Slide 1: Q2 Report January - June 2026
Q2 Report JANUARY - JUNE 2026 Rishit Jhunjhunwala Odd Bolin CEO CFO @truecaller @Truecaller_IR
Slide 2: Business Highlights
Business Highlights
Slide 3: Q2 Highlights
Q2 Highlights 471M 409M 87% Avg MAU non-iOS (427M) Avg DAU non-iOS (367M) DAU/MAU Stickiness ▲10% (YoY) ▲11% (YoY) 393M 88M 22.4% SEK EBITDA (173M) EBITDA margin incl. incentive costs SEK net sales (496M) (34.8%) ▼49% (YoY) ▼21% (YoY) EBITDA margin excl incentive cost EBITDA excl. Incentive costs 10
Slide 4: User Growth
User Growth Monthly Active Users1 (Millions, Q-average) +10% ● Added 8 million users in the quarter ● Lower user acquisition spend in 2026 in low ARPU markets given revenue situation 4 1. Figures represent period averages (i.e., the average of each day in the period) 4
Slide 5: Revenue update
Revenue update
Slide 6: Ads: Overview
Ads: Overview ● Continued negative impact from our largest programmatic 200M partner compared to last year. Net sales (331M) ▼-40% YoY and ● Lower auction pressure following the removal of the RMG ▼-34% in constant currencies category ● Flag removal late in the quarter impacted revenues somewhat pos
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 ○ Continued focus on Direct Sales which resulted in growth Q/Q and Y/Y (ex-RMG) ● In Q2, we continued the progress in
Slide 8: Premium Subscriptions: Overview
Premium Subscriptions: Overview 119M 3.99M 0.79% Net sales (87M) Av. number of subscribers (2.99M) Conversion rate (0.65%) ▲36% YoY and ▲41% in constant ▲33% YoY ▲27% YoY currencies 30% 10.02 SEK 48% Share of total net sales Monthly revenue per subscriber (10.00) iOS share of premium revenues (18%)
Slide 9: Premium conversion rate
Premium conversion rate Android iOS 9 2026 Q2 REPORT
Slide 10: Truecaller for Business - Overview
Truecaller for Business - Overview 74M 19% Net sales TfB (78M) Share of Net Sales (16%) ▼5% (SEK YoY)▲8% in constant currencies (YoY) 256M 2.0% 0.7BN ARR for Verified Business (228.5M) Revenue churn VB (2.7%) Delivered business messages (4.4 Bn in ▲12% (YoY) ▲23% in constant Q2 2025 and 0.1 Bn in Q1
Slide 11: Truecaller for Business
Truecaller for Business ● Verified Business: ○ Back to solid growth Y/Y and Q/Q in local currency, both in India and RoW ○ Product focus: ● Differentiate from competition by offering valuable customer journeys ● Improve analytics to give unique Truecaller ecology insights ● Integration of verified c
Slide 12: Product Update
Product ProductUpdate update
Slide 13: Stronger caller identity, spam, and fraud detection
Stronger caller identity, spam, and fraud detection ● Name coverage doubled in major European markets ● Double-digit improvements in spam detection and false positives in the EU ● Fraudulent numbers identified doubled across key focus markets ● More meaningful LLM-powered Community Suggestions now l
Slide 14: Better discovery for business messages
Better discovery for business messages ● Business messages, including Truecaller’s own Business IM, now organised in a dedicated inbox space called Business Home ● Helps users find and act on important business messages faster ● Strengthens discovery for Business IM, an important enterprise revenue
Slide 15: Travel eSIM marks expansion into digital consumables
Travel eSIM marks expansion into digital consumables ● Truecaller’s first step into mobile data services ● Travel eSIM now available for purchase across 29 countries ● Fully digital experience, available via iPhone app and on Web for compatible Android devices ● Early purchases led by the US and Sou
Slide 16: Financial performance
Financial Product Update performance
Slide 17: Q2 Financial Highlights
Q2 Financial Highlights 393M 88M 22.4% Net sales (496M) EBITDA incl. incentive costs¹ (173M) EBITDA margin incl. incentive costs¹ ▼21% (YoY) ▼49% (YoY) (34.8%) In constant currencies: 425M 101M 23.8% SEK net sales (496M) SEK EBITDA incl. incentive costs2 EBITDA margin incl. incentive costs2 ▼14% (Yo
Slide 18: Q2 EBITDA excl. restructuring costs
Q2 EBITDA excl. restructuring costs 102M 25.9% ● Restructuring decreased EBITDA with 23.5 MSEK ○ Staff costs 21.4 EBITDA incl. incentive costs¹ (173M) EBITDA margin incl. incentive costs¹ MSEK ▼41% (YoY) (34.8%) ○ Other costs 2.1 MSEK ● Reversal of previously In constant currencies: booked incentive
