Kvartalsrapport Q1 2025

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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 2025 
INTERIM REPORT

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INTERIM  REPORT JANUARY -MARCH  202 5 TRUECALLER AB  
Truecaller Interim Report 2025 
 
 
January-March 2025 (Q1) 
Comparative figures refer to January-March 2024 
• Net sales increased by 16 percent to SEK 496.9 million (427.2). 
• EBITDA exclusive the costs of incentive programs increased by 22 percent to SEK 198.6 million (162.3) 
equivalent to an EBITDA-margin of 40.0 (38.0) percent. 
• EBITDA including the costs of incentive programs decreased by 1 percent to 149.0 (151.0), corresponding to an 
EBITDA-margin of 30.0 (35.4) percent. 
• Profit after tax amounted to SEK 101.7 million (133.0). 
• Basic earnings per share were SEK 0.30 (0.38) and diluted earnings per share were SEK 0.30 (0.38). 
• The average number of active Non-iOS (MAU) increased by 52.9 million to 411.9 million (359.0). 
• Net sales increased by 14 percent in India, by 29 percent in the Middle East and Africa and increased by 19 
percent in the rest of the world. 
 
 
 
 
 
 
 
 
 
FINANCIAL KEY FIGURES 
    
Group, SEKm (unless otherwise stated) 
 
  
2025 
Jan-Mar 
2024  
Jan-Mar 
2024  
Jan-Dec 
Net sales    496.9 427.2 1,863.2 
Gross profit    384.3 322.8 1,421.5 
Gross margin (%)    77.3% 75.6% 76.3% 
EBITDA, excluding incentive costs    198.6 162.3 758.0 
EBITDA margin (%), excluding incentive costs    40.0% 38.0% 40.7% 
EBITDA    149.0 151.0 684.2 
EBITDA margin (%)    30.0% 35.4% 36.7% 
EBIT (operating profit)    133.6 138.0 632.1 
EBIT margin (%)    26.9% 32.3% 33.9% 
Profit or loss after net financial income or expense    140.6 173.5 698.9 
Basic earnings per share (SEK)    0.30 0.38 1.51 
Diluted earnings per share (SEK)    0.30 0.38 1.51 
Equity    1,610.4 1,823.3 1,506.4 
Total assets    2,058.4 2,204.1 1,955.5 
Equity to assets ratio (%)    78.2% 82.7% 77.0% 
Employees at the end of the period    423 420 418

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INTERIM  REPORT JANUARY -MARCH  202 5 TRUECALLER AB  
 
 
 
Significant events during the quarter 
• Continued high user growth  Since Truecallers iOS-offering now is a subscription first product, user 
numbers will from Q1 2025 and onwards focus on non-iOS users. During the quarter, the average number 
of monthly active users excluding iOS (MAU) increased to 411.9 million, which was an increase of 14 
percent compared to the first quarter of 2024. The average number of daily active users excl. iOS (DAU) 
grew to 355.6 million, an increase of 16 percent compared to the same period in 2024. MAU growth in 
India was approximately 14 percent, in the Middle East & Africa approximately 18 percent, and in the Rest 
of the World approximately 16 percent. Compared to the fourth quarter of 2024, the number of MAUs 
increased by more than 12 million and DAUs by more than 14 million. 
• Advertising revenue increased by 5 per cent The increase was positively impacted by a larger user 
base and a higher number of user interactions within the Truecaller app. Direct sales increased, which 
contributed positively to the gross margin while currency effects had a negative impact. Revenue from 
the Indian cricket season (IPL) decreased by approximately SEK 9 million compared to the previous year 
due to lower demand from ad platforms such as Google and Meta. The scaling of more innovative ad 
formats contributed positively to revenue. The average revenue per ad impression declined slightly. 
• Premium subscription revenues increased by 40 per cent This was driven both by an increase in 
conversion to paying users to 0.63% (0.58%) and by a higher average revenue per paying user, at 9.86 
SEK per month (8.83 SEK). On iOS the conversion rate is 2.67% (2.46%) and ARPU amounts to 14.04 (12.45) 
Currency effects had a negative impact on revenue. Faster growth in regions with higher average 
revenue per user contributed positively. The relative growth in subscription revenue remains significantly 
higher on iOS compared to Android, but both conversion rates and price per subscriber are showing 
positive development across platforms. The average number of subscribers during the first quarter was 
2.77 million, representing an increase of approximately 25 percent. Subscription revenues grew strongly 
across all reported regions — by just over 40 percent in India, over 25 percent in MEA, and around 45 
percent in the Rest of the world. 
• Revenue from Truecaller for Business increased by 60 percent Both Verified Business (VB) and 
Business Messaging (BM) saw strong growth. For the customer experience platform Verified Business, 
strong momentum continued with deeper integrations from companies choosing to adopt more of the 
platform’s services, leading to a higher average revenue per customer. Growth was strong in both India 
and the Middle East & Africa. Within Business Messaging, volumes increased substantially compared to 
the same period last year and approximately 4.5 billion messages were sent during the quarter. 
Demand, number of contracts, and revenue from Truecaller’s risk products for companies in the financial 
sector also increased during the quarter. 
• Toward the end of January, Truecaller launched its biggest update ever on iPhone.The new version of 
Truecaller’s iOS app can now perform caller identification and spam blocking in a similar way as on 
Android. Previously, there were limitations at the operating system level, which meant a more restricted 
user experience. The new iOS product is primarily a paid premium service and growth rates of paying 
subscribers have started to improve gradually after the quarter ended. 
 
Events after the period 
• On April 1, Truecaller surpassed 450 million total monthly active users (including iOS). 
• Truecaller’s Nomination Committee proposes the re-election of the current Board and election of 
Aruna Sundararajan as a new Board member. 
• Truecaller’s Board proposes a dividend of SEK 1.70 per share, the cancellation of approximately 3.9 
million repurchased Class B shares, and a new mandate allowing for the repurchase of up to 10% of the 
outstanding shares. Read more about the upcoming Annual General Meeting on page 14 and on 
Truecaller’s website.

