Kvartalsrapport Q1 2026

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===== SIDA 1 =====

The year -end  report refers to the group for which Truecaller AB (publ ) (559278 –2774) is the parent company, called Truecaller in the report.  
 
 
January-March 2026 
INTERIM REPORT

===== SIDA 2 =====

2 
INTERIM REPORT JANUARY -MARCH 2026  TRUECALLER AB  
Truecaller Interim Report Q1 2026 
 
FINANCIAL KEY FIGURES     
Group, SEKm (unless otherwise stated) 
 
  
2026 
Jan-Mar 
2025  
Jan-Mar 
2025  
Jan-Dec 
Net sales    361.6 496.9 1,912,2 
Gross profit    256.3 384.3 1,443,1 
Gross margin (%)    70.9% 77.3% 75.5 % 
EBITDA, excluding incentive costs    103.3 198.6 755.9 
EBITDA margin (%), excluding incentive costs    28.6% 40.0% 39.5% 
EBITDA    64.4 149.0 587.3 
EBITDA margin (%)    17.8% 30.0% 30.7% 
EBIT (operating profit)    45.8 133.6 523.0 
EBIT margin (%)    12.7% 26.9% 27.3% 
Profit or loss after net financial income or expense    47.9 140.6 549.1 
Basic earnings per share (SEK)    0.10 0.30 1.13 
Diluted earnings per share (SEK)    0.10 0.30 1.13 
Equity    1,.195.7 1,610.4 1,251.0 
Total assets    1,550.8 2,058.4 1,649.5 
Equity to assets ratio (%)    77.1% 78.2% 75.8% 
Employees at the end of the period    463 423 471 
 
 
January-March 2026 (Q1) 
Comparative figures refer to January-March 2025 
• Net sales decreased by 27 percent to SEK 361.6 million (496.9). Net sales in constant currencies decreased by 
approximately 16 percent. 
• Net sales decreased by 41 percent in India, decreased by 3 percent in the Middle East and Africa but increased 
by 19 percent in the rest of the world.  India’s share of net sales amounted to 59 percent (73), the Middle East 
and Africa accounted for 18 percent (14), and the rest of the world accounted for 22 percent (14) of net sales.  
• Advertising revenues decreased by 44 percent (-34 percent in constant currency) and now account for 52 
percent (67) of net sales. 
• Consumer subscription revenues increased by 37 percent (+52 percent in constant currency) and now 
account for 31 percent (16) of net sales. 
• Truecaller for business revenues decreased by 25 percent (-8 percent in constant currency) and now account 
for approximately 17 percent (16) of net sales. Excluding the decline in Business Messaging revenues due to the 
changed distribution model, revenues increased by 15 percent in local currency 
• EBITDA decreased by 57 percent to 64.4 (149.0), corresponding to an EBITDA-margin of 17.8 (30.0) percent. In 
constant currencies the EBITDA decrease was approximately 44 percent. 
• EBITDA excluding the costs of incentive programs decreased by 48 percent to SEK 103.3 million (198.6) 
equivalent to an EBITDA-margin of 28.6 (40.0) percent. In constant currencies the EBITDA decrease was 
approximately 37 percent. 
• Profit after tax amounted to SEK 32.5 million (101.7). 
• Basic earnings per share were SEK 0.10 (0.30) and diluted earnings per share were SEK 0.10 (0.30). 
• The average number of active users excluding iOS (MAU) increased by 51.3 million to 463.2 million (411.9).

