Kvartalsrapport Q1 2024

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The interim report refers to the group for which Truecaller AB (publ) (559278 –2774) is the parent company, called Truecaller in the report.  
 
 
January-March 2024 
INTERIM REPORT

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2 
INTERIM  REPORT JANUARY -MARCH  202 4 TRUECALLER AB  
Truecaller Interim Report 2024 
 
January-March 2024 (Q1) 
Comparative figures refer to January-March 2023 
• Net sales increased by 10 percent to SEK 427.2m (387.1). 
• EBITDA amounted to SEK 151.0m (150.0), corresponding to an EBITDA margin of 35.4 (38.8) percent. Excluding the 
costs of incentive programs, EBITDA would have been SEK 162.3m (161.1), equivalent to an EBITDA margin of 38.0 
(41.6) percent. 
• Profit after tax increased with 22 percent and amounted to SEK 133.0m (109.1). 
• Earnings per share increased by 27 percent and  were SEK 0.38 (0.30) and diluted earnings per share were SEK 0.38 
(0.30). 
• The average number of active users (MAU) increased by 39.0 million to approximately 383.4 million (344.4). 
• Net sales increased by 8 percent in India, by 9 percent in the Middle East and Africa and by 24 percent in the rest of 
the world. 
• Truecaller's board of Directors introduced a dividend policy saying that 25 percent of net profit after tax should be 
distributed as a dividend. 
• For the Annual General Meeting at 23rd of May Truecaller's board of Directors propsoses  a dividend of 1.70 SEK 
per share for the financial year 2023, to cancel all repurchased B-shares which is equivalent to 7.5% of the 
outstanding share capital and asks for a new mandate to repurchase of up to 10 percent of outstanding shares. 
Read more at page 13.  
 
 
FINANCIAL KEY FIGURES       
Group, SEKm (unless otherwise stated) 
 
  
2024 
Jan-Mar 
2023  
Jan-Mar 
2023  
Jan-Dec 
Net sales    427.2 387.1 1,728.9 
Gross profit    322.8 291.0 1,307.7 
Gross margin (%)    75.6% 75.2% 75.6% 
EBITDA    151.0 150.0 702.9 
EBITDA margin (%)    35.4% 38.8% 40.7% 
EBIT (operating profit)    138.0 139.8 657.7 
EBIT margin (%)    32.3% 36.1% 38.0% 
Profit or loss after net financial income or expense    173.5 147.0 712.3 
Basic earnings per share (SEK)    0.38 0.30 1.49 
Diluted earnings per share (SEK)    0.38 0.30 1.49 
Equity    1,823.3 1,738.4 1,743.7 
Total assets    2,204.1 2,123.5 2,160.3 
Equity to assets ratio (%)    82.7% 81.9% 80.7% 
Employees at the end of the period    420 400 419

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3 
INTERIM  REPORT JANUARY -MARCH  202 4 TRUECALLER AB  
Significant events during the quarter 
Truecaller continued to invest in product development by launching new products and functions and by further 
improvements of the user experience.  
• Continued user growth. During the quarter, the number of monthly active users (MAU) increased to 
383.4 million, which was an addition of approximately 39.0 million users in comparison to the first quarter 
2023. The daily active users grew with 36 million in 2024, reaching an average of 314 million during the 
quarter. In 2024, monthly active users increased by 23.3 million in India and by 15.7 million outside of 
India. MAU’s and DAU’s increased by a bit more than 9 million compared to the fourth quarter of 2023. 
• Truecallers growth initiatives in selected growth regions developed well. During the first quarter he 
annualized growth rate in Colombia was about 50 percent, in Nigeria almost 40 percent and in Chile 
almost 30 percent. In US, where the strategy is focused on attracting more subscribers, income from 
subscriptions increased with more than 60 percent compared to the first quarter of 2023. 
• Truecallers Ad Revenues increased by 5 percent compared to the first quarter of 2023. Contribution to 
growth came from increased number of users, increased engagement per user, new ad formats, 
improvement of the ad platform, and income from the IPL-season in cricket in India which started earlier 
in 2024 compared to 2023.  
• Truecaller's strategy to increase the conversion to paying users continued to show a positive 
development. The number of paying users increased by 15 percent compared to the same period the 
previous year, exhibiting a higher growth rate than for the total number of users. More advanced 
features, such as the digital AI-based Truecaller Assistant and Call Recording, had a positive impact on 
the average price per paying user, which reached an all-time-high level during the quarter. Subscription 
revenues increased by 25 percent compared to the first quarter of 2023 and the development was 
especially strong on iOS and in markets like US, Latin America, Malaysia and India. 
• The robust growth for Truecaller for Business continued. Overall, revenues for Truecaller for Business 
increased by 44 percent compared to the first quarter of 2023.  The growth was driven by growth within 
verified business calls, business messaging, as well as revenues from the newer risk products. Demand 
for verified business calls remains strong, and the average revenue per customer reached a new record 
level during the quarter. Business Messaging increased volumes by 50 percent compared to the same 
quarter the previous year, and during the quarter, a new collaboration agreement was signed with Tanla, 
which also opens up for more CPaaS companies to use the service. The first customers were onboarded 
for the risk intelligence product, and revenues were reported towards the end of the quarter. 
Other significant events. 
• During the  quarter Truecaller bought back 2.6 million B-shares bringing the total repurchased B-
shares to 27,904,571 as of March 31. Additionally, a total of 5,600,000 C-shares were issued and 
repurchased to facilitate outstanding incentive programs. See note 6 for further information. 
Events after the period 
• Truecaller repurchased an additional 0.7 million shares after the quarter ended and in total 
28,647,115 B-shares have been repurchased. Additionally, a total of 5,600,000 C-shares were issued 
and repurchased to facilitate outstanding incentive programs.The total number of shares that can be 
repurchased under the authorization from the 2023 Annual General Meeting amounts to 37,905,971 
shares, valid until the AGM in May 2024. See note 6 for further information. 
• Truecaller's board has proposed to the shareholders' meeting on May 23 that all repurchased B-
shares shall be cancelled, corresponding to approximately 7.5 percent of the outstanding capital. 
Truecaller's board also proposes that the annual general meeting authorizes the board to 
repurchase up to 10 percent of the outstanding share capital until the annual general meeting in 
2025. Read more on page 13. 
• Truecaller's board introduced a dividend policy stating that 25 percent of the year's net profit should 
be distributed to the shareholders and proposes a dividend of 1.70 SEK per share for the financial 
year 2023. The regular dividend according to the newly established dividend policy is 0.40 SEK per 
share, and in addition to that, the board proposes an extra dividend of 1.30 SEK per share. Read more 
on page 13.

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4 
INTERIM  REPORT JANUARY -MARCH  202 4 TRUECALLER AB  
 
 
 
Improved earnings and robust 
profitability with increased 
investments 
 
Truecaller continued to grow strongly in the first quarter. We added more than nine million monthly and 
daily active users, and on average the number of monthly users was 383 million. Conversion of paying 
users continued to increase, and with the launch of more advanced premium features, the average 
revenue per paying user reached a new record level. 
Net sales increased by 10 percent compared to the first quarter of 2023 to SEK 427,2 million (387,1). Ads, 
subscription and business revenue contributed to the increase. Our recurring revenue, from 
subscriptions and business, grew in total by 33 percent. 
Our profit also improved. Earnings per share increased by 27 percent to SEK 0.38 (0.30). EBITDA increased 
by 1 percent to SEK 151,0 million (150,0) and the EBITDA margin was 35.4 percent (38.8). 
We have seen positive results from our increased growth investments in selected markets. The 
investments in Nigeria and Latin America are designed to strengthen our market position and accelerate 
user growth. In the U.S., the strategy is mainly to grow the  number of paying users. In Nigeria, Colombia 
and Chile, annualized user growth in the quarter amounted to between 30 and 50 percent, and in the U.S., 
subscription revenue rose by more than 60 percent. Average revenue per paying user in the U.S. is 
currently 100 times higher than the average for a free user of Truecaller globally. 
 
