Slide 1: Q1 Report January - March 2026
Q1 Report JANUARY - MARCH 2026 Rishit Jhunjhunwala Odd Bolin CEO CFO @truecaller @Truecaller_IR
Slide 2: Q1 Highlights
Q1 Highlights 463M 403M 87% Avg MAU non-iOS (412M) Avg DAU non-iOS (356M) DAU/MAU Stickiness ▲12% (YoY) ▲13% (YoY) 362M 64M 17.8% SEK EBITDA (149M) EBITDA margin incl. incentive costs SEK net sales (497M) (30.0%) ▼57% (YoY) ▼27% (YoY) EBITDA margin excl incentive cost EBITDA excl. Incentive costs 10
Slide 3: User growth
User growth Monthly Active Users1 (Millions, Q-average) +12% ● Added 9 million users in the quarter ● Surpassed 500m MAU (including iOS) ● Growth in all regions continue ● Lower user acquisition spend in Q1 in low ARPU markets given revenue challenges ● CNAP solution in India partially rolled out 3
Slide 4: Multiple markets show robust user growth
Multiple markets show robust user growth South Africa Kenya Colombia Market #5 in terms of MAU Market #6 in terms of MAU Market #7 in terms of MAU User growth* ▲16% User growth* ▲35% User growth* ▲20% Premium share of net sales 40% Premium share of net sales 26% Premium share of net sales 55% Exampl
Slide 5: Revenue update
Revenue update
Slide 6: Ads: Overview
Ads: Overview 188M ● Continued negative impact from our largest programmatic Net sales (334M) ▼-44% YoY and partner ▼-34% in constant currencies ● Lower auction pressure following the removal of the RMG category (Aug 2025), with similar dynamics continuing into Q2 52% ● Negative impact from geopolit
Slide 7: Ads: Focus on strategic transition
Ads: Focus on strategic transition ● Revised ads strategy built on three pillars ○ Transition to a more competitive, auction-based bidding model ○ Reset of the programmatic ads model ○ Increased focus on Direct Sales ● In Q1 we saw good progress in the execution of the revised ads strategy ○ Core co
Slide 8: Premium Subscriptions: Overview
Premium Subscriptions: Overview 112M 3.95M 0.80% Net sales (82M) Av. number of subscribers (2.77M) Conversion rate (0.63%) ▲37% YoY and ▲52% in constant ▲43% YoY ▲27% YoY currencies 31% 9.61 SEK 48% Share of total net sales Monthly revenue per subscriber (9.86) iOS share of premium revenues (16%) ▼3
Slide 9: Geographic split of Premium subscriptions
Geographic split of Premium subscriptions Split of net sales for Premium Net sales growth in SEK 9 2026 Q1 REPORT
Slide 10: Geographic split of Premium subscriptions
Geographic split of Premium subscriptions ARPU per month in SEK Conversion rate 10 2026 Q1 REPORT
Slide 11: Examples of strong Premium growth markets
Examples of strong Premium growth markets South Africa Malaysia Israel Premium market #3 in net sales Premium market #4 in net sales Premium market #5 in net sales ▲58% rev in SEK (YoY) ▲67% rev in SEK (YoY) ▲53% rev in SEK (YoY) ARPU 10 SEK per month ARPU 17 SEK per month ARPU 54 SEK per month Conv
Slide 12: Premium conversion rate
Premium conversion rate Android iOS 12 2026 Q1 REPORT
Slide 13: Truecaller for Business - Overview
Truecaller for Business - Overview 59M 17% Net sales (72M) Share of Net Sales (16%) ▼25% (SEK YoY) ▼8% in constant currencies (YoY) 223M 2.4% ARR for Verified Business (200M) Revenue churn Verified business ▼3% (YoY) ▲19% in constant (2.4%) currencies (YoY) 13 2026 Q1 REPORT
Slide 14: Truecaller for Business
Truecaller for Business ● Verified Business: ○ Steady and high growth since inception ○ Slower revenue growth Y/Y in Q1 and stable Q/Q in local currency ● Telco competition in India led to slower upgrade cycles and somewhat higher churn ● Growth and focus outside of India continues ○ Product focus:
Slide 15: Product Update
Product ProductUpdate update
Slide 16: Truecaller Lite launched in select markets
Truecaller Lite launched in select markets ● Truecaller’s new Android app with lower-footprint for low-end devices ● Offers core Truecaller features like caller ID and dialer ● Widens addressable audience in emerging markets where device specifications tend to be modest ● Monetised via ads ● Selecte
Slide 17: Family protection goes global
Family protection goes global ● Allows the family “CTO” to protect the whole family ○ Shared safety & block settings ○ Real-time remote intervention on fraud calls ● Available on both iOS and Android ● Now available globally after soft-launch in Q4 ● Over 3 million families created in 30 days, valid