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INTERIM  REPORT JANUARY -MARCH  202 5 TRUECALLER AB  
 
 
Strong growth of recurring revenues and 
underlying profit  
 
I’m happy to report that this is the third quarter in a row where we grew in multiple aspects of our 
business - active users, advertising revenues, Premium subscriptions and Truecaller for Business.  
On April 1st, we surpassed a considerable milestone; 450 million people across the world now use 
Truecaller. In Q1, we added 12 million additional users from Q4 ‘24 and 53 million users compared to Q1 
last year. The average MAU for Q1 was 412 million (excludes iOS from this quarter onwards), 15% higher 
than the same period last year.  
Net sales increased 16% compared to Q1 last year, reaching almost half a billion SEK (497 m SEK vs. 427m 
SEK in Q1 last year). Advertising revenue continued to grow for the third quarter in a row, by 5% 
compared to the same quarter last year. Our strategy for Premium subscriptions and Truecaller For 
Business is panning out well, and these recurring revenue streams now account for almost one third of 
our revenues (32%) in Q1 2025, as opposed to a quarter of our revenues in Q1 2024. These recurring 
revenue streams grew at a combined rate of 49%.  
We continue to be focused on growth. While growth -related spends increased and we also had higher 
marketing spends for our iOS product launch, our EBITDA excluding incentive costs increased by 22% to 
199 million SEK (162), which is an EBITDA margin excluding incentive costs of 40% (38%). EBITDA including 
incentive costs decreased marginally by 1 percent to 149 (151) m illion SEK, equivalent to a 30% (35%) 
margin. The recent strong share price development increased our accrued incentive costs substantially 
to 50 (11) million SEK during the quarter, up from 30 million SEK in the fourth quarter. 
 
CEO WORD Q1 2025

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INTERIM  REPORT JANUARY -MARCH  202 5 TRUECALLER AB  
Advertising revenue, our largest revenue stream, continued 
to grow, reaching 334 (318) million SEK, a growth rate of 5%. 
Our direct sales continue to be a focus for us and this 
stream grew on the back of the broader capabilities we 
have built over time. This also has a positive impact on the 
gross margin and our ambition is to further increase the 
share of direct sales. The Indian Premier League (IPL) cricket 
tournament (partly Q1 and partly Q2) had lower cricket 
related advertiser demand than last year. In  the first 
quarter, it was about 9 million SEK lower than last year and 
is expected to be at similar levels in Q2. In terms of 
geographies, the Middle East and Africa (MEA) region 
continued to show good growth along with India, while 
other geographies show ed lower revenues, partly due to 
the present international macro-economic uncertainties.  
 
Subscription revenue continued to show solid growth of 
40% reaching 82 (58) million SEK in Q1. We continue to see 
strong growth across all regions, increased conversion 
rates, and a higher average revenue per subscriber. The 
number of subscribers is now approaching 2.8 million which 
is an increase of 25 percent compared to last year. In late 
January, we launched our new iOS product, which is 
primarily a Premium offering. As mentioned previously, the 
revenue and subscriber growth from this launch should be 
expected gradually from Q2 onwards. In April, we gradually 
started to see a promising growth trend of more paying 
subscribers on iOS, adding almost 55,000 subscribers 
which is equivalent to a 6% month -over-month growth 
since the end of March. The strongest growth is so far 
coming from markets outside of India.  
 
Revenue from Truecaller for Business grew by 60% to 79 (50) 
million SEK. Growth continues to be driven by strong 
performance for our entire product portfolio, our Customer 
Experience (CX) platform Verified Business, Business 
Messaging and our more recently  launched risk products. 
We continue to see good customer intake as well as more 
of our existing customers upgrading to higher plans and 
utilizing more of our products. We are also starting to see 
growing traction in the Middle East and Africa. We continue 
to believe that we have only scratched the surface of the 
full potential of Truecaller in various business scenarios. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 In April we gradually started to see a 
promising growth trend of more paying 
subscribers on iOS, adding almost 55.000 
subscribers which is equivalent to a 6% 
month-over month growth since the end of 
March. The strongest growth is so far coming 
from markets outside of India.  
 
So far the only material effect from the various geopolitical 
situations is limited to FX, but we remain watchful as these 
situations continue to develop.  
 
We’re excited about our growth and our strategy for the 
years to come. We remain focused on solving mobile 
communication related problems for people globally. We 
have the people, the financial muscle, and the operational 
competence and we believe our strategy will continue to 
underpin good revenue growth for the foreseeable future, 
with continued strong profitability. 
 
Rishit Jhunjhunwala, CEO

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INTERIM  REPORT JANUARY -MARCH  202 5 TRUECALLER AB  
Truecaller at a glance 
Quarterly review, financial data  
FINANCIAL KEY FIGURES     
Group, SEKm (unless otherwise stated) 
 
  
2025 
Jan-Mar 
2024  
Jan-Mar 
2024  
Jan-Dec 
Net sales    496.9 427.2 1,863.2 
Gross profit    384.3 322.8 1,421.5 
Gross margin (%)    77.3% 75.6% 76.3% 
EBITDA, excl. incentive costs    198.6 162.3 758.0 
EBITDA margin /%), excl incentive costs    40.0% 38.0% 40.7% 
EBITDA    149.0 151.0 684.2 
EBITDA margin (%)    30.0% 35.4% 36.7% 
EBIT (operating profit)    133.6 138.0 632.1 
EBIT margin (%)    26.9% 32.3% 33.9% 
Profit or loss after net financial income or expense    140.6 173.5 698.9 
Basic earnings per share (SEK)    0.30 0.38 1.51 
Diluted earnings per share (SEK)    0.30 0.38 1.51 
Equity    1,610.4 1,823.3 1,506.4 
Total assets    2,058.4 2,204.1 1,955.5 
Equity to assets ratio (%)    78.2% 82.7% 77.0% 
Employees at the end of the period    423 420 418 
 
OPERATIONAL KEY FIGURES      
Januari- March 2025  Total India 
Middle East & 
Africa 
Rest of the 
world 
Monthly Active Users excl. iOS (MAU), quarterly average 
(millions)  411.9 297.8 82.9 31.3 
Daily Active Users excl. iOS (DAU), quarterly average 
(millions)  355.6 264.2 67.2 24.1 
Average ad sales revenue per non-iOS DAU (SEK)  0.94 0.97 0.75 1.12 
Average monthly revenue per user (ARPU) for premium 
subscriptions (SEK)  9.86 6.90 8.06 16.14 
 
Januari- March 2024  Total India Middle East & 
Africa 
Rest of the 
world 
Monthly Active Users excl. iOS (MAU), quarterly average 
(millions)  359.0 262.2 70.0 26.9 
Daily Active Users excl. iOS (DAU), quarterly average 
(millions)  305.0 229.4 55.9 19.7 
Average ad sales revenue per non-iOS DAU (SEK)  1.04 1.09 0.71 1.44 
Average monthly revenue per user (ARPU) for premium  
subscriptions (SEK)  8.83 5.58 8.95 14.88

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INTERIM  REPORT JANUARY -MARCH  202 5 TRUECALLER AB  
January-December 2024  Total India 
Middle East & 
Africa 
Rest of the 
world 
Monthly Active Users excl. iOS (MAU), quarterly average 
(millions)  378,9 275.6 74,5 28.7 
Daily Active Users excl. iOS (DAU), quarterly average 
(millions)  321.7 240,8 59,8 21.2 
Average ad sales revenue per non-iOS DAU (SEK)  3.55 3.71 2.62 4.42 
Average monthly revenue per user (ARPU) for premium 
subscriptions (SEK)  9.21 6.04 8.51 15.51 
 