FIRST QUARTER 2024

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5 
INTERIM  REPORT JANUARY -MARCH  202 4 TRUECALLER AB  
Our ad revenue increased by 5 percent compared to the 
first quarter of 2023. Although the quarter started off slow, 
revenues gradually improved. This uptick was driven by a 
higher level of user engagement with the Truecaller app 
and an increased availability of ad space within the app. 
While overall ad demand remains subdued, the timing of 
events like the Indian Premier League (IPL) cricket 
tournament, which began in the first quarter of 2024 as 
opposed to 2023, also contributed positively to this 
quarter's performance. Our expectation is that income 
from the full IPL season will be significantly lower in 2024 
compared to 2023, with revenue  evenly distributed 
between Q1 and Q2. This is in contrast to last year, when 
the majority of IPL-related income was almost entirely 
recorded in Q2.   
 
In the long term, we see an opportunity to introduce more 
engaging ad formats in the product such as video to all 
our users which would broaden our ads business further. 
As a first step this requires that we increase the number of 
app interactions per user by improving the user 
experience and building further value into the product. 
Small but meaningful improvements make a difference, 
and this has been a major focus internally since last year. 
The number of app interactions from our daily engaged 
users has until today increased by more than 50 percent 
compared to the first quarter in 2023. This work is 
progressing and the next step is to test our new video 
format in the coming quarters before we scale up.  
 
Revenue from paying subscribers increased by 25 percent 
and the number of paying users grew by 15 percent 
compared to the first quarter of 2023. Our AI-driven 
communication services continue to contribute positively 
to both conversion and average price per paying user. 
Among the launches during the quarter was Call 
Recording in India, and in coming quarters we have more 
exciting new services to introduce. The focus is on among 
other things strengthening fraud protection for users. We 
are positive about further increasing the conversion and 
the average price per paying user. 
 
Truecaller for Business (TfB) continued to perform strongly 
and the number of verified companies is growing at a 
solid pace. Average revenue per customer was record 
high in the quarter and we see good opportunities to raise 
the price of this very popular product going forward. In 
total, TfB revenue increased by 44 percent to SEK 49.6 
million (34.4) with contributions coming from Verified 
Business calls, business messaging, and the recently 
launched risk intelligence product. 
 
 
 
 
 
 
 
 
 
 
 The need for Truecaller globally is greater 
than ever. I am proud to say that the number 
of users grew by almost the size of Sweden’s 
population in a single quarter.  
 
Truecaller is a company with high profitability, strong cash 
flow, and a balance sheet with no financial debt. Our 
profitability enables us to finance both further growth 
investments and earnings distributions to our 
shareholders in the form of share repurchases and 
dividends. We have since the end of September 2022 
repurchased shares for just under SEK 1 billion, 
corresponding to 7.5 percent of the outstanding share 
capital, which we have financed in its entirety with our 
cash flow from operating activities. Against this backdrop 
we have decided to introduce a dividend policy of 25 
percent of the annual profit, combined with an extra 
dividend for 2023. The proposal to the annual general 
meeting at the end of May is to distribute a total of SEK 1.70 
per share. Provided that the annual general meeting 
resolves to pay a dividend, this would mean that 
Truecaller’s cash at hand and short-term investments will 
be reduced to approximately SEK 1 billion. The board of 
directors is also proposing that the shares repurchased so 
far, corresponding to 7.5 percent of the share capital, be 
canceled. In return, the board is asking for a new mandate 
to repurchase an additional 10 percent of the outstanding 
shares after the shareholders’ meeting.  
 
The need for Truecaller globally is greater than ever. I am 
proud to say that the number of users grew by almost the 
size of Sweden’s population in a single quarter. I look 
forward to continuing to create more secure 
communication for even more people in the future. 
Financially, our goal is to achieve a balance between 
profitability and strong growth of recurring revenue over 
time. With a solid financial foundation to build on, we look 
forward to continuing to invest in our long-term growth 
initiatives at the same time that we continue to return 
value to our shareholders through share buybacks and 
dividends. 
 
Alan Mamedi, CEO and Co-founder

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6 
INTERIM  REPORT JANUARY -MARCH  202 4 TRUECALLER AB  
Truecaller at a glance 
Quarterly review, financial data  
 
FINANCIAL KEY FIGURES       
Group, SEKm (unless otherwise stated)    
2024 
Jan-Mar 
2023  
Jan-Mar 
2023  
Jan-Dec 
Net sales    427.2 387.1 1,728.9 
Gross profit    322.8 291.0 1,307.7 
Gross margin (%)    75.6% 75.2% 75.6% 
EBITDA    151.0 150.0 702.9 
EBITDA margin (%)    35.4% 38.8% 40.7% 
EBIT (operating profit)    138.0 139.8 657.7 
EBIT margin (%)    32.3% 36.1% 38.0% 
Profit or loss after net financial income or expense    173.5 147.0 712.3 
Basic earnings per share (SEK)    0.38 0.30 1.49 
Diluted earnings per share (SEK)    0.38 0.30 1.49 
Equity    1,823.3 1,738.4 1,743.7 
Total assets    2,204.1 2,123.5 2,160.3 
Equity to assets ratio (%)    82.7% 81.9% 80.7% 
Employees at the end of the period    420 400 419 
 
 
OPERATIONAL KEY FIGURES      
January-March 2024  Total India 
Middle East & 
Africa 
Rest of the 
world 
Monthly Active Users (MAU), quarterly average (millions)  383.4 272.6 78.1 32.7 
Daily Active Users (DAU), quarterly average (millions)  314.0 234.4 58.6 21.0 
Cost per mille impressions (CPM) for ad sales (SEK)  0.75 0.65 1.28 2.70 
Average monthly revenue per user (ARPU) for premium 
subscriptions (SEK)  9.04 5.75 9.11 15.13 
 
January-March 2023  Total India 
Middle East & 
Africa 
Rest of the 
world 
Monthly Active Users (MAU), quarterly average (millions)  344.4 249.3 69.9 25.2 
Daily Active Users (DAU), quarterly average (millions)  278.0 208.8 52.3 16.9 
Cost per mille impressions (CPM) for ad sales (SEK)  0.94 0.84 1.37 3.15 
Average monthly revenue per user (ARPU) for premium 
subscriptions (SEK)  8.34 4.77 10.95 13.37

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INTERIM  REPORT JANUARY -MARCH  202 4 TRUECALLER AB  
January-December 2023  Total India 
Middle East & 
Africa 
Rest of the 
world 
Monthly Active Users (MAU). quarterly average (millions)  360.6 259.0 73.3 28.9 
Daily Active Users (DAU). quarterly average (millions)  292.6 218.6 55.2 18.7 
Cost per mille impressions (CPM) for ad sales (SEK)  1.00 0.89 1.38 3.35 
Average monthly revenue per user (ARPU) for premium 
subscriptions (SEK)  8.63 5.28 10.27 14.02 
 
 
 
 
 
  
  
  
 
 
 
 
 
 
 
 
 
 
 
331 338 344 356 368 374
261 271 278 289 298 305
0
50
100
150
200
250
300
350
Q322 Q422 Q123 Q223 Q323 Q423
Users, millions
Monthly Active Users (MAU), avg Daily Active Users (DAU), avg
450 444
387
518
399 425
0
100
200
300
400
500
600
Q322 Q422 Q123 Q223 Q323 Q423
MSEK
Net sales
337 333
291
395
298
323
70%
72%
74%
76%
78%
80%
0
50
100
150
200
250
300
350
400
450
Q322 Q422 Q123 Q223 Q323 Q423
MSEK
Gross profit Gross margin
181
136
150
239
146
169
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
0
50
100
150
200
250
300
Q322 Q422 Q123 Q223 Q323 Q423
MSEK
EBITDA EBITDA-margin

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8 
INTERIM  REPORT JANUARY -MARCH  202 4 TRUECALLER AB  
Financial performance 
First quarter 2024 (January-March) 
Revenues 
Total revenues during the first quarter increased by 11 
percent compared to the corresponding quarter last year 
and amounted to SEK 431.0 (388.1) million. Other income, in 
addition to net sales amounted to SEK 3.8 (1.0) million. 
 
Net sales during the first quarter increased by 10 percent 
compared to the corresponding quarter last year and 
amounted to SEK 427.2 (387.1) million. All revenue streams 
contributed to the growth. Currency effects had a negative 
effect on revenues during the quarter, see Currency 
exposure below. 
 
Net sales distributed by region 
Net sales in India increased by 8 percent to SEK 316.8 (292.2), 
with 9 percent to SEK 53.5 (49.2) million in the Africa and the 
Middle East and by 24 percent in the rest of the world to SEK 
56.8 (45.7) million.  Weaker currencies in some of 
Truecaller's largest markets in the Middle East and Africa 
region had a negative impact on net sales. 
 
