===== SIDA 1 ===== 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 ===== SIDA 2 ===== 2 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 ===== SIDA 3 ===== 3 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. ===== SIDA 4 ===== 4 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 ===== SIDA 5 ===== 5 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 ===== SIDA 6 ===== 6 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 ===== SIDA 7 ===== 7 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 ===== SIDA 8 ===== 8 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% ===== SIDA 9 ===== 9 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. ===== SIDA 10 ===== 10 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. ===== SIDA 11 ===== 11 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 ===== 15 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 ===== 22 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 ===== 23 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 ===== 24 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 ===== 26 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 ===== 27 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 ===== 28 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%