 
  
 
 
  
359 371 385 400 412
305 315 326 341 356
0
50
100
150
200
250
300
350
400
450
Q124 Q224 Q324 Q424 Q125
Users excl. iOS, in million
Monthly Active Users (MAU), avg Daily Active Users (DAU), avg
425 427
456 457
523 497
0
100
200
300
400
500
600
Q423 Q124 Q224 Q324 Q424 Q125
MSEK
Net sales
323 323
344 352
403 394
70%
72%
74%
76%
78%
80%
0
50
100
150
200
250
300
350
400
450
Q423 Q124 Q224 Q324 Q424 Q125
MSEK
Gross profit Gross margin
170 162
177
187
231
199
0%
10%
20%
30%
40%
50%
0
50
100
150
200
250
300
Q423 Q124 Q224 Q324 Q424 Q125
MSEK
EBITDA excl. incentive costs
EBITDA EBITDA-margin
169
151
165 167
201
149
0%
10%
20%
30%
40%
50%
0
50
100
150
200
250
300
Q423 Q124 Q224 Q324 Q424 Q125
MSEK
EBITDA incl. incentive costs
EBITDA EBITDA-margin

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INTERIM  REPORT JANUARY -MARCH  202 5 TRUECALLER AB  
 
 
Financial performance 
First quarter 2025 (January-March) 
Revenues 
Total revenues during the first quarter increased by 18 
percent compared to the corresponding quarter the 
previous year and amounted to SEK 506.5 (431.0) million.  
Other income amounted to SEK 9.7 (3.8) million. 
 
Net sales amounted to SEK 496.9 (427.2) million during the 
first quarter, a n inc rease by 16 percent compared to the 
corresponding quarter the previous year. Currency effects 
had a negative effect on revenues during the quarter . 
Truecallers estimate is that the effect was somewhat less 
than SEK 10 million, see Currency exposure below. 
 
Net sales distributed by region 
Net sales in India increased by 14 percent to SEK 360.4 
(316.8), increased by 29 percent to SEK 68.9 (53.5) million in 
Africa and the Middle East and by 19 percent in the rest of 
the world to SEK 67.5 (56.8) million.  
 
 
 
Net sales distributed by service 
Ad revenues increased by 5 percent to SEK 3 34.4 (317.6) 
million. Truecaller’s direct sales increased, contributing 
positively to the gross margin during the period.  Revenue 
from the Indian cricket season decreased by approximately 
SEK 9 million, amounting to SEK 21 million (30 million) during 
the quarter. 
 
Advertising revenue per daily active user on Non-iOS (DAU) 
decreased to 0.94 (1.04) SEK. 
 
The strongest growth was seen in the Middle East & Africa, 
where both the increased number of users and higher 
average price per ad impression contributed positively. In 
India, advertising revenue also grew, despite lower 
revenues from the Indian cricket s eason. In the rest of the 
world, advertising revenues declined slightly. 
 
The average prices for Truecaller’s advertising products 
(CPM) decreased slightly compared to the same period 
last year but increased compared to the fourth quarter of 
2024. Truecaller continues to focus on maximizing revenue 
per user, rather than relying on metrics like CPM or fill rate. 
 
The number of ad impressions that Truecaller charges for 
increased compared to the same period last year. 
Contributing to the higher number of ad impressions was 
an increase in user interactions with the app as well as 
Truecaller making previously unused a d spaces available 
within the app. Truecaller continues to improve its ability to 
show ads more effectively to users by enhancing the 
quality of ad requests and rendering capability (render 
rate). 
 
Revenue from premium subscriptions increased by 40% to 
82.0 (58.4) million SEK . The strongest relative revenue 
growth occurred on iOS. Premium revenues are growing 
strongly as a result of an improved offering, with more 
features gradually developed and better -targeted 
marketing of the premium offering.  In 2024, all premium 
features were consolidated into a single subscription plan, 
instead of offering a variety of different premium packages. 
This has had a positive impact on both revenues and 
average revenue per subscriber. The average number of 
paying users  increased by 2 5 percent com pared to the 
same quarter last year and amounted to  2.77 million (2.21 
million). The conversion rate to paying users continued to 
improve, averaging 0.6 3% (0.5 8%) for the quarter. The 
average revenue per user also grew positively, reaching SEK 
9.86 (SEK 8.83) per month. Revenue from iOS accounts for 
approximately 43% (39%) of total premium revenue, and 
the average number of iOS subscribers increased by 37 
percent compared to the same period last year. The 
conversion rate on iOS is 2.67% (2.46%), and the ave rage 
monthly revenue per user amounted to SEK 14.04 (12.45).  
Revenue grew strongly in all regions, with the strongest 
relative growth in the Rest of the World region (excluding 
India and MEA), which accounts for nearly half of the total 
premium revenue. 
 
Revenue from Truecaller for Business increased by 60% to 
79.2 (49.6) million SEK. Revenues developed positively for 
both Verified Business and Business Messaging. For Verified 
Business, Annual Recurring Revenue (ARR) increased by a 
bit less than 40  percent, reaching SEK 23 1 million (1 66 
million). An increasing number of customers are opting for 
longer contracts and plans that include more of the 
India 72.5%
Africa and Middle East
13.9%
RoW 13.6%

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INTERIM  REPORT JANUARY -MARCH  202 5 TRUECALLER AB  
products Truecaller has developed for businesses, which 
increases revenue per customer. Truecaller’s business 
services are highly appreciated by customers, resulting in 
a low number of cancellations from key business clients. 
The revenue loss from such cancellatio ns relative to total 
revenue was, on average, approximately 2.4 percent (2.5%) 
during the quarter.  Through a partnership with CPaaS 
company Tanla, Truecaller also sends B2C messages to its 
users. The volume of business messages increased  
compared to last year and 4.5 billion (2.3 billion) messages 
were sent during the quarter. Revenue from Truecaller’s risk 
products increased during the quarter, with more contracts 
signed with customers in the financial sector. 
 
Other revenue within net sales amounted to 1. 3 (1.6) million 
SEK. 
 
Gross profit 
The gross profit inreased by 19 percent to SEK 384.3 (322.8) 
million compared to the same period last year. The gross 
margin amounted to 77.3 (75.6) percent . The increased 
gross margin was primarily due to a higher gross margin 
within the advertising business, resulting from a higher 
share of direct sales, a growing enterprise business, and 
stable server costs. 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 excluding incentive program costs increased by 22 
percent, amounting to SEK 198.6 million (162.3 million), and 
the EBITDA margin excluding incentive costs was 40.0% 
(38.0%). 
 
EBITDA including incentive program costs decreased by 1 
percent, reaching SEK 149.0 million (151.0 million), and the 
EBITDA margin was 30.0% (35.4%). 
 