===== SIDA 3 =====

3 
INTERIM REPORT JANUARY -MARCH 2026  TRUECALLER AB  
Significant events during the quarter 
● Truecaller’s recurring revenues (consumer subscriptions and business revenues) increased by 23% in 
constant currencies. Recurring revenues now account for approximately 47% of total revenues (32% in Q1 
2025) 
● Continued user growth, with Truecaller surpassing 500 million users (iOS + Android). During  the 
quarter, the average number of monthly active users excluding iOS (MAU) increased to 463.2 million, 
representing an increase of just over 12% compared to Q1 2025. The average number of daily active users 
(DAU), excluding iOS, increased to 403.2 million, up 13% compared to the same period in 2025. Compared 
to Q4 2025, MAU increased by approximately 9 million and DAU by approximately 10 million. 
● Advertising revenues declined to SEK 188 million, a decrease of approximately 34% in constant 
currencies and approximately 44% in SEK compared to the corresponding quarter last year.  The 
primary drivers behind the decline in constant currency were lower revenues from Truecaller’s largest 
partner in programmatic advertising, revenue loss from the Real Money Gaming (RMG) segment linked 
to the Indian Premier League in cricket, and the impact of the conflict in the Middle East. Direct sales from 
customers outside the RMG segment in India increased. During the quarter, focus included rebuilding the 
auction infrastructure to ensure equal treatment of all partners in the auction process. Direct sales during 
the quarter (excluding RMG) showed positive signals, inclu ding growth both versus Q1 and Q4 2025, an 
increasing share of annual contracts, and greater diversification across sectors. 
● Truecaller surpassed four million paying subscribers, and subscription revenues increased to SEK 112 
million, representing growth of 52% in constant currency and 37% in SEK. The average number of paying 
subscribers increased by 43% compared to the previous year. Subscriber growth was strong on both iOS 
(69%) and Android (32%). Revenues were driven by a higher conversion rate —0.80% (0.63% in the 
corresponding quarter of 2025)—to paying users, as well as an increase in average revenue per paying 
user (ARPU), excluding currency effects. On iOS, the conversion rate is now 4.17% (2.67%), and on Android 
it is 0.55% (0.47%). iOS accounted for 48% (43%) of premium revenues, although revenues are growing on 
both platforms. Subscription revenues increased across all regions. 
● Revenues from Truecaller for Business (TfB) decreased to SEK 59.4 million, representing a decline of 
approximately 8% in constant currencies and 25% in SEK. For Verified Business, ARR in constant currency 
was 19% higher compared to the same quarter last year and stable compared to the previous quarter. 
Average revenue churn amounted to 2.4% (2.4%). Sales growth was strongest outside India, while growth 
in Indi a slowed due to increased competition. Truecaller’s second -largest business product, Business 
Messaging, reported significantly lower revenues compared to both the previous year and the previous 
quarter. This is a direct result of Truecaller’s decision to move away from a previously exclusive 
partnership to a model with multiple CPaaS partners. During 2024 and 2025, Business Messaging volumes 
in India grew rapidly under the exclusive partnership, but this created dependency on a single partner 
and market. In Q1, the business transitioned to a global multi-partner model. Six new aggregator partners 
(including Gupshup, Sinch, Onextel, and Netcore) were onboarded into commercial traffic during the 
quarter, and more partners are in  the pipeline. Volumes and revenues are currently significantly lower 
than before as the new partners ramp up. However, the strategic upside is substantial, as the Business 
Messaging base is now diversified across partners and geographies, with volumes exp ected to scale 
gradually during the year. 
● During the quarter, Truecaller repurchased 9.9 million Class B shares, corresponding to 2.8% of the 
outstanding share capital. 
Events after the period 
• The company has sent out the notice to the Annual General meeting on the 22nd of May. The Board 
proposes the AGM a dividend of 0.28 SEK per share and  that 16,274,926 repurchased Class B shares be 
cancelled, corresponding to 4.6% of the outstanding share capital 
• The Nomination Committee proposes the AGM a re-election of the current Board of Directors, with the 
exception of Helena Svancar, who has declined re -election and the election of Sandeep Bhushan as a 
new Board member. Sandeep brings extensive experience from leading advertising platforms and most 
recently served as India Director of Global Marketing Solutions at Meta.  
• Truecaller has initiate d a restructuring of its organisation which will lower the headcount with 
approximately 70 FTEs. The second quarter is expected to include a one -off restructuring cost of 
approximately SEK 22 million and the company expects staff costs excluding incentive costs to be at 
least 20% lower from Q3 compared to the Q1 level.