 
 
Net sales distributed by service 
Ad revenues increased by 5 percent to SEK 317.6 (303.9) 
million. A lower demand in the wake of weak global 
macroeconomic development and a larger supply in the 
Indian market resulted in lower average pricing  for 
Truecallers ads products (CPM) which decreased by 
approximately 20 percent. Truecaller continues to 
maximize revenue per user instead of CPM or fill rates.  
 
The number of impressions increased by almost 30 percent 
compared to the same period last year. Truecaller 
continues to enhance its ability to display ads more 
efficiently for users by improving the quality of ad requests 
and rendering capabilities (render rate). A contributing 
factor to number of impressions has also been increased 
engagement with the Truecaller-app from the user base. 
 
Revenue from premium subscriptions increased by  25 
percent to SEK 58.4 (46.5) million . The conversion rate to 
becoming a paid subscriber continued to improve.  
Truecaller has also added more advanced features to the 
premium offering in the past year, which has had a positive 
impact on both revenue per user and the growth of paying 
users. The growth has been particularly strong among iOS 
users. 
 
Revenue from Truecaller for Business (TfB) increased by 44 
percent to SEK 49.6 (34.4) million. The number of connected 
customers continues to show good growth both in India 
and in other markets, and in total Truecaller for Business 
now has active customers in 3 7 countries. In collaboration 
with CPAAS company Tanla, Truecaller also sends B2C 
messages to Truecaller's users. The volumes of business 
messages have gradually increased  and have also 
contributed to income growth. 
 
Other income in net sales amounted to SEK 1.6 (2.3) million.  
 
Gross profit 
The gross profit increased by 11 percent to SEK 322.8 (291.0) 
million compared to the same period last year. The gross 
margin amounted to 75.6 (75.2) percent. The gross margin 
is mainly determined by fees to partners such as Google 
and Apple, and by costs for verification of new users and for 
servers used for the company's services.  
 
Operating profit 
EBITDA amounted to SEK 151.0 (150.0) million and the EBITDA 
margin amounted to 35.4 (38.8) percent.  
 
Operating profit (EBIT) decreased somewhat to SEK 138.0 
(139.8) million, corresponding to an operating margin of 
32.3 (36.1) percent. 
 
Staff costs during the quarter increased to SEK 94.9 (84.8) 
million. Salary costs increased as an effect of increased 
number of employees and  the yearly  salary adjustment. 
The group's long-term incentive program entailed a salary 
cost for the period of SEK 10.5 (10.6) million with a 
corresponding increase in equity and social security 
contributions of SEK 0.8 (0.4) million reported as a provision 
in the balance sheet.  Salary costs are valued at fair value 
and amortized over the term of the program. The social 
security contributions are affected by the share price at the 
end of each accounting period and may therefore amount 
to significantly higher amounts in the future and create 
volatility in the income statement.  
 
Excluding costs for incentive programs, the EBITDA margin 
during the quarter would have increased by 2.6 (2.9) 
percentage points and been 38.0 (41.6) percent. See more 
info in note 5. 
 
India 74.2%
Africa and Middle East
12.5%
RoW 13.3%

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9 
INTERIM  REPORT JANUARY -MARCH  202 4 TRUECALLER AB  
Other external costs increased to SEK 80.7 (57.1) million 
compared to the same period last year.  The increase in 
costs is mainly due to increased growth investments in 
several growth regions. Costs have primarily increased due 
to increased investments in user acquisition through digital 
marketing and increased expenses for agreements with 
phone manufa cturers where the Truecaller app comes 
pre-installed. 
 
Profit and earnings per share for the period 
Profit before tax amounted to SEK 173.5 (147.0) million. Profit 
after tax for the period was SEK 133.0 (109.1) million. Net 
financial income amounted to SEK 35.5 (7.2) million and 
comprises positive exchange rate differences of SEK 10.2 (-
3.0) million, an effect on result from valution to fair value of 
SEK 13.4 (7.5) million, interest income of SEK 13.5 (4.1) million 
and other financial expenses of SEK -1.6 (-1.3) million.  
 
The total tax amounted to SEK  40.5 (37.9) million which 
corresponds to an effective tax rate of  23.3 (25.8) percent 
for the Group.  
 
Basic earnings per share were SEK 0.38 (0.30) and diluted 
earnings per share were SEK 0.38 (0.30). 
 
Cash flow and financial position 
Net cash from operating activities amounted to SEK 55.9 
(80.1) million of which SEK -61.6 (-31.2) million was 
attributable to changes in working capital and SEK -57.7 (-
46.6) million was attributable to income tax paid.  Net cash 
from investing activities amounted to SEK -3.5 (-519.1) 
million and included an investestment in short -term 
interest rate funds of SEK – (-500,0) million. Net cash used 
in financing activities was SEK -100.9 (-189.1) million and 
included purchase of treasury shares SEK -74.8 (-182.2) 
million and repurchase of warrants of SEK -18.2 (-) million. 
Net cash for the period was SEK -48.6 (-628.1) million.  
 
Truecaller had cash and cash equivalents of SEK 591.9 
(699.5) million at the end of the quarter  and SEK 954.6 
(907.9) million invested in short -term interest rate funds. . 
The equity to assets ratio was 82.7 (81.9) percent.  
  
Truecaller have a revolving credit facility of SEK 500.0 
(500.0) million. SEK 0.0 (0.0) million had been utilized as of 
the reporting date. Consolidated total assets amounted to 
SEK 2,204.1 (2,123.5) million at 3 1 March 2024. The carrying 
amounts of financial assets and financial liabilities are 
estimated to coincide with fair value in all material 
respects. 
Trade receivables for the Group amounted to SEK 86.2 
(60.0) million and claims on advertising networks and 
platform owners was SEK 127.6 (93.8) million. The increase 
in trade receivables is attributable mainly to the increase in 
direct sales in the advertising business and growth in 
Truecaller for Business. Payment terms for the company’s 
customers are normally 30 -60 days. Recognized but 
unrealized customer credit losses amounted to SEK 5.3 (2.2) 
million as of 3 1 March 2024. The claims on advertising 
networks and platform owners is mainly linked to 
outstanding claims against Google and Meta.  
 
Investments 
During the first quarter of 202 4, SEK 2,8 (1,1) million were 
capitalized as internally developed intangible assets. 
 
Currency exposure 
The majority of Truecaller’s revenues are denominated in 
Swedish kronor (SEK) via partners including Google and 
Apple. Accordingly, there is little direct currency exposure. 
In turn, these partners bill users of Truecaller’s services 
partly in local curren cy, which entails indirect currency 
exposure. Truecaller does not, however, have complete 
information concerning currency exposure or how currency 
effects are managed by partners and thus cannot at 
present accurately quantify indirect currency exposure. A 
depreciation of SEK against currencies including USD and 
INR, however, has a positive impact on the company’s sales 
and profit, although it also increases the company’s costs. 
The largest currency exposures are against INR and USD. 
The company estimates that exchange rate changes had 
a negative impact on sales during the first quarter of 2024 
compared to the corresponding quarter in 202 3. The 
company's estimate is that exchange rate s also  had a 
negative effect on the EBITDA margin. 
 
Parent company 
Parent company income for the quarter amounted to SEK 
1.9 (1.6) million which refers to billing of subsidiaries for 
services rendered. The profit before tax amounted to SEK -
4.0 (1.4) million. The profit after tax amounted to SEK -3.3 
(1.2) million. Cash and cash equivalents on 3 1 March 2024 
amounted to SEK 91.4 (173.5) million. In excess to the cash 
and cash equivalents the parent company has SEK 400.0 
(400.0) million invested in short-term interest rate funds. No 
investments have taken place in intangible or tangible 
assets. At the end of the period, 2 (2) people were employed 
in the parent company.

===== SIDA 10 =====

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INTERIM  REPORT JANUARY -MARCH  202 4 TRUECALLER AB  
Product update  
Core product enhancements for stronger 
fraud and spam protection 
Truecaller continues to improve the core offering in order to 
deliver a smarter, safer, and more efficient communication 
experience for its users. In the first quarter, Truecaller 
improved data quality further by expanding its scope of 
partnerships with ex ternal data providers, especially in 
markets of strategic importance such as the US. In parallel, 
Truecaller continues to advance its AI and machine 
learning capabilities to ensure that users receive the most 
relevant information about unknown numbers, acr oss 
business, spam, and fraudulent callers. 
 