Operating profit (EBIT) decreased by 3 percent to SEK 133.6 
(138.0) million, corresponding to an operating margin of 
26.9 (32.3) percent. 
 
Staff costs during the quarter increased to SEK 142.4 (94.9) 
million. The cost increase excluding costs for incentive 
programs was 11 percent to SEK 92.9 (83.6) million.  
 
The group's long-term incentive program entailed a salary-
related cost for the period of SEK 27.1 (10.5) million with a 
corresponding increase in equity and social security 
contributions of SEK 22,5 (0.8) million reported as a 
provision in the balance sheet. The costs for the incentive 
programs consist of provisions for estimated social security 
contributions when employee stock options or RSUs are 
exercised by Swedish employees, as well as an accounting 
cost for the potential dilution arising from stock options and 
RSUs. Only the social security costs have a cashflow impact, 
and only when the options or RSUs are exercised.  The salary 
related costs increased due to the introduction of a new 
program in 2024 and compared to the previous quarter, the 
cost primarily increased due to a higher provision for LTIP 
2022. This as the provision for the program was increased 
due to the performance criter ias for the program was 
fulfilled to 100%. This resulted in an additional cost of 
approximately SEK 6 million. Salary-related incentive 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 higher amounts when there is a 
positive share price movemement  which creates volatility 
in the income statement. See more info in note 5. 
 
Other external costs increased to SEK 102,6 (80.7) million 
compared to the same period last year. The increase in 
costs is due to higher marketing expenses related to 
Truecaller’s new iPhone product, as well as growth 
investments in several regions and increased costs for 
agreements with mobile phone manufacturers where the 
Truecaller app is pre -installed. Excluding these growth -
focused investments, other external costs remained stable. 
 
Profit and earnings per share for the period 
Profit before tax decreased with 19 percent to SEK 140.6 
(173.5) million. Profit after tax for the period was SEK 101.7 
(133.0) million. Net financial income amounted to SEK 7.0 
(35.5) million. The lower net financial income is primarily 
due to less favorable value changes from short -term 
interest-bearing securities and less favorable currency 
effects. 
 
The total tax amounted to SEK 38.9 (40.5) million which 
corresponds to an effective tax rate of 2 7.7 (23.3) percent 
for the Group.  
 
Basic earnings per share were SEK 0. 30 (0.38) and diluted 
earnings per share were SEK 0.30 (0.38). 
 
Cash flow and financial position 
Net cash from operating activities amounted to SEK 110.0 
(55.9) million of which SEK -11.2 (-61.6) million was 
attributable to changes in working capital and SEK -68.0 (-
57.7) million was attributable to income tax paid. Net cash 
from investing activities amounted to SEK -109.8 (-3.5) 
million and included investments in short-term interest rate 
funds of SEK -100.0 (-). Net cash used in financing activities 
was SEK –9.5 (-100.9) million and included purchase of 
treasury shares of SEK -  (-74.8) million. Net cash flow for the 
period was SEK -9.3 (-48.6) million. 
 
Truecaller had cash and cash equivalents of SEK 462.0 
(591.9) million at the end of the quarter and SEK 935.0 
(954.6) million invested in short -term interest rate funds. 
The equity to assets ratio was 78.2 (82.7) percent. 
  
Truecaller have a revolving credit facility of SEK 500.0 
(500.0) million. SEK - (-) million had been utilized as of the 
reporting date. Consolidated total assets amounted to SEK 
2,058.4 (2,204.1) million at 3 1 March 2025. The carrying 
amounts of financial assets and financial liabilities are 
estimated to coincide with fair value in all material 
respects.

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INTERIM  REPORT JANUARY -MARCH  202 5 TRUECALLER AB  
Trade receivables for the Group amounted to SEK 132.0 
(86.2) million and claims on advertising networks and 
platform owners was SEK 124.9 (127.6) 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 in the balance sheet 
amounted to SEK 8.8 (5.3) million as of 31 March 2025. 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 5, SEK 8.6 (2.8) 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 causes an indirect currency 
exposure for Truecaller. 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 curr ency 
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 of 
a bit less than SEK 10 million  during the first quarter of 2025 
compared to the corresponding quarter in 202 4 mainly as 
an effect of a slightly weakened Indian rupee and  as an 
effect of the sharp depreciations of the Egyptian pound and 
the Nigerian naira . The company's estimate is that 
exchange rates also had a negative effect of about 1 
percentage points on the EBITDA margin 
. 
Parent company 
Parent company income for the quarter amounted to SEK 
6.6 (1.9) million which refers to billing of subsidiaries for 
services rendered. The profit before tax amounted to SEK -
4.2 (-4.0) million. The profit after tax amounted to SEK -3.4 
(-3.3) million. Cash and cash equivalents on 31 March 2025 
amounted to SEK 33.6 (91.4) million. In addition to the cash 
and cash equivalents the parent company has SEK 310.3 
(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.

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INTERIM  REPORT JANUARY -MARCH  202 5 TRUECALLER AB  
Product update  
The first quarter of 2025 marked another quarter of 
innovation and focused execution across Truecaller's  
product portfolio, underscoring its commitment to 
enhancing communication safety, efficiency, and user 
experience for its global community. Truecaller delivered 
key updates across its core features, premium offerings, 
business solutions, and advertising p latform, laying a 
strong foundation for continued growth. 
 
Live Caller ID for Truecaller Premium 
iPhone users 
A major highlight of the first quarter was the introduction of 
Live Caller ID for iPhone users. This much -anticipated 
capability bridges a long -standing gap between 
Truecaller's Android and iOS offerings by leveraging Apple's 
new Live Caller ID Lookup fram ework, specifically designed 
for applications like Truecaller.  
 
  
 
Utilizing state -of-the-art homomorphic encryption, 
Truecaller was the first globally to deploy this technology at 
scale for Caller ID, ensuring a privacy -preserving 
experience. Launched as a Premium feature in late January, 
early adoption and user feedback have been promising. By 
the end of Q1 2025, slightly under 60 percent of Truecaller's 
iPhone user base were on compatible iOS versions, with this 
number steadily increasing. 
 
Complementing this launch, Premium iPhone users now 
also benefit from advanced call blocking, powered by the 
same underlying technology. Truecaller plans to further 
enrich the Live Caller ID experience with features like caller 
image and logo display, alon gside additional call blocking 
functionalities, based on user feedback in the coming 
quarters. 
 
  
 
 
Leveraging AI to enhance core user 
experience and safety 
Beyond this significant launch on iPhone, Truecaller 
continued its relentless pursuit of providing safer and 
more efficient communication to its hundreds of millions 
of users worldwide. Its AI-powered spam detection 
capabilities saw substantial improvements in Q1 2025, 
leading to the identification of millions of additional 
spammers across its key markets. 
 
