FULLTEXT DEL 1 AV 1
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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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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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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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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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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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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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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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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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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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 =====
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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 =====
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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 =====
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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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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 =====
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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 =====
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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 =====
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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 =====
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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 =====
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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 =====
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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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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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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
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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.
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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
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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.
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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%