To give more context on communications from businesses, 
machine learning efforts have facilitated more precise 
business categorization. Leveraging calling patterns and 
name suggestions from user contributions, Truecaller’s 
algorithms now assign tags to inf orm the user of exactly 
what type of business is calling. In the first quarter, this 
capability was expanded to cover 19 languages. 
 
Truecaller also significantly enhanced its spam protection 
features in the first quarter, offering users greater control 
over their preferences. Android users now have the choice 
between basic spam protection, which automatically 
blocks calls from a limited number of top spammers in their 
region, and Max protection, a premium feature that blocks 
all known spammers. With the introduction of Max 
protection as a paid subscription offering, calls from any 
recognized spammer are automatically blocked, offering 
users a solution that saves time and reduces frustration. 
This enhancement builds on the ongoing development of 
Truecaller’s AI; as the system accumulates more spam call 
data and user feedback, it is expected to continually 
improve over time. 
 
   
 
On the fraud side, Truecaller strengthened AI -driven fraud 
protection for SMS, a feature introduced in early 2023 that 
leverages machine learning algorithms to actively identify 
and flag fraudulent messages. In the first quarter, Truecaller 
expanded this capability through a combination of 
community feedback and machine learning initiatives. 
Utilizing a fully automated flywheel system, Truecaller 
detects fraudulent messages by ana lyzing sender signals 
and message patterns. By the end of the quarter, Truecaller 
was sending over nine million fraud alerts on a daily basis 
with an accuracy rate of 99%, and the number of users 
protected from SMS fraud through this feature grew 13X 
compared to the previous quarter. 
 
User experience improvements across 
platforms and devices 
Truecaller continues to enhance the overall experience by 
delivering product and performance improvements for 
even greater convenience for users, and in the first quarter 
in-app engagement grew by 19%. Among these 
enhancements were improvements to managing 
contacts, which not only streamlined the flow, but also 
introduced a simpler method for users to contribute 
suggested names, fostering a new channel for community 
feedback. Truecaller continued refining such feedback 
mechanisms on both Android and iOS platforms, making it 
easier for users to contribute in the form of spam reports, 
fraud alerts, survey responses, and more. By the end of the 
first quarter, over 20% of users were actively contributing 
insights. 
 
Other improvements enable greater efficiency and 
convenience for users. For iPhone users in the US, SMS 
filtering was optimized using machine learning to more 
accurately sort messages into relevant inboxes (e.g., junk, 
coupons, etc.). These optimizations, implemented locally 
on the user's device, ensure complete privacy protection 
while improving algorithmic accuracy, ensuring messages 
are correctly sorted. 
 
Truecaller also achieved a significant milestone, 
continuing to extend its service beyond mobile devices. 
Launched at the end of the first quarter, Truecaller for Web 
expands the app’s features to desktop users, offering SMS 
and chat, call alerts, and number search functionalities. 
Truecaller Android users globally can now link their 
devices, bridging the gap between mobile and desktop 
communication preferences. This not only enhances user 
convenience but also opens up opportunities for 
additional features, business integration and other use 
cases. 
 
Truecaller continued leveraging machine learning to 
elevate user experience by expanding its applications 
beyond caller ID and spam detection. The rollout of ZipZip, 
Truecaller’s AI chatbot that manages support errands, was 
launched for desktop in the previous quarter, and in the

===== SIDA 11 =====

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INTERIM  REPORT JANUARY -MARCH  202 4 TRUECALLER AB  
first quarter it was expanded for use on Android and iOS. 
With the ability to respond to customer questions in over 
50 languages and continually improving its capabilities 
through machine learning, ZipZip offers users the 
convenience of immediate customer support while 
simultaneously reducing support ticket volumes. Within 
one month of mobile integration, Truecaller observed a 
marked improvement in customer satisfaction, 
accompanied by a notable decline in support tickets from 
users across mobile platforms by 25%. 
 
 
 
 
At the end of the first quarter, Truecaller introduced 
TrueTalks, a dedicated online community serving as a 
global hub for Truecaller users. This platform fosters 
connections among users, provides insights from the 
Truecaller team, offers early access to new features and 
updates, and enables direct user influence on future 
product developments through suggestions and 
feedback. 
 
Unlocking revenue potential on iPhone 
and Premium offerings 
On iPhone, the company continues to focus on driving 
revenue growth across both free and paid versions of the 
app, converting more users into subscribers while finding 
innovative ways to monetize free users more effectively. 
One key avenue for revenue grow th is the introduction of 
more engaging ad inventory  throughout the app, which 
continued to scale well. Advertising revenue from iPhone 
users witnessed substantial growth in the first q  uarter, 
increasing by almost 200% compared to the same period 
last ye ar. Truecaller continues to explore additional 
opportunities to monetize the free offering on the iPhone 
app without compromising user experience. On the 
subscriptions front, targeted initiatives aimed at converting 
iPhone users into paid subscribers have yielded positive 
results. These efforts have led to significant growth in both 
subscribers and recurring revenues from the iOS platform 
across markets. Revenue from iPhone subscribers in the US 
demonstrated particularly good performance, growing by 
100% year on year. As the share of iPhone users continues to 
expand, Truecaller remains committed to investing in 
product enhancements on the platform to deliver the best 
search and Caller ID experience globally. 
 
Consumer subscriptions more broadly continue to 
demonstrate robust growth, with year-on-year increases in 
revenue and subscriber, at 25% and 15% respectively, across 
both iPhone and Android. The growth of paying users 
continues to outpace the overall user base, underscoring 
the increasing relevance of the Premium experience as 
Truecaller's offerings evolve. Truecaller continues to 
develop new packages and refine existing Premium 
offerings; the introduction of the aforementioned Max spam 
protection, for example, has shown strong conversion 
potential, with the average daily new subscribers 
increasing by 40% from this sales funnel since its launch. 
 
Truecaller's investments in Call Recording and Assistant, 
powered by cloud telephony technology, continue to bear 
fruit. Call Recordin g, enriched with voice -to-text 
transcriptions and LLM -facilitated summaries, saw further 
enhancements during the quarter, including support for 
more languages and expansion into seven additional 
markets, including India, which demonstrated strong early 
adoption. The Assistant offering also demonstrated positive 
developments in product localization, revenue growth, and 
subscriber retention, with the latter witnessing remarkable 
growth from 40% to 70% on Android since its launch. New 
offerings leveraging cloud telephony technology are in 
development, harnessing cloud telephony technology to 
tackle a range of communication challe nges, including 
combating fraudulent activities. With a focus on leveraging 
AI to address various forms of fraud, these upcoming 
offerings aim to enhance user security by detecting 
suspicious communication. 
 
 
  
 
Further investments in advertising 
capabilities 
Truecaller continues to enhance its advertising capabilities 
through strategic investments spanning across the supply, 
demand, and AdTech areas. 
 
On the supply side, Truecaller  has introduced new ad 
formats aimed at monetizing user attention while better 
serving advertiser objectives across the funnel. These

===== SIDA 12 =====

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INTERIM  REPORT JANUARY -MARCH  202 4 TRUECALLER AB  
formats include mobile rich media ad interface definitions 
(MRAID) compatible rich media and video, tailored for top-
of-the-funnel objectives such as branding and awareness. 
Additionally, ad units like carousels, microsites, and 
suggested apps are being optimized to drive enhanced ROI 
on performance objectives. The adoption of these formats 
by advertisers and their initial performance results have 
been promising, setting the s tage for further scalability. 
Foundational metrics such as ad request efficiency, render 
rate, viewability, and ad engagement —critical to 
monetization efforts —continue to demonstrate 
incremental gains. These improvements not only bolster 
Truecaller's ability to monetize each user interaction 
effectively but also enhance advertiser ROI o n their 
advertising spends.  The enhancements in inventory quality 
have garnered recognition from Pixalate, a prominent 
publisher measurement platform, which ranked Truecaller 
as the top Google Play Store app for Open Programmatic 
advertising in the EMEA market in February 2024. On the iOS 
side, monetization efforts have outpaced the growth in iOS 
users and engagement, driven by high CPM ad formats and 
markets with higher ARPU. Demand from the ongoing IPL 
season demonstrated the potential of these supply -side 
changes when the market recovers. 
 