===== SIDA 4 =====

4 
INTERIM REPORT JANUARY -MARCH 2026  TRUECALLER AB  
 
User and premium growth continue, while we strengthen the platform 
for the future 
The first quarter of 2026 was characterized by continuing growth of both Premium users and free users, taking us to new 
records highs of 4 million paying users, and half a billion total users. Additionally, we executed with a strong focus to counter the 
recent revenue headwinds and weaker profit development, but they did prevail this quarter as well. 
User growth remained solid with a growth of 12.5% year-over-year and adding another 9 million users during the quarter. In the 
current environment, we have taken a more disciplined approach to user acquisition in low ARPU regions which to some extent 
impacts the user growth, but we believe this is the right approach in the near term. During the quarter, we reached an amazing 
milestone, with more than 500 million people using Truecaller globally (iOS and Android combined). To support organic user 
growth and accessibility, we have launched Truecaller Lite, a limited version of the Truecaller app. This initiative allows us to 
expand our reach and improve the user experience for a large audience that uses low end devices with less reliable 
connectivity.   
Advertising revenues remained muted during Q1 and declined by 34% year-over-year in constant currencies. We expect ad 
revenues to remain soft in Q2, while we continue to execute on our long term strategy to reverse the current trend. The softn ess 
in revenue is primarily driven by the challenges with the key demand partner as well as the broader macro environment, 
including geopolitical uncertainty in the Middle East. Currency movements also continued to be a headwind, with the 
strengthening of the Swedish krona impacting reported revenues. In terms of executing on our long term strategy, we have 
made progress in reducing dependency on any single partner by advancing a unified, auction-based monetisation 
infrastructure, where initial testing has shown positive results and will continue through Q2 as we scale towards broader 
adoption, enabling greater partner participation and competition for our inventory, which we expect to support pricing over 
time. During the quarter we experienced a positive momentum in Direct Ad Sales, driven by a more diversified and proactive 
market approach, increased focus on performance-led campaigns, and expansion of longer-term client relationships, partially 
offsetting the gap created by the RMG segment ban in India last year. At the same time, we expanded our global Direct Sales 
footprint through strategic partnerships, entering new markets and building early traction with new advertisers, while seeding 
demand across regions where our presence was previously limited.  
 
 
 
CEO WORD Q1 2026

===== SIDA 5 =====

5 
INTERIM REPORT JANUARY -MARCH 2026  TRUECALLER AB  
Over time, our ambition is to evolve into an ad exchange 
ourselves, with increased competition for our ads inventory 
from both programmatic, partner, and direct sales, giving 
us greater control and resilience in our ads business. 
 
Premium revenues from consumers continue to be a good 
growth engine for the company with a growth of 52% year-
over-year in constant currencies. We are seeing consistent 
global growth driven by higher conversion, stable ARPU, and 
increasing user appreciatio n for Premium capabilities. 
During the quarter, we surpassed 4 million Premium users. 
In several markets, Premium revenues have doubled year -
over-year, with solid performance across both iOS and 
Android. We have also started to initiate our new partner 
strategy, which will include bundled offerings and reseller 
partnerships outside the app stores, which will scale further 
in the second half of the year. Premium is increasing its 
share of revenue and remains a highly efficient, high -ARPU 
business. We continu e to believe that the current 0.8% 
Premium user base has a long runway for growth. 
 
Within Truecaller for Business, we saw mixed dynamics and 
revenues declined by 8% year -over-year in constant 
currencies. Our core Verified Business revenues grew year-
over-year in local currency and remained stable 
sequentially versus Q4, primarily impacte d by the 
competition from telco offerings in India. Revenue churn is 
at similar levels as the same period last year and growth 
outside of India continues, but due to the cheaper, although 
limited, competitive offering in India, we signed less 
customers in the previous quarter than we used to. In Q1, we 
have to some extent recovered in new sales. In Business 
Messaging, we have executed a significant strategic 
transition that we spoke about in the last quarter. We have 
moved from a single -partner setup in Ind ia to a global 
multi-partner model. While this shift has led to lower 
volumes and revenues in the short term as our new 
partners ramp up, it creates a far more diversified and 
scalable foundation. With several new CPaaS partners 
already onboarded and additional partners in the pipeline, 
we are positioning the business for meaningful global scale, 
with the ambition to over time reach at least the same 
scale as previously, rather than relying on a single market 
and counterpart. 
 
As a result of the evolving revenue mix  — driven by strong 
Premium growth, increasing contribution from Truecaller 
for Business outside India, and softer advertising revenues—
we are seeing a more diversified geographical footprint. 
Revenues from markets outside India and MEA continue to 
grow steadily, with India now representing around 60% of 
total revenues, compared to approximately 80% at its peak. 
 