Truecaller also achieved enhanced accuracy in fraud call 
detection, demonstrating tangible progress in 
safeguarding its user community. Furthermore, Truecaller 
reinforced its commitment to user safety by deploying AI-
powered identification of logos and avatars, specifically 
aimed at detecting fraud as well as removing malicious 
actors impersonating established brands.

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

12 
INTERIM  REPORT JANUARY -MARCH  202 5 TRUECALLER AB  
Truecaller's advancements in Artificial Intelligence are also 
enhancing other product areas. The launch of a new and 
improved LLM-powered Assistant on iOS devices in the US 
in February delivers a more natural and efficient 
conversational experience with faster response times. 
Notably, this enhanced Assistant achieved a 66 percent 
increase in answer rates, all while operating at a 
significantly lower infrastructure cost. The new version of 
Assistant is expected to become available to users in India 
during the second quarter and will continue to be rolled 
out across Truecaller’s markets in the upcoming quarters. 
 
Towards the end of the Q1, Truecaller launched the new 
"block by name" Premium feature, empowering users to 
further customize their block lists by specifying names or 
keywords, delivering an often-requested feature to its 
users on Android. 
 
In its ongoing efforts to improve the messaging 
experience, Truecaller achieved strong growth across key 
metrics. Message IDs (MIDs) — which provide caller ID 
alerts for important messages — grew by 30 percent 
quarter-over-quarter, with bulk of the gains coming from 
AI-powered MIDs, which saw a 27x increase in volume 
quarter on quarter, underlining gains from Truecaller’s AI 
investments over the years.  
 
Truecaller Premium: Continued growth 
and feature expansion 
Truecaller's subscription revenue continued their upward 
trajectory in the first quarter of 2025. Despite negative 
impact from currency fluctuations, Premium revenue grew 
over 40 percent YoY, demonstrating the highest year-over-
year growth since 2020. 
 
The launch of the new iPhone Live Caller ID positively 
impacted Truecaller's Premium acquisition efforts, resulting 
in a 29 percent increase in average daily new trials. The 
initial performance remains promising, especially 
considering that only approximat ely 60 percent of 
Truecaller's iPhone users were on compatible operating 
system and app versions by the end of the quarter. 
 
The launch of Live Caller ID on iPhone included a 30 -day 
free trial, enabling users to fully evaluate the caller ID and 
spam blocking capabilities before subscribing to Truecaller 
Premium. This offering deferred revenue recognition to later 
in the quarter.  Even with this deferral, the Q1 iOS Premium 
revenue increased by 6 percent quarter-over-quarter. 
 
Truecaller continued to expand its Premium offerings with 
the launch of the Family Plan on iOS and the introduction of 
Gold Family for select users on both iOS and Android. The 
Family Plan has shown impressive traction, with nearly 28 
percent revenue growt h quarter -over-quarter combined 
across both platforms. 
 
To optimize conversion rates, Truecaller implemented new 
trial user journeys leveraging various communication 
channels to engage users at crucial points during their trial 
period. Furthermore, A/B testing in specific markets, 
including India, indicated a stronger user preference for 
promotions over extended trials, leading to the introduction 
of new Premium offerings in these regions. This continuous 
optimization will be a key focus in the coming quarters. 
 
Operationally, Truecaller's Premium Monetization Engine 
CMS is now live and will be fully leveraged starting in Q2 
2025 to deliver targeted offers, personalized engagement 
content, and facilitate A/B testing, further enhancing 
Truecaller’s ability to optimize revenue generation. 
 
Truecaller for Business: Strong growth 
across all offerings 
Med närvaro i 37 länder fortsätter Truecaller for Business 
(TfB) att uppvisa imponerande finansiell tillväxt på globala 
marknader, med sin produktlinje Verified Business (VB) som 
grund. Under det första kvartalet 2025 ökade TfB:s intäkter 
med över 60 procent jämfört med samma period 
föregående år, vilket visar på starkt momentum och 
betydande expansion det senaste året. 
 
The Verified Business Customer Experience (CX) product 
line remains the primary revenue driver for TfB, underlining 
the strong value proposition and increasing adoption of VB 
among businesses. Driven by strong new customer 
additions and consistently low ch urn, the TfB active 
business customer base crossed 2 .700 in the quarter. 
Existing VB CX customers continue to upgrade by adopting 
additional CX capabilities and use cases, increasing 
average revenue per account. 
 
VB product line’s global expansion continued to gain 
traction, particularly in the Middle East and Africa (MEA) 
region. Key customer wins in Q1 2025 — including Capitec 
Bank and First Group in South Africa, Telecom Egypt, and 
Nawy in Egypt, Latam Airlines in South America — highlight 
this progress. VB revenue in non -India markets saw a 
healthy 50 percent year -over-year growth in Q1 2025, with 
South Africa, Egypt, Jordan, Israel, and Malaysia the top 
markets by annual recurring revenue (ARR), excluding 
India. 
 
The pilot launch of the VB product for Small and Medium 
Businesses (SMBs), which offers a small subset of the 
features available in the full VB product at a reduced price, 
has so far yielded favorable results. Favourable results of 
the pilot — launched in partnership with a communication 
management platform in India —  may lead to a further 
expansion, and ultimately, an expanded market for the VB 
offering.

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

13 
INTERIM  REPORT JANUARY -MARCH  202 5 TRUECALLER AB  
  
 
 
The Verified Campaigns product — which enables 
companies to display a hyper -targeted offering in 
connection with a call — continued to generate significant 
early customer interest, with multiple proof -of-concept 
(PoC) activations underway. Insights from th ese PoCs will 
be crucial in establishing product-market fit and paving the 
way for scalable commercialization. 
 
Business Messaging continued its strong performance in Q1 
2025, with revenues increasing substantially year-over-
year, primarily driven by its partnership with Tanla in India. 
This growth was fueled with strong year-over-year increase 
in message volume, and nearly 1.5 billion messages 
delivered every month on average across the quarter. 
Business Messaging now accounts for a significant part of 
the total TfB revenue, reflecting the growing demand for 
business messaging solutions and the success of 
Truecaller’s offering in the area. 
 
Number Intelligence (NI) — Truecaller’s solution that aims to 
provide businesses with information to help in areas such 
as fraud detection and customer onboarding  — 
demonstrated healthy and steady momentum in Q1 2025 in 
terms of bookings and revenue build -up. NI API 
consumption increased by four fold, and multiple 
customers transitioned from PoCs to production, activating 
commercial ramp -up with longer contract durations. 
Truecaller's NI solutions are showing early promise in 
enabling financial institution s to onboard and serve new -
to-credit and new-to-banking customers, as well as aiding 
fintech companies in detecting fraudulent activities such 
as mule account usage. 
 