On the demand side, Truecaller  continues to execute its 
two-pronged strategy, leveraging both direct sales and 
third party programmatic partners to enhance access to 
demand.  The first quarter witnessed a record number of 
third party programmatic partners integrated into 
Truecaller’s a d stack, encompassing global and regional 
AdTech players. This effort is poised to catalyze demand for 
the billions of ads opportunities generated daily in India 
and other global markets. Simultaneously, direct sales 
initiatives are advancing, forging stro nger relationships 
with advertisers and agencies to augment access to 
demand. Such progress is facilitated by the expansion of 
Truecaller's product offerings and use cases, catering to 
diverse advertiser needs and scenarios. 
 
Investments in AdTech drive the development of supply 
and demand side capabilities aimed at achieving revenue 
objectives. A flexible integration path for programmatic 
partners, improved auction orchestration, and efficient 
traffic channeling continued to p ropel third -party 
programmatic demand scale up through Truecaller’s in -
house ad server. Enhanced features such as pacing and 
targeting, a wider variety of ad formats, first -party data 
refinement, and improved collaboration with ecosystem 
partners such as m obile measurement partner solutions 
further enhance direct advertiser offerings, strengthening 
Truecaller’s position as a full stack advertising solution. 
 
Continued enterprise expansion and 
product development 
Truecaller for Business (TfB) continued to demonstrate 
strong revenue growth, primarily driven by healthy demand 
for the Verified Business product. In parallel, TfB’s portfolio 
of accounts grew by 37% year on year, while the average 
revenue per account also reached an all -time high, 
underscoring the growing significance and value 
proposition of Truecaller's enterprise solutions.  Notably, 
Truecaller continues to secure larger deals and enjoys 
strong retention among its major accounts. The enterprise 
offering demonstrates a clear product-market fit within the 
banking and financial services sector, with an expanding 
customer base from various industries. Outside of India, 
adoption of TfB is steadily gaining traction, with prominent 
brands such as WOM Chile (a m ajor telecom operator in 
LATAM) and Talabat Egypt (the largest food delivery brand 
in MENA) onboarded during the first quarter.  
 
Truecaller's business messaging solution, delivered in 
partnership with leading CPaaS provider Tanla, facilitates 
secure, reliable, and cost-efficient distribution of messages 
to end customers. During the first quarter, implementation 
continued to scale, with over 2.3 billion messages delivered 
to end users on this channel  — a 49% growth in volume 
compared to the same period last year. The company 
continues to enhance its business messaging capabilities, 
introducing rich media functionalities to the market in the 
first quarter. This advancement enables businesses to 
deliver dynamic and engaging messages, including, for 
example, various attachment types and customized calls 
to action. This lays the groundwork to drive even higher user 
engagement through capab ilities that enable two -way 
communication between users and businesses.  
 
Truecaller continues to invest strategically in product 
development for the enterprise offering to address the 
evolving needs of business customers. Truecaller’s Call 
Management APIs, which help businesses to deliver 
personalized calling experiences to the ir end users, 
continue to evolve and strengthen the Verified Business 
experience.  
 
Risk intelligence, Truecaller’s most recently commercialized 
enterprise offering, is a scoring engine leveraging 
proprietary machine learning technology to evaluate the 
risk associated with phone numbers. Early business 
customers have already been onboarded, and the pipeline 
for the new product is developing well. Truecaller continues 
to invest in improving the service by adding analytics and 
more data signals to deliver even more valuable insights to 
business customers.  
 
In line with its commitment to meeting the evolving needs 
of enterprise customers, Truecaller implemented several 
enhancements in the first quarter to streamline the post -
sales experience. By automating processes such as reseller 
invoicing and subscription  scheduling, Truecaller aims to 
empower business customers to maximize their TfB 
experience seamlessly. These changes underscore 
Truecaller's dedication to providing unparalleled support 
and value to its enterprise customers.

===== SIDA 13 =====

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INTERIM  REPORT JANUARY -MARCH  202 4 TRUECALLER AB  
Other disclosures
Notice of Annual General Meeting 
Truecaller's AGM will take place on Thursday, May 23 at 
10:30 am at Truecaller's premises at Mäster Samuelsgatan 
56, 6th floor. The complete notice, full proposals, and more 
information are available on Truecaller's website 
https://corporate.truecaller.com/governance/general-
meetings. 
 
Selection of proposals for the Annual 
General Meeting 
The Board proposes: 
• A dividend of 1.70 SEK per A-share and B-share. The 
record date for the dividend is proposed to be May 27, 
2024. If the Annual General Meeting resolves in 
accordance with the proposal, the dividend is 
expected to be paid through Euroclear Sweden AB on 
May 30, 2024. 
• That the Annual General Meeting authorizes the Board 
to decide on the issuance of new B shares, 
convertibles, and/or subscription warrants entitling to 
the subscription or conversion of B- shares. The total 
number of B-shares that may be issued corresponds 
to a dilution of a maximum of approximately ten 
percent of the number of issued shares after the 
proposed share buyback. 
• That the Annual General Meeting authorizes the Board 
to repurchase B-shares up to the point where the 
company's holdings of shares, at any time, do not 
exceed ten (10) percent of the total number of 
outstanding shares in the company. 
• To decide on a reduction of the share capital through 
a buyback of the 28,647,115 repurchased B-shares 
(approximately 7.5% of the outstanding share capital) 
and a corresponding increase in the share capital 
through a bonus issue. 
• Decision on the introduction of incentive programs 
with a maximum dilution of approximately 2.4 percent 
of the outstanding capital. 
 
The Nomination Committee proposes: 
• Re-election of all board members except Bing 
Gordon, who has declined re-election to the board. 
 
Risks and uncertainties 
Like all companies. Truecaller is exposed to various types of 
risk in the course of business. These include risks related to 
currency movements. dependence upon certain strategic 
partners. the general economic trend and developments in 
the financial market . technical progress. dependence on 
key individuals. legal risks and risks associated with 
personal privacy. as well as tax risks and political risks. Risk 
management is an integrated component of the 
management of Truecaller. The risks described for the 
Group could also have indirect impact on the parent 
company. A complete description of risks and uncertainties 
associated with Truecaller is provided in the 202 3 annual 
report. 
 
Forward-looking statements 
The report presents statements pertaining to matters 
including Truecaller’s financial position and performance 
as well as statements on market conditions that may be 
forward-looking. Truecaller believes the expectations 
reflected in these forward -looking s tatements are based 
on reasonable assumptions. Forward -looking statements 
are. however. associated with risks and uncertainties and 
actual outcomes or consequences may differ materially 
from those presented here. In addition to that required 
under applicab le law. forward -looking statements apply 
only on the date presented and Truecaller disclaims any 
obligation to update them in the light of new information or 
future events. 
 
Outlook 
Truecaller does not publish forecasts. 
 
Parent 
Truecaller AB. CRN 559278 -2774. is a Swedish public 
company whose registered office is in Stockholm. Sweden. 
 
Financial calendar 
Annual General Meeting: 23 May 2024 
Interim report January-June 2024: 19 July 2024 
Interim report January-September 2024: 7 November 2024 
Year-end report January-December 2024: 18 February 2025 
Contact details 
Alan Mamedi, CEO E-mail: alan.mamedi@truecaller.com 
 
Odd Bolin, CFO 
Tel: +46 70 428 31 73 E-mail: odd.bolin@truecaller.com 
 
Andreas Frid, Head of IR & Communication 
Tel: +46 705 29 08 00 E-mail: andreas.frid@truecaller.com 
 
Auditor’s review 
This year-end report has not been reviewed by the 
company’s auditor.  
 
This interim report constitutes insider information that 
Truecaller AB is required to disclose under the EU Market 
Abuse Regulation. The information was released for 
publication, through the agency of the contact persons above, 
on 7 May 2024 at 07.30 CET.

===== SIDA 14 =====

14 
INTERIM  REPORT JANUARY -MARCH  202 4 TRUECALLER AB  
 
 
Condensed consolidated statement of 
profit or loss 
Amounts in SEK 000s Note 
  
  
2024 
Jan-Mar 
2023 
Jan-Mar 
2023 
Jan-Dec 
         
Net sales 3     427,188 387,064 1,728,895 
Other income      1,088 21 2,598 
Work performed by the entity and capitalized      2,754 1,018 8,930 
Third party fees      -104,354 -96,108 -421,203 
Other external costs      -80,735 -57,118 -255,209 
Employee costs      -94,897 -84,830 -361,127 
Depreciation, amortization and impairments      -13,018 -10,220 -45,207 
EBIT (operating profit)      138,025 139,827 657,677 
 
        
Net financial income or expense      35,498 7,199 54,616 
Profit or loss after net financial income or 
expense 
   
  173,523 147,026 712,293 
 
        
Tax      -40,474 -37,906 -175,960 
Profit for the period 1)      133,049 109,120 536,333 
 
        
Earnings per share         
Basic earnings per share (SEK)      0.38 0.30 1.49 
Diluted earnings per share (SEK)      0.38 0.30 1.49 
 
        
Average number of shares before dilution       349,479,244 367,572,311 359,728,698 
Average number of shares after dilution      349,479,244 367,572,311 359,728,698 
 
1) The profit for the period is attributable entirely to shareholders in the parent company.