Net sales decreased by approximately 16% in constant 
currencies, due to the headwinds in our ads business. 
Recurring revenues, an important part of our strategy, grew 
with 23% in constant currencies and now makes up 47% of 
total net sales (32% in Q1 2025).  EBITDA in Q1 was SEK 64 
million, a decline of 44% in constant currencies and 
equivalent to an EBITDA -margin of 18%, which is well below 
our ambition. 
Given the revenue challenges while we rebuild our ads and 
Business Messaging models, we are taking decisive steps 
to increase efficiency and focus further. We are simplifying 
and reorganizing our operations to make it leaner, this 
includes centralizing certain parts of our business to create 
efficiency and clearer prioritisations. We will reduce our 
staff count materially, with approximately 70 positions, and 
consequently incur a one -off restructuring cost of 
approximately SEK 23 million in Q2. From Q3 onwards, our 
seasonally adjusted staff costs, excluding incentive costs, is 
expected to be at least 20 percent lower than they were at 
the beginning of 2026 a s a consequence of this 
restructuring as well as the efficiency initiatives initiated in 
Q1. This reduction in staff count was a very hard decision to 
make, but an important one to ensure we remain focussed 
and disciplined during this low revenue period. 
 
Given the current revenue challenges, we 
are taking decisive actions to i ncrease 
efficiency further. We will reduce our 
headcount materially, and from the third 
quarter our seasonally adjusted staff costs, 
excluding incentive costs, are expected to be 
at least 20 percent lower than at the 
beginning of 2026.  
 
We continue to maintain a strong financial position. Our 
balance sheet remains robust, with close to SEK 1 billion in 
cash and no financial debt. While profitability remains 
positive, margins are currently below our long -term 
ambitions due to the ongoing transitions. At the same time, 
we continue to generate positive cash flow and the 
measures we are taking will increase profitability going 
forward.  Ahead of the AGM which will be held in May the 
Board has proposed a dividend in line with our dividend 
policy of 0.28 SEK per share and have also proposed to 
cancel 16.3 million repurchased shares equivalent to 
approximately 4.6% of outstanding capital.  
 
In the last quarter, I mentioned that 2026 will be a 
transformative year for us, building on the company’s 
success to create long term resilience and growth. This 
transformation is underway and we’re executing well on our 
strategy of maturing our ads busin ess and focusing on 
recurring revenue growth, while continuing to grow the 
number of people using Truecaller globally. This execution 
in the coming quarters is critical, and the entire team and I 
won’t rest until we are satisfied. Once we are past this 
phase, I’m very confident that we will start seeing the gain 
on our investments and in the meantime we will make sure 
that the company is lean enough to be agile and laser 
focused. 
 
Rishit Jhunjhunwala, CEO

===== SIDA 6 =====

6 
INTERIM REPORT JANUARY -MARCH 2026  TRUECALLER AB  
Truecaller at a glance 
Quarterly review, financial data  
FINANCIAL KEY FIGURES     
Group, SEKm (unless otherwise stated) 
 
  
2026 
Jan-Mar 
2025 
Jan-Mar 
2025  
Jan-Dec 
Net sales    361.6 496.9 1,912.2 
Gross profit    256.3 384.3 1,443.1 
Gross margin (%)    70.9% 77.3% 75.5% 
EBITDA, excl. incentive costs    103.3 198.6 755.9 
EBITDA margin (%), excl incentive costs    28.6% 40.0% 39.5% 
EBITDA    64.4 149.0 587.3 
EBITDA margin (%)    17.8% 30.0% 30.7% 
EBIT (operating profit)    45.8 133.6 523.0 
EBIT margin (%)    12.7% 26.9% 27.3% 
Profit or loss after net financial income or expense    47.9 140.6 549.1 
Basic earnings per share (SEK)    0.10 0.30 1.13 
Diluted earnings per share (SEK)    0.10 0.30 1.13 
Equity    1,195.7 1,610.4 1,251.0 
Total assets    1,550.8 2,058.4 1,649.5 
Equity to assets ratio (%)    77.1% 78.2% 75.8% 
Employees at the end of the period    463 423 471 
 
 
 
OPERATIONAL KEY FIGURES 
     
January- March 2026  Total India 
Middle East & 
Africa 
Rest of the 
world 
Monthly Active Users excl. iOS (MAU), quarterly average 
(millions)  463.2 333.9 96.6 32.7 
Daily Active Users excl. iOS (DAU), quarterly average 
(millions)  403.2 298.0 78.1 27.1 
Average ad sales revenue per non-iOS DAU (SEK)  0.47 0.42 0.49 0.86 
Average monthly revenue per user (ARPU) for premium 
subscriptions (SEK)  9.61 6.34 8.44 15.93 
January - 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