Slide 18: Voicemail creates another Truecaller use case
Voicemail creates another Truecaller use case ● Launched in India where access to traditional voicemail offering is limited ● Available for free to Truecaller users on Android ● Over 5 million voicemail messages being left every day ● Provides a gateway to the Premium Assistant experience 18 2026 Q1
Slide 19: Financial performance
Financial Product Update performance
Slide 20: Q1 Financial Highlights
Q1 Financial Highlights 362M 64M 17.8% Net sales (497M) EBITDA incl. incentive costs¹ (149M) EBITDA margin incl. incentive costs¹ ▼27% (YoY) ▼57% (YoY) (30.0%) In constant currencies: 419M 84M 20.1% SEK net sales (497M) SEK EBITDA incl. incentive costs2 EBITDA margin incl. incentive costs2 ▼16% (YoY
Slide 21: Net sales development Y/Y
Net sales development Y/Y Net sales Y/Y ● Net sales fell 27% (16% in constant currencies). ● Decline driven by lower ads demand following a 25Q3 partner algorithm change. ● TfB revenue drop caused by changed Business Messaging partnership model ● Premium growth provided a significant contribution to
Slide 22: Ad revenue development
Ad revenue development Ad revenue ● Ads revenue fell 44% (34% in constant currencies). ● Currency fluctuations clearly continue to negatively impact results. ● The decline mainly stems from lower demand following a 25Q3 partner algorithm change. ● India's 25Q3 Real Money Gaming ban further reduced de
Slide 23: Truecaller for Business revenue development
Truecaller for Business revenue development Truecaller for Business ● Within TfB, Verified business continued to grow YoY in constant currencies. ● Business messaging dropped sharply as the previous Business Messaging partnership ended. ● Once again, strong SEK vs USD and INR continues to negatively
Slide 24: Recurring revenues continue to grow y/y
Recurring revenues continue to grow y/y +32% 24 2026 Q1 REPORT Subscriptions Truecaller for Business
Slide 25: Gross margin
Gross margin Gross profit & margin (%) SEKm ● Gross profit decreased by 33% YoY in SEK ● Gross margin declined to 70.9% (77.3%) ● Costs for servers and verification (part of cogs) is not directly linked to revenues ● Improved transparency on ad partner fees 25 2026 Q1 REPORT 25
Slide 26: Opex
Opex SEKm ● Stable staff cost will decrease further from cost reduction program in Q2 ● One-off re-structuring cost in 26Q2 ● Lower other expenses due to efficiency initiatives and lower UA costs ● Tax rate was 32% (28%) 26 2026 Q1 REPORT 26
Slide 27: Incentive costs
Incentive costs SEKm ● Dilution cost higher Y/Y mainly due to introduction of LTIP 2025 ● Dilution cost expected to decrease from Q3 when LTIP 2022 matures in June. ● Accounting treatment in P/L different from cash flow effect 27 2026 Q1 REPORT 27
Slide 28: Profit development including incentive costs
Profit development including incentive costs EBITDA and margin (%) SEKm ● EBITDA including incentive costs decreased to 64 SEKm (149) ● EBITDA in constant currencies decreased by approximately 39% due to lower ad and TfB revenues ● EBITDA-margin including incentive costs was 17.8% (30.0%) 28 2026 Q1
Slide 29: Profit development excluding incentive costs
Profit development excluding incentive costs EBITDA and margin (%) SEKm ● EBITDA decreased to 103 SEKm (199) ● EBITDA in constant currencies decreased by 37% ● EBITDA-margin of 28.6% (40.0%) 29 2026 Q1 REPORT 29
Slide 30: Cash flow and financial position
Cash flow and financial position ● Net cash flow from operating activities excl. Net cash flow from operating activities before paid income tax and changes in working taxes paid and changes in working capital SEKm capital was 106 SEKm (189). ● Changes in working capital was -30 SEKm (-46) and YTD -2
Slide 31: Reorganisation
Reorganisation Product Update initiative
Slide 32: Summary
Product Update Summary
Slide 33: Summary Q1
Summary Q1 User growth continued and surpassed half a billion users Recurring revenue growth driven by continued increased conversion to high ARPU premium offering Ads and Business Messaging transformation underway, will continue to drive that transformation in the coming quarters Restructuring of o
Slide 34: Q&A
Q&A —truecaller N x ; a 7” ‘X
Slide 35: Thank you
Thank you to our users, partners, customers, shareholders, and the Truecaller team