===== SIDA 15 =====

15 
INTERIM  REPORT JANUARY -MARCH  202 4 TRUECALLER AB  
 
 
 
 
 
Consolidated statement of 
comprehensive income 
 
 
1) The profit for the period is attributable entirely to shareholders in the parent company. 
 
 
 
  
 
 
 
Amounts in SEK 000s Note    
2024 
Jan-Mar 
2023 
Jan-Mar 
2023 
Jan-Dec 
Profit or loss for the period     133,049 109,120 536,333 
        
Other comprehensive income for the period        
Items that will be reclassified to profit and loss in 
subsequent periods 
       
Foreign exchange translation differences     10,647 -952 -10,533 
Items that will not be reclassified to profit and loss 
in subsequent periods 
       
Remeasurements of defined-benefit pension plans     - - 3,140 
Other comprehensive income for the period     10,647 -952 -7,393 
        
Comprehensive income for the period 1)     143,696 108,168 528,941

===== SIDA 16 =====

16 
INTERIM  REPORT JANUARY -MARCH  202 4 TRUECALLER AB  
Condensed consolidated statement of 
financial position 
Amounts in SEK 000s Note  
2024  
31 Mar 
2023  
31 Mar 
2023  
31 Dec 
ASSETS      
      
Non-current assets      
Goodwill   47,624 33,653 45,432 
Other intangible assets   25,630 14,567 24,993 
Property. plant and equipment   18,172 17,642 18,352 
Right-of-use assets   121,246 136,932 118,805 
Non-current financial assets 4  32,698 - 32,698 
Deferred tax assets   38,772 38,022 34,878 
Other non-current receivables 4  15,096 14,777 26,584 
Total non-current assets              299,239 255,592 301,742 
      
Current assets      
Current receivables 4  358,327 260,415 285,995 
Short-term placements 4  954,638 907,941 941,256 
Cash and cash equivalents 4  591,856 699,510 631,347 
Total current assets   1,904,821 1,867,865 1,858,599 
      
TOTAL ASSETS   2,204,060 2,123,457 2,160,340 
 
EQUITY AND LIABILITIES 
  
   
      
Equity      
Equity attributable to owners of the parent   1,823,264 1,738,400 1,743,703 
Total equity   1,823,264 1,738,400 1,743,703 
      
Non-current liabilities      
Liability arising from defined-benefit pension plans   7,609 6,345 6,608 
Lease liabilities   98,491 115,559 98,176 
Deferred tax liability   42,923 33,532 38,731 
Other non-current liabilities 4  10,497 8,568 9,150 
Total non-current liabilities   159,520 164,003 152,665 
      
Current liabilities      
Lease liability   25,586 21,820 22,763 
Other current liabilities 4  195,689 199,234 241,208 
Total current liabilities   221,275 221,055 263,972 
      
TOTAL EQUITY AND LIABILITIES   2,204,060 2,123,457 2,160,340

===== SIDA 17 =====

17 
INTERIM  REPORT JANUARY -MARCH  202 4 TRUECALLER AB  
Condensed consolidated statement of 
cash flows 
Amounts in SEK 000s     
2024 
Jan-Mar 
2023 
Jan-Mar 
2023 
Jan-Dec 
        
Operating activities        
Profit or loss after net financial income or expense     173,523 147,026 712,293 
Adjustments for non-cash items     1,670 10,935 26,047 
Income tax paid     -57,717 -46,586 -213,822 
Cash flow from operating activities before  
changes in working capital 
  
  117,475 111,374 524,519 
        
Net cash from changes in working capital        
Change in operating receivables     -39,131 -6,616 19,066 
Change in operating liabilities     -22,481 -24,623 38,377 
Net cash from operating activities     55,863 80,136 581,962 
        
Investing activities        
Acquisitions of Group companies, net effect on cash and 
cash equivalents 
    - - -27,422 
Purchases of property, plant and equipment     -779 -10,551 -17,070 
Purchases of intangible assets     -2,754 -1,141 -8,930 
Purchases of short-term investments     - -500,000 -500,000 
Change in financial receivables     - -7,450 -40,766 
Investment in non-current financial assets     - - -32,679 
Net cash used in investing activities     -3,533 -519,143 -626,868 
        
Financing activities        
New share issue     - - 66 
Funds received for warrants     - - 46,718 
Repurchase of warrants     -18,235 - -450 
Amortization of lease liability     -7,931 -6,926 -29,869 
Buyback of treasury shares     -74,751 -182,164 -659,548 
Net cash from (-used in) financing activities     -100,917 -189,090 -643,082 
        
Net cash flow for the period     -48,587 -628,098 -687,988 
Cash and cash equivalents at the beginning of the period     631,347 1 327,801 1,327,801 
Foreign exchange differences in cash and cash 
equivalents     9,096 -194 -8,466 
Cash and cash equivalents at the end of the period     591,856 699,510 631,347

===== SIDA 18 =====

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INTERIM  REPORT JANUARY -MARCH  202 4 TRUECALLER AB  
Condensed consolidated statement of 
changes in equity 
   Equity attributable to owners of the parent 
Amounts in SEK 000s 
 
Share 
capital 
Other  
capital  
contributions Reserves 
Retained profits  
including 
profit for 
the period 
Total equity  
attributable  
to owners 
of the parent 
Opening balance at 1 January 2023  758 1,710,139 2,400 90,797 1,804,093 
       
Profit for the period  - - - 109,120 109,120 
Other comprehensive income for the period  - - -952 - -952 
Comprehensive income for the period  - - -952 109,120 108,168 
       
Transactions with owners of the Group       
Treasury shares after transaction costs  - - - -184,470 -184,470 
Share-based payment  - - - 10,610 10,610 
Total  - - - -173,861 -173,861 
       
Closing balance at 31 March 2023  758 1,710,139 1,448 26,056 1,738,400 
  
     
 
Opening balance at 1 January 2024  762 1,738,298 -8,133 12,776 1,743,703 
       
Profit for the period  - - - 133,049 133,049 
Other comprehensive income for the period  - - 10,647 - 10,647 
Comprehensive income for the period  - - 10,647 133,049 143,696 
       
Transactions with owners of the Group       
Share issue  - - - - - 
Treasury shares after transaction costs  - - - -74,751 -74,751 
Warrants  - - - - - 
Share-based payment  - - - 10,616 10,616 
Total  - - - -64,135 -64,135 
       
Closing balance at 31 March 2024  762 1,738,298 2,514 81,691 1,823,264

===== SIDA 19 =====

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INTERIM  REPORT JANUARY -MARCH  202 4 TRUECALLER AB  
Condensed parent company income 
statement 
  
 
Amounts in SEK 000s Note    
2024 
Jan-Mar 
2023 
Jan-Mar 
2023 
Jan-Dec 
        
Operating revenue     1,929 1,566 8,191 
Other external costs     -2,724 -2,541 -9,918 
Employee costs     -2,972 -2,763 -11,675 
EBIT (operating profit)     -3,766 -3,738 -13,403 
        
Net financial income or expense     -272 5,181 400,695 
Profit or loss after financial items     -4,038 1,443 387,292 
        
Appropriations     - - 13,000 
Profit or loss before tax     -4,038 1,443 400,292 
        
Tax     774 -295 -131 
Profit or loss for the period     -3,264 1,148 400,162

===== SIDA 20 =====

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INTERIM  REPORT JANUARY -MARCH  202 4 TRUECALLER AB  
Condensed parent company balance 
sheet 
 
Amounts in SEK 000s Note  
2024  
31 Mar 
2023  
31 Mar 
2023  
31 Dec 
ASSETS      
      
Non-current assets      
Investments in Group companies   10,297,177 10,297,177 10 297 177 
Deferred tax receivable   824   
Total non-current assets                10,298,001 10,297,177 10 297 177 
      