===== SIDA 7 =====

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INTERIM REPORT JANUARY -MARCH 2026  TRUECALLER AB  
January-December  2025  Total India 
Middle East & 
Africa 
Rest of the 
world 
Monthly Active Users excl. iOS (MAU), quarterly average 
(millions)  433.6 313.1 88.2 32.3 
Daily Active Users excl. iOS (DAU), quarterly average 
(millions)  373.7 277.0 71.2 25.5 
Average ad sales revenue per non-iOS DAU (SEK)  3.24 3.19 2.91 4.66 
Average monthly revenue per user (ARPU) for premium 
subscriptions (SEK)  9.96 7.06 8.09 15.99 
 
 
  
  
  
  
412 427 442 454 463
356 367 379 393 403
0
50
100
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250
300
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450
500
Q125 Q225 Q325 Q425 Q126
Users excl. iOS, in million
Monthly Active Users (MAU), avg Daily Active Users (DAU), avg
523 497 496 468 451
361
0
100
200
300
400
500
600
Q424 Q125 Q225 Q325 Q425 Q126
MSEK
Net sales
403
384 383
354
321
256
60%
65%
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75%
80%
0
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350
400
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Q424 Q125 Q225 Q325 Q425 Q126
MSEK
Gross profit Gross margin
231
199
212
186
160
103
0%
10%
20%
30%
40%
50%
0
50
100
150
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250
300
Q424 Q125 Q225 Q325 Q425 Q126
MSEK
EBITDA excl. incentive costs
EBITDA EBITDA-margin
201
149
173 173
103
64
0%
10%
20%
30%
40%
50%
0
50
100
150
200
250
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Q424 Q125 Q225 Q325 Q425 Q126
MSEK
EBITDA incl. incentive costs
EBITDA EBITDA-margin
33% 33%
38%
43%
48%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Q125 Q225 Q325 Q425 Q126
Recurring revenues share of total net sales
Share recurring revenues

===== SIDA 8 =====

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INTERIM REPORT JANUARY -MARCH 2026  TRUECALLER AB  
Financial performance 
First quarter 2026 (January-March) 
Revenues 
Total revenues during the first quarter decreased by 26 
percent compared to the corresponding quarter the 
previous year and amounted to SEK 373.7 (506.5) million. 
Currency effects had a substantial negative effect on 
revenues during the quarter. The decrease in constant 
curencies is estimated to  have been  17 percent. Other 
income amounted to SEK 12.1 (9.7) million.  Other income 
includes capitalization of internally developed intangible 
assets. 
 
Net sales amounted to SEK 361.6 (496.9) million during the 
first quarter, a  decrease by 27 percent  compared to the 
corresponding quarter the previous year. Net sales 
degrowth in constant currencies is estimated to have been 
16 percent, see Currency exposure below. 
 
Net sales distributed by region 
Net sales decreased by by 41 percent in India to SEK 214.4 
million (SEK 360.4 million) and  3 percent in the Middle East 
& Africa (MEA) to SEK 66.5 million (SEK 68.9 million) but 
increased by 19 percent in the Rest of the World (RoW) to 
SEK 80.6 million (SEK 67.5 million). Sales growth in all 
reported regions was negatively affected by the 
strengthened Swedish Krona (SEK). 
 
 
Net sales distributed by service 
Ad revenues decreased by 44 percent to SEK 188.0 million 
(SEK 3 34.4 million). In fixed currencies, ad revenues are 
estimated to have decreased by 34 percent.  
 
Ad revenue per daily active user (DAU), excluding iOS, 
decreased to SEK 0. 47 (SEK 0.94) and decreased by 42 
percent in fixed currencies.   Ad revenues decreased in all 
regions with the largest decrease in India. 
 
Average prices for Truecaller’s advertising products (CPM) 
decreased compared with the same period last year. 
Number of ad impressions generating revenue for 
Truecaller declined somewhat compared to the first 
quarter of 2025. Revenues from Truecaller’s largest 
advertising partner have declined significantly since mid –
Q3. In addition, the ban on Real Money Gaming (RMG) 
introduced in India during Q3 2025 has reduced overall 
demand for digital advertising, negatively impacting many 
advertising platforms. For Trueca ller, this has resulted in 
lower revenues compared to the first half of 2025, when the 
company benefited f rom revenues from the sector in 
connection with the Indian Premier League in cricket in 
India. 
 