 
 
 
 
 
 
Truecaller Ads: Enhancing monetization 
and efficiency 
In the first quarter of 2025, Truecaller continued to 
strengthen its advertising business by focusing on supply 
optimization, product innovation, and platform efficiency. 
 
On the supply front, strategic initiatives such as a new 
caching infrastructure contributed to healthy revenue 
improvements. Truecaller's caching framework, 
successfully rolled out across India and RoW, demonstrated 
strong scalability and performance consistency in the 
quarter. This infrastructure enhancem ent is now delivering 
a sustained daily uplift of revenue and is paving the way for 
more real-time monetization use cases. These efforts are 
part of Truecaller’s ongoing strategy to maximize the value 
of every available ad opportunity within its inventory.  
 
Significant progress was made on the ad server side in 
enabling direct sales use cases through TAS (Truecaller Ad 
Server), with improvements to support exclusive inventory, 
advanced targeting, and campaign management. The 
company also expanded its offering  with exclusive rich 
media formats designed to support both branding and 
performance objectives, providing advertisers with more 
impactful ways to engage Truecaller users. 
 
While Truecaller saw lower demand from programmatic 
ads during the IPL this year, direct sales saw strong growth. 
This included larger deals with leading fantasy sports 
platforms as well the official IPL Broadcaster, among others. 
 
Truecaller’s emphasis on innovation -led advertising — 
particularly through direct sales — continued to drive strong 
results. By offering brands high -impact, custom ad 
experiences that go beyond traditional formats, such as 
contextual placements, branded in tegrations, and data -
driven targeting, Truecaller is delivering significantly higher 
value. These campaigns have generated substantial 
incremental revenue at much higher eCPMs, as advertisers 
benefit from more engaging formats that improve 
performance and resonate with users. 
 
On the technology front, Truecaller successfully deployed 
an improved eCPM prediction model powered by 
demographic variables, resulting in smarter yield decisions. 
Tech infrastructure modernization efforts remain on track, 
with ongoing investments in secur ity, efficiency, and 
performance.

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

14 
INTERIM  REPORT JANUARY -MARCH  202 5 TRUECALLER AB  
Other disclosures
Annual General Meeting May 23  
Truecaller’s Annual General Meeting 2025 will be held on 
May 23. At the AGM, resolutions will be made regarding the 
proposed dividend of SEK 1.70 per share, the cancellation of 
approximately 3.9 million repurchased Class B shares, and 
the authorization of the Board to  repurchase up to 10 
percent of the outstanding shares. A new incentive 
program, LTIP 2025, has also been proposed. 
 
The Nomination Committee has proposed the re -election 
of the current Board members and election of Aruna 
Sundararajan as a new Board member. Nami Zarringhalam 
is proposed for re-election as Chairman of the Board. 
 
Aruna Sundararajan has extensive experience in the 
technology sector, from other board positions, and 
possesses deep knowledge of policy and regulatory 
matters in India. She has held key national positions, 
including Secretary of the Ministry of Electronic s and 
Information Technology (MeitY), Secretary of the 
Department of Telecommunications, and Chairperson of 
the Digital Communications Commission. In these roles, 
she played a pivotal part in shaping telecom policy.  
Currently, Sundararajan serves on the boards of Delhivery 
Limited, Info Edge (India) Limited, L&T Technology Services 
Limited, and the National Bank for Financing Infrastructure 
and Development (NaBFID).  
 
All information regarding the upcoming AGM is available 
on Truecaller’s website: 
corporate.truecaller.com/governance/general-meetings 
 
Indian tax audit 
During the fourth quarter 2024, Truecaller was subject to a 
tax audit in India. Such surveys and audits are 
commonplace for multinational companies, and often 
focuses on transfer pricing arrangements. Truecaller has a 
well balanced and well documented transfer pricing policy 
in place since 2018, and at this point in time th e company 
sees no reason to assume that this recent Indian survey will 
result in any material increased tax payments in India, once 
the process reaches its final conclusion.  This assessme nt 
may change during the course of the process. 
 
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 associat ed 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 4 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 company 
Truecaller AB, corporate registration number  559278-2774, 
is a Swedish public company whose registered office is in 
Stockholm. Sweden. 
 
Financial calendar 
Annual General Meeting: 23 May 2025 
Interim report Q2: 18 July 2025 
Interim report Q3: 23 October 2024 (new date) 
Contact details 
Rishit Jhunjhunwala CEO 
E-mail: rishit.jhunjhunwala@truecaller.com 
 
Odd Bolin, CFO 
Ph: +46 70 428 31 73 E-mail: odd.bolin@truecaller.com 
 
Andreas Frid, Head of IR & Communication 
Ph: +46 705 29 08 00 E-mail: andreas.frid@truecaller.com 
 
Auditor’s review 
This interim 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 596/2014. The information was submitted 
for publication, through the agency of the contact persons set 
out above, at the time stated by the Company’s news 
distributor, Cision, at the publication of this press release.

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

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YEAR -END  REPORT JANUARY -MARCH  202 5 TRUECALLER AB  
 
 
Condensed consolidated statement of 
profit or loss 
Amounts in SEK 000s Note 
  2025 
Jan-Mar 
2024 
Jan-Mar 
2024 
Jan-Dec 
       
Net sales 3   496,878 427,188 1,863,218 
Other income    1,111 1,088 1,236 
Work performed by the entity and capitalized    8,558 2,754 11,881 
Third party fees    -112,606 -104,354 -441,728 
Other external costs    -102,581 -80,735 -330,501 
Employee costs    -142,368 -94,897 -419,898 
Depreciation, amortization and impairments    -15,400 -13,018 -52,067 
EBIT (operating profit)    133,593 138,025 632,140 
 
      
Net financial income or expense    7,041 35,498 66,724 
Profit or loss after net financial income or expense    140,633 173,523 698,864 
 
      
Tax    -38,901 -40,474 -174,541 
Profit for the period 1)    101,732 133,049 524,323 
 
      
Earnings per share       
Basic earnings per share (SEK)    0.30 0.38 1.51 
Diluted earnings per share (SEK)    0.30 0.38 1.51 
 
      
Average number of shares before dilution     343,033,748 349,479,244 346,995,706 
Average number of shares after dilution    343,033,748 349,479,244 346,995,706 
 
1) The profit for the period is attributable entirely to shareholders in the parent company.