Current assets      
Current receivables   6,915 12,739 6,124 
Receivables from Group companies   11,185 12,471 13,688 
Short-term placements   400,000 405,193 400,000 
Cash and cash equivalents   91,401 173,472 176,479 
Total current assets   509,502 603,875 596,291 
      
TOTAL ASSETS   10,807,503 10,901,053 10,893,468 
 
EQUITY AND LIABILITIES 
     
      
Equity and liabilities      
Equity   10,802,866 10,886,786 10 870 265 
Current liabilities   4,637 14,226 23 203 
TOTAL EQUITY AND LIABILITIES   10,807,503 10,901,053 10 893 468

===== SIDA 21 =====

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INTERIM  REPORT JANUARY -MARCH  202 4 TRUECALLER AB  
Notes 
Note 1. Significant accounts policies
This interim report covers the Swedish parent company 
Truecaller AB (“Truecaller”), company registration number 
559278-2774, and its subsidiaries. The principal business of 
the Group is to develop and publish software. primarily 
mobile Caller ID applications , under the Truecaller brand. 
The parent is a limited liability company registered and 
domiciled in Stockholm , Sweden. The address of the head 
office is Mäster Samuelsgatan 56, 111 21 Stockholm. Sweden.  
 
Truecaller applies International Financial Reporting 
Standards (IFRS). as adopted by the EU. The interim report 
for the Group was prepared in compliance with IAS 34 
Interim Financial Reporting and applicable sections of the 
Swedish Annual Accounts Act (199 5:1554). Disclosures 
according to IAS 34 are provided in other parts of the 
interim report. in addition to the financial statements. The 
interim report for the parent company was prepared in 
accordance with the Annual Accounts Act. Chapter 9 
Interim Financ ial Reporting. and recommendation RFR 2 
Accounting of Legal Entities issued by the Swedish Financial 
Accounting Standards Council. The accounting principles , 
basis for measurement and estimates and judgements 
applied on the interim report for the Group and the parent 
are identical to those applied in Truecaller’s annual report. 
Accordingly, refer to the most recently published annual 
report for a description of applied accounting policies. 
 
Equity  
Shares issued by the company are classified as equity. 
Additional costs arising directly from the issue of common 
shares and stock options are recognized as a debit item in 
equity after deducting tax effects , if any. When Truecaller’s 
shares classified as equity are repurchased. the amount of 
consideration paid is recognized as a reduction in equity. 
after deducting tax effects. if any. Repurchased shares are 
classified as treasury shares and recognized as a d ebit 
item under equity. When treasury shares are  subsequently 
sold or reissued. the amount received is recognized as an 
increase in equity and the surplus or deficit resulting from 
the transaction is transferred to or from other capital 
contributions. 
 
Financial instruments at fair value 
The group has non -current financial assets consisting of 
the investment in Mayhem Studios. The non -current 
financial assets are valued at fair value through the income 
statement. As no market quotation exists for the 
investment, its fair value is determined through other 
observable data (level 2)
Note 2. Key judgements and estimates
Preparation of the interim report requires management to 
make judgements. estimates and assumptions that affect 
the application of the accounting policies and the 
recognized amounts of assets , liabilities, revenues and 
costs. Actual outcomes may differ from these judgements 
and estimates. The key judgements and sources of 
estimation uncertainty are unchanged from those 
described in the most recently published annual report.
Note 3. Revenue from contracts with customers 
DISTRIBUTION OF REVENUE FROM CONTRACTS WITH CUSTOMERS  
 
   
 
Amounts in SEK 000s  
  
  
2024 
Jan-Mar 
2023 
Jan-Mar 
2023 
Jan-Dec 
Geographical region         
India      316,847 292,158 1,309,882 
Middle East and Africa      53,500 49,159 206,366 
Rest of the world      56,841 45,747 212,647 
Revenue from contracts with customers      427,188 387,064 1,728,895

===== SIDA 22 =====

22 
INTERIM  REPORT JANUARY -MARCH  202 4 TRUECALLER AB  
 
The geographical distribution is based on where the customer has their mobile subscription. 
 
 
 
Amounts in SEK 000s  
  
  
2024 
Jan-Mar 
2023 
Jan-Mar 
2023 
Jan-Dec 
Type of service         
Advertising revenues      317,664 303,924 1,346,114 
User revenues      58,405 46,546 206,219 
Truecaller for Business      49,548 34,375 170,198 
Other revenues      1,571 2,219 6,363 
Revenue from contracts with customers      427,188 387,064 1,728,895 
 
Note 4.  Financial instruments 
 
Measurement of financial assets and liabilities at 31 March 2024 
 
FINANCIAL ASSETS 
 
Financial assets 
measured at fair value 
through profit and loss  
Financial assets 
measured at amortized 
cost  Total carrying amount 
Other non-current receivables  -  15,096  15,096 
Non-current financial assets  32,698  -  32,698 
Claims on advertising networks and platform 
owners 
 -  127,584  127,584 
Trade receivables  -  86,149  86,149 
Short-term placements  954,638  -  954,638 
Cash and cash equivalents  -  591,856  591,856 
Total  987,336  820,685  1,808,021 
 
FINANCIAL LIABILITIES       
Trade payables  -  39,922  39,922 
Conditional consideration (earnout)  9,161  -  9,161 
Total  9,161  39,922  49,083 
 
Measurement of financial assets and liabilities at 31 March 2023 
 
FINANCIAL ASSETS 
 
Financial assets 
measured at fair value 
through profit and loss  
Financial assets 
measured at amortized 
cost  Total carrying amount 
Other non-current receivables  -  14,777  14,777 
Non-current financial assets  -  -  - 
Claims on advertising networks and platform 
owners 
 -  93,826  93,826 
Trade receivables  -  59,984  59,984

===== SIDA 23 =====

23 
INTERIM  REPORT JANUARY -MARCH  202 4 TRUECALLER AB  
Short-term placements  907,941  -  907,941 
Cash and cash equivalents  -  699,510  699,510 
Total  907,941  868,096  1,776,037 
 
FINANCIAL LIABILITIES       
Trade payables  -  58,872  58,872 
Conditional consideration (earnout)  13,520  -  13,520 
Total  13,520  58,872  72,392 
 
 
Measurement of financial assets and liabilities at 31 December 2023 
 
FINANCIAL ASSETS 
 
Financial assets 
measured at fair value 
through profit and loss  
Financial assets 
measured at amortized 
cost  Total carrying amount 
Other non-current receivables  -  26,584  26,584 
Non-current financial assets  32,698  -  32,698 
Claims on advertising networks and platform 
owners 
 -  86,020  86,020 
Trade receivables  -  75,965  75,965 
Short-term placements  941,256  -  941,256 
Cash and cash equivalents  -  631,347  631,347 
Total  973,954  819,916  1,793,870 
 
FINANCIAL LIABILITIES       
Trade payables  -  46,149  46,149 
Conditional consideration (earnout)  8,404  -  8,404 
Total  8,404  46,149  54,553 
The carrying amount is considered a good estimate of the 
fair value of current receivables and liabilities . The 
maximum credit risk of the assets comprises the net 
amounts of the carrying amounts shown in the table above.  
 
The Group has short -term placements , conditional 
consideration (earnouts) and non-current financial assets 
that are measured at fair value through profit or loss. Fair 
value is the price that would be received to sell an asset or 
paid to transfer a liability in an orderly transaction between 
market participants at the measurement date. The 
measurement methods are classified in a hierarchy 
consisting of three levels defined as follows: 
• Level 1 Quoted prices in active markets 
• Level 2 Inputs other than quoted prices that are 
observable directly (prices) or indirectly (derived 
from prices) 
• Level 3 Non-observable market data 
There were no transfers between the levels during the 
period. The Group has no financial assets or liabilities that 
have been offset in the accounts or which are covered by a 
legally binding netting agreement. 
 
Short-term placements 
Truecaller has investments placed in short-term fixed 
income funds. The fair value of the holding is determined 
by using market prices on the reporting date according to 
Level 1. The effect of the measurement at fair value is 
recognized in profit or loss. The adjustment to the fair 
value of these instruments is reflected directly in “Short-
term placements” in the statement of financial position. 
 