Slide 19: Revenue by service type
Revenue by service type Advertising Premium Truecaller for Business SEKm SEKm SEKm -40% +36% -5% ● Better momentum in programmatic ads with flag removed. ● Direct ad sales improving, excluding the banned RMG sector. ● Premium continues on its steady growth path. ● TfB seeing improved traction for Ve
Slide 20: Net sales development Y/Y
Net sales development Y/Y Net sales ● Still material YoY decrease in ads Y/Y revenue ● TfB YoY increase small compared to historical trend due to both modified partner model for Business Messaging, and some enterprises trying out business CNAP in India ● Increase in new bookings for Verified Busines
Slide 21: Ad revenue development
Ad revenue development Ad revenue ● Ads revenue decreased by 40% (34% in constant currencies) ● Flag removal late in the quarter improved revenues ● Real Money Gaming ban ● FX Q22026 Q2 2026 21 2026 Q2 REPORT
Slide 22: Truecaller for Business revenue development
Truecaller for Business revenue development Truecaller for Business ● Verified business continued to grow ● Business messaging started to recover. 6.0 MSEK from Q1. ● Strong SEK vs USD and INR Q2 2026 Q1 2026 22 2026 Q2 REPORT
Slide 23: Gross margin
Gross margin Gross profit & margin (%) SEKm ● Gross profit decreased by 27% YoY in SEK but grew QoQ ● Gross margin declined to 71.5% (77.2%) but increased QoQ ● Costs for servers and verification ● Improved transparency on some partner fees decreases gross margin somewhat 23 2026 Q2 REPORT 23
Slide 24: Opex
Opex SEKm ● Employee cost decrease ● One-off re-structuring cost in 26Q2 of 23.5 MSEK ● Reversal of 9.6 MSEK in incentive costs as effect of restructuring ● Lower other expenses 24 2026 Q2 REPORT 24
Slide 25: Incentive costs
Incentive costs SEKm ● Dilution cost of ~10 MSEK reversed due to redundancies ● Dilution cost expected to be lower than in the past due to LTIP 2022 maturing and redundancy ● Accounting treatment in P/L different from cash flow effect 25 2026 Q2 REPORT 25
Slide 26: Profit development
Profit development EBITDA and margin (%) SEKm ● EBITDA including incentive costs decreased to 88 SEKm (173) ● EBITDA in constant currencies decreased by approximately 42% 173 ● EBITDA-margin including incentive costs was 22.4% (34.8%) but 25.9% excluding restructuring effect ● Tax rate 39% (29%), hi
Slide 27: Cash flow and financial position
Cash flow and financial position Net cash flow from operating activities before taxes paid and changes in working capital SEKm ● Net cash flow from operating activities excl. paid income tax and changes in working capital was 122 SEKm (221). ● Changes in working capital was 21 SEKm (94) and YTD 34 S
Slide 28: Events after Q2
Events after Q2
Slide 29: Increased funding enables financial stability and flexibility
Increased funding enables financial stability and flexibility ● New SEK 850 million term loan facility ○ 3 year tenure ○ STIBOR 3 months + 210 bps, approximately 9 MSEK per quarter ● Extended Truecallers existing SEK 500 million revolving credit facility ("RCF") to 2028 ● Truecaller maintains the fi
Slide 30: Transfer pricing update
Transfer pricing update ● As earlier communicated, transfer pricing survey initiated by the Indian tax authorities end of 2024. ● Formal assessment orders expected during H1 2027. ● We believe our transfer pricing model has correctly allocated revenues between our Swedish and Indian operations, and
Slide 31: Truecaller enters into agreement to acquire textPlus Inc.
Truecaller enters into agreement to acquire textPlus Inc. textPlus offers a flexible and cost-effective alternative to traditional wireless carriers in the US. Lean team led by seasoned experience leader. Strong synergies between textPlus and Truecaller will create a trusted, modern, digital-first m
Slide 32: Summary
Product Update Summary
Slide 33: Summary
Summary Sequential improvement for all three revenue streams. Recurring revenues now 49% of total net sales Ads and Business Messaging transformation continued with positive momentum from flag removal from main partner within ads and scale up of business messaging with old and new partners Leaner or
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