Truecaller Ab Class B · OMXSTO:TRUE_B
Truecaller Ab Class B — Q3 2025 Earnings Presentation
25 slides from Truecaller Ab Class B's earnings presentation, October 2025
Slide 1: Q3 Report January - September 2025
Q3 Report JANUARY - SEPTEMBER 2025 Rishit Jhunjhunwala Odd Bolin CEO CFO @truecaller @Truecaller_IR
Slide 2: Quarterly Highlights
Quarterly Highlights
Slide 3: Solid recurring revenue growth, ad revenues fluctuating
Solid recurring revenue growth, ad revenues fluctuating Recurring revenues grew by 32% YoY Ad revenues were fluctuating (48% in constant currencies) and degrowed with 10% YoY (-1% in constant currencies) ● Truecaller for Business continued strong ● Q3 started out with strong momentum, but growth, in
Slide 4: Ads fundamentally sound, accelerating strategy change
Ads fundamentally sound, accelerating strategy change Ads will continue to be an Programmatic drove Move to proprietary ad important revenue revenue in 2020-2024 units, native to Truecaller source Leverage Truecaller first Less programmatic, Geographic expansion party data more direct sales high on
Slide 5: Users: Strong global growth, added 15m MAU in Q3
Users: Strong global growth, added 15m MAU in Q3 442M ● Solid growth of 14% YoY in India ● Growth outside of India reached 17% YoY Avg. MAU non-iOS (385M) ● Multiple markets growing >20% YoY ▲15% (YoY) ● High daily usage (~86%) continues 379M Avg DAU non-iOS (326M) ▲17% (YoY) 5 2025 Q3 REPORT
Slide 6: Financial performance
Financial performance
Slide 7: Q3 Financial Highlights
Q3 Financial Highlights 468M 163M 34.7% Net sales (457M) EBITDA incl. incentive costs¹ (167M) EBITDA margin incl. incentive costs¹ ▲2% (YoY) ▼2% (YoY) (36.6%) In constant currencies: 519M 190M 36.6% SEK net sales (457M) SEK EBITDA incl. incentive costs2 EBITDA margin incl. incentive costs2 ▲14% (YoY
Slide 8: Recurring revenues grew by 32% YoY, 48% in constant currencies
Recurring revenues grew by 32% YoY, 48% in constant currencies SEKm +32% 8 2025 Q3 REPORT Subscriptions Truecaller for Business
Slide 9: Ads: Headwinds continue while we invest for long-term
Ads: Headwinds continue while we invest for long-term Q3 affected by external challenges: 290M ● Unannounced algorithmic change related to CTR, by our largest demand partner, during 2nd half of Q3 Net sales (321M) ● Real Money Gaming ban in India reduced auction pressure ▼-10% YoY and on demand, the
Slide 10: Premium Subscriptions - Overview
Premium Subscriptions - Overview 96.4M 21% 47% Net sales (67.3M) Share of total net sales iOS Share of premium revenues ▲43% YoY and ▲55% in constant (15%) (42%) currencies 3.3M 0.69% 10.04 SEK Av. number of subscribers (2.5M) Conversion rate (0.59%) Monthly revenue per subscriber (9.23) ▲34% YoY ▲1
Slide 11: All-time high subscriptions
All-time high subscriptions Premium product has hit strong product market fit: ● iOS revenue growth 19% QoQ and Android 5% QoQ ● Healthy geographical distribution of revenue: India 32%, MEA 20% and RoW 48%. Focus on non-India growth including various high ARPU markets: ● QoQ revenue growth in select
Slide 12: Truecaller for Business - Overview
Truecaller for Business - Overview 79.9M 17% Net sales (65.8M) Share of Net Sales (14%) ▲21% (SEK YoY) and▲39% in constant currencies (YoY) 251M 2.7% 3.9BN ARR for Verified Business (200M) Revenue churn Verified business Delivered business messages (3.4 Bn) ▲25% (YoY) ▲43% in constant (4.0%) ▲14% (Y
Slide 13: Expanding well in existing and new markets
Expanding well in existing and new markets Agenda Global expansion of Verified Business calls ● New sales in markets outside of India grew with ~75% YoY ● Launched officially in Europe in October ‘25 Transformation into a ‘Customer Experience’ (CX) platform ● Call Reason used by 75% of larger custom
Slide 14: Gross margin
Gross margin Gross profit & margin (%) SEKm Gross profit +1% YoY in SEK Gross margin declined to 75.7% (77.0%) ● Less ad revenues through partners with lower fees ● Somewhat higher server and verification costs 14 2025 Q3 REPORT 14
Slide 15: Incentive costs
Incentive costs SEKm Dilution costs increased with 2025 programs while social security costs decreased due to lower share price during Q3. 15 2025 Q3 REPORT 15
Slide 16: OPEX
OPEX SEKm SEKm ● Employee expenses lower in Q3 due to Swedish holiday season ● Stable other expenses ● Incentive costs increased YoY but was down QoQ as share price impact was negative ● The tax rate was 26.9% (25.5%) in the quarter and 27.9% YTD (24.7%). The trend is towards a larger share of reven
Slide 17: Profit development including incentive costs
Profit development including incentive costs EBITDA and margin (%) SEKm ● EBITDA including incentive costs decreased by 3% YoY to 162 SEKm (167) ● EBITDA-margin including incentive costs was 34.7% (36.6%) ● EBITDA in constant currencies increased by approximately 14% 17 2025 Q3 REPORT 17
Slide 18: Profit development excluding incentive costs
Profit development excluding incentive costs EBITDA and margin (%) SEKm ● EBITDA decreased by 1% to 186 SEKm (187), mainly due to FX ● Solid underlying profitability, with EBITDA-margin of 39.8% (41.0%) ● EBITDA in constant currencies increased by 14% 18 2025 Q3 REPORT 18
Slide 19: Cash flow and financial position
Cash flow and financial position Net cash flow from operating activities before taxes paid and changes in working capital ● Net cash flow from operating activities SEKm excl. paid income tax and changes in working capital was 177 SEKm (186). ● Changes in working capital was -81 SEKm (-20) and YTD -1
Slide 20: Tracking vs financial targets
Tracking vs financial targets ● Material headwinds in 2025, FX and ads ● Operating leverage such that we are volatility, means we likely will not achieve confident that an EBITDA-margin above EBITDA of 35% for the full year. 35% is very achievable whenever we prioritize revenue growth over user ● IP
Slide 21: Summary
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Slide 22: Q3 2025 summary
Q3 2025 summary ● Continued strong growth, adding ● Premium deliver all time high ~15m users this quarter with 86% across the board with a mix of iOS daily users and Android growth ● External challenges in Q3 for Ads ● Our EBITDA-margin came in at a but we execute on our plan to healthy 35% achieve
Slide 23: Thank you
Thank you To our users, partners, customers, investors, and the Truecaller team
Slide 24: Q&A
Q&A
Slide 25: -—truecaller
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