED CORE PRODUCT IMPROVEMENTS Spam and fraud detection Improvements to AI-powered spam detection led to identification of millions of additional spammers across all markets. Increased accuracy in fraud calls detection and AI-powered identification of logos and avatars specifically aimed at de
Slide 25: Expansion of revamped Truecaller Assistant
AI-POWERED CORE PRODUCT IMPROVEMENTS Expansion of revamped Truecaller Assistant New Assistant — rebuilt from the ground up, harnessing the power of custom LLMs to deliver natural, human-like interactions — launched on iOS in the US in Q1. India launch on Android expected in Q2, other markets to foll
Slide 26: AI-powered Message IDs
AI-POWERED CORE PRODUCT IMPROVEMENTS AI-powered Message IDs Message IDs (MIDs) — which provide caller ID-like alerts for important messages — grew by 30 percent quarter-over-quarter. Bulk of the gains came from AI-powered MIDs, which saw a 27x increase in volume compared to the previous quarter. 27x
Slide 27: New call blocking controls for Premium users
INVESTMENTS DRIVING PREMIUM ADOPTION New call blocking controls for Premium users New Premium-only block by name feature lets Truecaller for Android users block callers based on names or keywords. This much-requested feature should further drive Premium adoption on Android. 27 2025 Q1 REPORT
Slide 28: Expanding TfB portfolio with Number Intelligence
TRUECALLER FOR BUSINESS Expanding TfB portfolio with Number Intelligence Number Intelligence (NI) — Truecaller’s solution that aims to provide businesses with information to help in areas such as fraud detection and customer onboarding — demonstrated healthy and steady momentum in Q1 2025 in terms o
Slide 29: Enhancing monetization and efficiency
ADTECH Enhancing monetization and efficiency Direct sales experienced notable growth which improves the gross margin, particularly with deals related to the IPL, with focus on innovative, high-impact ad solutions. Additionally, Introduction of a new caching infrastructure helped drive healthy revenu
Slide 30: Summary
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Slide 31: Q1 2025 summary
Q1 2025 summary ● Solid global user growth continued ● Strong underlying profit development with EBITDA excl. incentive costs +22% ● Revenue growth with contribution from all revenue streams ● EBITDA impacted by volatile incentive costs from increased share price ○ Ad revenues growth continued altho
Slide 32: Thank you
Thank you To our users, partners, customers and the Truecaller team
Slide 33: Q&A
Q&A
Slide 34: Truecaller
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