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

16 
YEAR -END  REPORT JANUARY -MARCH  202 5 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  
2025 
Jan-Mar 
2024 
Jan-Mar 
2024 
Jan-Dec 
Profit or loss for the period   101,732 133,049 524,323 
      
Other comprehensive income for the period      
Items that will be reclassified to profit and loss in subsequent 
periods 
     
Foreign exchange translation differences   -25,534 10,647 14,403 
Changes in cashflow hedges   1,065 - -1,416 
Items that will not be reclassified to profit and loss in 
subsequent periods 
     
Remeasurements of defined-benefit pension plans   - - 68 
Other comprehensive income for the period   -24,469 10,647 13,056 
      
Comprehensive income for the period 1)   77,263 143,696 537,378

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

17 
YEAR -END  REPORT JANUARY -MARCH  202 5 TRUECALLER AB  
 
Condensed consolidated statement of 
financial position 
Amounts in SEK 000s Note  
2025  
31 Mar 
2024  
31 Mar 
2024  
31 Dec 
ASSETS      
      
Non-current assets      
Goodwill   44,149 47,624 49,083 
Other intangible assets   31,783 25,630 27,589 
Property. plant and equipment   12,989 18,172 14,455 
Right-of-use assets   87,344 121,246 95,744 
Non-current financial assets 4  32,698 32,698 32,698 
Deferred tax assets   36,267 38,772 36,229 
Other non-current receivables 4  7,384 15,096 22,664 
Total non-current assets              252,614 299,239 278,461 
      
Current assets      
Current receivables 4  408,860 358,327 353,020 
Short-term placements 4  934,991 954,638 827,950 
Cash and cash equivalents 4  461,980 591,856 496,047 
Total current assets   1,805,831 1,904,821 1,677,017 
      
TOTAL ASSETS   2,058,445 2,204,060 1,955,479 
 
EQUITY AND LIABILITIES 
  
   
      
Equity      
Equity attributable to owners of the parent   1,610,395 1,823,264 1,506,439 
Total equity   1,610,395 1,823,264 1,506,439 
      
Non-current liabilities      
Liability arising from defined-benefit pension plans   9,199 7,609 9,386 
Lease liabilities   59,301 98,491 74,331 
Deferred tax liability   34,709 42,923 35,399 
Other non-current liabilities 4  13,830 10,497 13,779 
Total non-current liabilities   117,040 159,520 132,893 
      
Current liabilities      
Lease liability   37,328 25,586 25,798 
Other current liabilities 4  293,681 195,689 290,347 
Total current liabilities   331,010 221,275 316,146 
      
TOTAL EQUITY AND LIABILITIES   2,058,445 2,204,060 1,955,479

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

18 
YEAR -END  REPORT JANUARY -MARCH  202 5 TRUECALLER AB  
 
Condensed consolidated statement of 
cash flows 
Amounts in SEK 000s   
2025 
Jan-Mar 
2024 
Jan-Mar 
2024 
Jan-Dec 
      
Operating activities      
Profit or loss after net financial income or expense   140,633 173,523 698,864 
Adjustments for non-cash items   48,578 1,670 101,090 
Income tax paid   -68,018 -57,717 -177,128 
Cash flow from operating activities before  
changes in working capital 
  
121,193 117,475 622,826 
      
Net cash from changes in working capital      
Change in operating receivables   -51,776 -39,131 -68,657 
Change in operating liabilities   40,573 -22,481 49,916 
Net cash from operating activities   109,989 55,863 604,086 
      
Investing activities      
Acquisitions of Group companies, net effect on cash and cash 
equivalents 
  
- - - 
Purchases of property, plant and equipment   -1,278 -779 -2,298 
Purchases of intangible assets   -8,558 -2,754 -11,881 
Purchases of short-term investments   -100,000 - -250,000 
Sale of short-term investments   - - 400,000 
Change in financial receivables   - - -5,665 
Investment in non-current financial assets   - - - 
Net cash used in investing activities   -109,837 -3,533 130,157 
      
Financing activities      
New share issue   - - - 
Funds received for warrants   - - 1,126 
Repurchase of warrants   - -18,235 -18,361 
Amortization of lease liability   -9,464 -7,931 -33,272 
Buyback of treasury shares   - -74,751 -241,797 
Dividend   - - -589,799 
Net cash from (-used in) financing activities   -9,463 -100,917 -882,104 
      
Net cash flow for the period   -9,311 -48,587 -147,861 
Cash and cash equivalents at the beginning of the period   496,046 631,347 631,347 
Foreign exchange differences in cash and cash equivalents   -24,756 9,096 12,560 
Cash and cash equivalents at the end of the period   461,980 591,856 496,046

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

19 
YEAR -END  REPORT JANUARY -MARCH  202 5 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 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 
  
     
 
Opening balance at 1 January 2025  764 1,738,172 4,854 -237,350 1,506,440 
       
Profit for the period  - - - 101,732 101,732 
Other comprehensive income for the period  - - -25,534  -25,534 
Changes in cashflow hedges  - - 1,065 - 1,065 
Comprehensive income for the period  - - -24,469 101,732 77,263 
       
Transactions with owners of the Group       
Bonus issue  - - - - - 
Cancellation of treasury shares  - - - - - 
Treasury shares after transaction costs  - - - - - 
Warrants  - - - - - 
Share-based payment  - - - 26,690 26,690 
Dividend 1)  - - - - - 
Total  - - - -26,690 -26,690 
       
Closing balance at 31 March 2025  764 1,738,172 -19,615 -108,927 1,610,395 
 
1) Dividend amounted to SEK 1.70 per share (ordinary dividend SEK 0.40, extra dividend SEK 1.30) and refers to the parent company's 
owners.

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

20 
YEAR -END  REPORT JANUARY -MARCH  202 5 TRUECALLER AB  
 
Condensed parent company income 
statement 
  
 
Amounts in SEK 000s Note  
2025 
Jan-Mar 
2024 
Jan-Mar 
2024 
Jan-Dec 
      
Operating revenue   6,610 1,929 10,405 
Other external costs   -3,283 -2,724 -10,919 
Employee costs   -6,170 -2,972 -14,937 
EBIT (operating profit)   -2,843 -3,766 -15,451 
      
Net financial income or expense   -1,406 -272 556,974 
Profit or loss after financial items   -4,249 -4,038 541,523 
      
Appropriations   - - 8,500 
Profit or loss before tax   -4,249 -4,038 550,023 
      
Tax   812 774 -129 
Profit or loss for the period   -3,436 -3,264 549,893

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

21 
YEAR -END  REPORT JANUARY -MARCH  202 5 TRUECALLER AB  
 
Condensed parent company balance 
sheet 
 
Amounts in SEK 000s Note  
2025  
31 Mar 
2024  
31 Mar 
2024  
31 Dec 
ASSETS      
      
Non-current assets      
Investments in Group companies   10,297,177 10,297,177 10,297,177 
Deferred tax receivable   870 824 - 
Total non-current assets                10,298,048 10,298,001 10,297,177 
      
Current assets      
Current receivables   3,804 6,915 3,604 
Receivables from Group companies   33,511 11,185 24,306 
Short-term placements   310,311 400,000 260,311 
Cash and cash equivalents   33,555 91,401 68,414 
Total current assets   381,181 509,502 356,635 
      