Short-term 
placements, SEK 000s 
  2024 
Jan-Mar 
2023 
Jan-Mar 
2023 
Jan-Dec 
Balance at 1 January   941,256 400,490 400,490 
Investment in short-
term placements 
  - 500,000 500,000 
Change in value 
recognized in profit 
and loss 
  13,382 7,451 40,766 
Closing balance   954,638 907,941 941,256

===== SIDA 24 =====

24 
INTERIM  REPORT JANUARY -MARCH  202 4 TRUECALLER AB  
Conditional consideration (earnout) 
Conditional consideration is categorized at level 3 of the fair 
value hierarchy. The fair value of conditional consideration 
is calculated by discounting future cash flows by a risk -
adjusted discount rate. The conditional consideration for 
CallHero is classified as a non-current liability. 
 
Conditional 
consideration 
(earnout), SEK 000s 
  2024 
Jan-Mar 
2023 
Jan-Mar 
2023 
Jan-Dec 
Balance at 1 January   8,404 13,301 13,301 
Acquisition value   - - - 
Payout   - - -5,550 
Change in value 
recognized in profit 
and loss 
  757 219 653 
Closing balance   9,161 13,520 8,404 
 
 Non-current financial assets 
The group’s non -current financial assets consist of the 
investment in Mayhem Studios that was made in 2023. The 
non-current financial assets belong to level 2 in the 
valuation hierarchy. 
Note 5. Incentive programs 
The group has three outstanding incentive programs, LTIP 
2021, LTIP 2022 and LTIP 2023. 
    LTIP 2023 was approved on The Annual General Meeting 
on 26 May 2023 an d refers to an  employee stock option 
program and share program for senior executives, key 
individuals and employees of the Truecaller Group. LTIP 
2023 consists of a maximum of 2,800,000 employee stock 
options and a maximum of 500,000 performance -based 
share rights. For detailed informationa about LTIP 2021 and 
LTIP 2022, refer to the 2022 annual report. 
   The Group applies IFRS 2 Share -based Payment to 
employee stock options and performance -based share 
rights, where the cost is measured at fair value and 
allocated over the term of the program and recognized in 
equity. The Group recognizes a reserve for a ccrued social 
insurance costs for the program based on the estimated 
benefit value for participants.  
    
Costs of incentive 
programs, SEKm     2024  
Jan-Mar 
2023        
Jan-Mar 
2023 
Jan-Dec 
Cost of vested 
warrants per IFRS 2 
    -10.5 -10.6 -35.1 
Social insurance 
contributions 
    -0.8 -0.4 -4.8 
Costs of incentive 
programs 
    -11.3 -11.1 -39.9 
 
Note 6. Treasury shares 
Through the share buyback program that was decided on 
at the annual general meeting on May 26, 2023, Truecaller 
has bought back 2,637,368 of its own B shares for SEK 74.8 
million including transaction costs during the first quarter. 
Truecaller's total holding of own shares thus amounts to 
27,904,571 B shares and 5,600,000 C shares.  
Note 7. Contingent liabilities 
The Group’s contingent liabilities consist of a tax matter in 
the previously acquired subsidiary Backwater Technologies 
related to determination of income for FY 2016 -17. The 
ongoing matter refers to a period prior to the acquisition 
date. The Group has de termined that it is likely that the 
outcome will be in its favor and has therefore not 
recognized a provision in relation to this matter. 
 
Note 8. Related party 
transactions 
No transactions with related parties have been made 
during the period. 
 
Note 9. Events after the 
reporting date 
After the end of the reporting period Truecaller has 
repurchased an additiona l 742,544 Class B shares for SEK 
23.5 million including transaction costs. Truecaller’s total 
holding of treasury Class B shares thus amounts to 
28,647,115.

===== SIDA 25 =====

25 
INTERIM  REPORT JANUARY -MARCH  202 4 TRUECALLER AB  
Assurance 
The CEO and the Board of Directors hereby certify that the interim report provides a true and 
fair view of the operations. position and earnings of the parent company and the Group and 
describes the material risks and uncertainties faced by the parent company and the 
companies included in the Group. 
 
  
 
 
 
 
 
Stockholm, 2024-05-06 
 
 
 
Nami Zarringhalam 
Board Chair  
Alan Mamedi 
Director and CEO 
   
Annika Poutiainen 
Director  
Helena Svancar 
Director 
 
 
 
 
 
 
 
 
 
 
  
Bing Gordon 
Director 
 
Shailesh Lakhani 
Director

===== SIDA 26 =====

26 
INTERIM  REPORT JANUARY -MARCH  202 4 TRUECALLER AB  
Alternative performance measurements 
In accordance with ESMA (European Securities and Markets Authority) Guidelines on Alternative 
Performance Measures. the definition and reconciliation of alternative performance measures used by 
Truecaller are presented here. The guidelines entail additional disclosures regarding financial measures 
not defined under IFRS. The performance measures shown below are presented in the interim report. 
They are used for the purposes of internal control and monitoring. As all companies do not calculate 
financial measures in the same way. these measures are not always comparable to measures used by 
other companies. The following measures are measures used by Truecaller to clarify the company’s 
performance and simplify evaluation for users of the company’s financial reports. 
 
Key performance 
measurements Definition Purpose 
Gross profit  Net sales minus brokerage costs.  Gross profit is used to analyze profit minus direct costs 
(costs related directly to brokerage of ad space and 
the costs to onboard new premium users). 
Gross margin Gross profit as a percentage of net sales. Gross margin is a measure of profitability minus direct 
costs. 
EBITDA EBIT before interest, taxes, depreciation 
and amortization. 
EBITDA is a measurement Truecaller uses to show how 
current operations develop over time. 
EBITDA margin EBITDA as a percentage of net sales. EBITDA margin is used to illustrate the profitability of 
current operations excluding items affecting 
comparability and before amortization. 
EBIT (operating profit) Operating profit (earnings) before 
interest and taxes  
EBIT is used to analyze the profit generated by the 
operating entity. 
EBIT margin EBIT as a percentage of net sales. The EBIT margin is used to illustrate the profitability of 
current operations.  
Equity to assets ratio Equity divided by total assets. A measure to illustrate financial risk. expressed as the 
percentage of total assets financed by shareholders’ 
equity. 
Monthly Active Users 
(MAU) 
The number of users that have a 
Truecaller profile and are active on the 
platform on a monthly basis. Calculated 
as an average of all days in the period. 
Used to illustrate the volume of active users of 
Truecaller’s services. 
Daily Active Users (DAU) The number of users that have a 
Truecaller profile and are active on the 
platform on a daily basis. Calculated as 
an average of all days in the period. 
Used to illustrate the volume of active users of 
Truecaller’s services. 
Cost per thousand 
impressions (CPM) 
CPM illustrates the cost of displaying one 
ad one thousand times. 
Used to illustrate the effectiveness of the ad platform.  
Average revenue 
per user (ARPU) 
The average revenue for one recurring 
paying user (Truecaller Premium) 
Used to illustrate how revenues per user develop over 
time.

===== SIDA 27 =====

27 
INTERIM  REPORT JANUARY -MARCH  202 4 TRUECALLER AB  
RECONCILIATION OF SELECTED KEY FIGURES THAT ARE NOT DEFINED UNDER IFRS 
 
 
Group, SEKm  
  
  
2024 
Jan-Mar 
2023 
Jan-Mar 
2023 
Jan-Dec 
Gross profit and gross margin         
Net sales      427.2 387.1 1,728.,9 
   Minus third party fees      -104.4 -96.1 -421.2 
Gross profit       322.8 291.0 1,307.7 
   Divided by Net sales      427.2 387.1 1,728.9 
Gross margin      75.6% 75.2% 75.6% 
 
EBITDA and EBITDA margin         
EBIT (operating profit)     138.0  139.8 657.7 
   Excluding depreciation and amortization     13.0  10.2 45.2 
EBITDA      151.0 150.0 702.9 
   Divided by Net sales      427.2 387.1 1,728.9 
Adjusted EBITDA margin      35.4% 38.8% 40.7% 
 
 
EBIT (operating profit) and EBIT margin         
EBIT (operating profit)      138.0 139.8 657.7 
   Divided by Net sales      427.2 387.1 1,728.9 
EBIT margin      32.3% 36.1% 38.0% 
 
 
Equity to assets ratio         
Total equity      1,823.3 1,738.4 1,743.7 
   Divided by Total assets      2,204.1 2,123.5 2,160.3 
Equity to assets ratio      82.7% 81.9% 80.7%