TOTAL ASSETS   10,679,229 10,807,503 10,653,812 
 
EQUITY AND LIABILITIES 
     
      
Equity and liabilities      
Equity   10,668,770 10,802,866 10,645,516 
Receivables to Group companies   15 - - 
Current liabilities   10,444 4,637 8,296 
TOTAL EQUITY AND LIABILITIES   10,679,229 10,807,503 10,635,812

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

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YEAR -END  REPORT JANUARY -MARCH  202 5 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  
  2025 
Jan-Mar 
2024 
Jan-Mar 
2024 
Jan-Dec 
Geographical region       
India    360,423 316,847 1,350,600 
Middle East and Africa    68,923 53,500 253,512 
Rest of the world    67,532 56,841 259,106 
Revenue from contracts with customers    496,878 427,188 1,863,218

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

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YEAR -END  REPORT JANUARY -MARCH  202 5 TRUECALLER AB  
 
 
The geographical distribution is based on where the customer has their mobile subscription. 
 
 
 
Amounts in SEK 000s  
  2025 
Jan-Mar 
2024 
Jan-Mar 
2024 
Jan-Dec 
Type of service       
Advertising revenues    334,352 317,664         1,344,598 
User revenues    81,975 58,405 267,821 
Truecaller for Business    79,220 49,548 244,943 
Other revenues    1,331 1,571 5,856 
Revenue from contracts with customers    496,878 427,188 1,863,218 
 
Note 4.  Financial instruments 
 
Measurement of financial assets and liabilities at 31 March 2025 
 
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  -  7,384  7,384 
Non-current financial assets  32,698  -  32,698 
Claims on advertising networks and platform 
owners 
 -  124,977  124,977 
Trade receivables  -  132,040  132,040 
Short-term placements  934,991  -  934,991 
Cash and cash equivalents  -  461,980  461,980 
Total  967,689  726,381  1,694,069 
 
FINANCIAL LIABILITIES       
Trade payables  -  62,322  62,322 
Conditional consideration (earnout)  9,338  -  9,338 
Total  9,338  62,322  71,660 
 
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

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

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YEAR -END  REPORT JANUARY -MARCH  202 5 TRUECALLER AB  
 
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 
 
 
 
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 
  2025 
Jan-Mar 
2024 
Jan-Mar 
2024 
Jan-Dec 
Balance at 1 January   827,950 941,256 941,256 
Investment in short-
term placements 
  100,000 - 250,000 
Sale of short-term 
placements 
  - - -400,000 
Change in value 
recognized in profit 
and loss 
  7,041 13,382 36,694 
Closing balance   934,991 954,638 827,950 
 
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 
  2025 
Jan-Mar 
2024 
Jan-Mar 
2024 
Jan-Dec 
Balance at 1 January   10,307 8,404 8,404 
Acquisition value   - - - 
Payout   - - - 
Change in value 
recognized in profit 
and loss 
  -969 757 1,903 
Closing balance   9,338 9,161 10,307 
 
 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 
LTIP 2024 was approved on The Annual General Meeting on 
23 May 2024 and refers to an employee stock option 
program and share program for senior executives, key 
individuals and employees of the Truecaller Group. LTIP 
2024 consists of a maximum of 7,400,000 employee stock 
options and a maximum of 500,000 performance -based 
share rights.  
   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

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

25 
YEAR -END  REPORT JANUARY -MARCH  202 5 TRUECALLER AB  
 
equity. The Group recognizes a reserve for accrued social 
insurance costs for the program based on the estimated 
benefit value for participants.  
For detailed information about the incentive programs, 
refer to the 2023 annual report.  
    
Costs of incentive programs, 
SEKm   2025 
Jan-mar 
2024 
Jan-mar 
2024 
Jan-dec 
Cost of vested warrants per 
IFRS 2 
  -26,7 -10,5 -55,9 
Social insurance 
contributions 
  -22,4 -0,8 -17,8 
Costs of incentive programs   -49,1 -11,3 -73,8 
 
Note 6. Treasury shares 
Truecaller has during 2024 bought back 3,945,332 B shares 
for SEK 143.4 million including transaction costs. 
Truecaller's total holding of own shares per 2024-12-31 
amounts to 3,945,332 B shares and 6,100,000 C shares.  
 
Note 7. Related party 
transactions 
No transactions with related parties have been made 
during the period. 
 
Note 8. Events after the 
reporting period 
After the end of the reporting period, Truecaller surpassed 
450 million monthly active users.  
 
Ahead of the upcoming Annual General Meeting the 
nomination committee has proposed re -election of the 
existing board and a new election of Aruna Sundararajan 
as a board member.  The Board have also proposed a 
dividend of 1.70 SEK per share and that 3.9 million 
repurchased B-shares shall be cancelled.

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

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YEAR -END  REPORT JANUARY -MARCH  202 5 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, 2025-05-08 
 
 
 
Nami Zarringhalam 
Board Chair  
Alan Mamedi 
Director 
   
Annika Poutiainen 
Director  
Helena Svancar 
Director 
 
 
 
 
 
 
 
 
 
 
  
Shailesh Lakhani 
Director 
 Rishit Jhunjhunwala 
                              CEO

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

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YEAR -END  REPORT JANUARY -MARCH  202 5 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 28 =====

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YEAR -END  REPORT JANUARY -MARCH  202 5 TRUECALLER AB  
 
RECONCILIATION OF SELECTED KEY FIGURES THAT ARE NOT DEFINED UNDER IFRS 
 
 
Group, SEKm  
  2025 
Jan-Mar 
2024 
Jan-Mar 
2024 
Jan-Dec 
Gross profit and gross margin       
Net sales    496.9 427.2 1,863.2 
   Minus third party fees    -112.6 -104.4 -441.7 
Gross profit     384.3 322.8 1,421.5 
   Divided by Net sales    496.9 427.2 1,863.2 
Gross margin    77.3% 75.6% 76.3% 
 
EBITDA och EBITDA-margin       
EBIT (operating profit)   133.6 138.0  632.1 
  Excluding depreciation and amortization   15.4 13.0  52.1 
EBITDA   149.0 151.0  684.2 
  Divided by Net sales   496.9 427.2  1,863.2 
Adjusted EBITDA margin   30.0% 35.4%  36.7% 
 
EBIT (operating profit) and EBIT margin       
EBIT (operating profit)    133.6 138.0 632.1 
  Divided by Net sales    496.9 427.2 1,863.2 
EBIT margin    26.9% 32.3% 33.9% 
 
Equity to assets ratio       
Total equity   1,610.4 1,823.3  1,506.4 
  Divided by Total assets   2,058.4 2,204.1  1.955.5 
Equity to assets ratio   78.2% 82.7%  77.0%