Truecaller continues to work on its long -term strategy to 
diversify advertising revenues both in terms of channels 
and geography, as well as to increase the value added of 
the company’s advertising. 
 
Revenues from premium subscriptions increased by 37 
percent to SEK 112.3 million (82.0). Revenue growth in 
constant currencies amounted to 52 percent. The strongest 
relative revenue growth was recorded on iOS. Premium 
revenues continue to grow steadily as a result of an 
improved offering, with more launched features combined 
with more targeted marketing of the premium service. The 
average number of paying users increased by 43 percent 
compared to the same quarter last year and amounted to 
3.96 million (2.77  million). The conversion rate to paying 
users continued to increase and averaged 0.80% (0.63%) 
during the quarter. Average revenue per user increased in 
constant currencies but decreased in SEK and amounted to 
SEK 9.61 (9.86). Revenues from iOS account fo r 
approximately 48% (43%) of total premium revenues, and 
the average number of subscribers on iOS increased by 69 
percent compared to the same period last year and by 32 
percent for Android. The conversion rate on iOS amounted 
to 4.17% (2.67%). Revenues gr ew steadily across all regions, 
with the strongest growth in MEA and RoW. 
 
Revenues from Truecaller for Business decreased by 25 
percent to SEK 59.4 million (79.2). In constant currencies, the 
decline is estimated at 8 percent. Revenues from Verified 
Business increased in local currency, revenues from 
Business Messaging decreased significantly, and revenues 
from other products increased. For Verified Business, 
annual recurring revenue (ARR) decreased by 3 percent to 
SEK 223 million (231 million). ARR growth in constant 
currencies amounted to approximately 19 percent 
compared to th e same period last year and was stable 
compared to Q4 2025. Truecaller’s business services are 
highly appreciated by customers, which has historically 
resulted in low churn. Revenue loss from such customer 
churn in relation to total revenues averaged approximately 
2.4 percent (2.4%) during the quarter. Increasing 
India 59.3%
Africa and Middle East
18.4%
RoW 22.3%

===== SIDA 9 =====

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INTERIM REPORT JANUARY -MARCH 2026  TRUECALLER AB  
competition for Truecaller’s original service in this area  —
verified calls from businesses  — is rising, including through 
so-called Business CNAP in India. Truecaller is addressing 
this development by building new services that 
complement the core offering and create unique value for 
business customers. In the short term, however, increasing 
competition may lead to a lower growth rate in this area. 
 
Within Business Messaging, the partner model was 
reshaped during the first quarter. During 2024 and 2025, 
Business Messaging volumes in India were built through an 
exclusive partnership with one partner, which quickly 
resulted in significant volumes but al so created 
dependency on a single counterparty and market. In the 
first quarter, the business transitioned to a global multi -
partner model. As a result, volumes with the previous 
exclusive partner declined sharply. Commercial volumes 
and revenues in Q1 are  therefore significantly lower than 
before as the new partners are being phased in. However, 
the strategic upside is considerably larger, as the Business 
Messaging base is now diversified across both partners 
and geographies, with volumes expected to scale  
gradually during the year. 
 
Other revenues within net sales amounted to SEK 1.9 million 
(SEK 1.3 million). 
 
Gross profit 
Gross profit decreased by 33 percent to SEK 256.3 million 
(SEK 384.3 million) compared to the same period last year. 
The gross margin amounted to 70.9 percent (77.3 percent). 
The lower gross margin during the quarter is primarily due 
to server and verification costs not varying with net 
revenue. As net revenue has declined, these costs therefore 
represent a larger share of revenue, resulting in a lower 
gross margin. 
 
The gross margin has also been negatively impacted by 
the fact that, compared to Q1 2025, Truecaller is now able to 
quantify commissions for a larger number of smaller 
advertising partners and partners within Truecaller for 
Business than before. This means  that revenues can be 
reported on a gross basis, with commissions recorded as 
distribution costs. This increases both revenue and 
distribution costs, thereby reducing the margin, although it 
does not impact profit. 
 
Both advertising revenues and premium revenues have a 
cost of goods sold that is broadly constant as a share of net 
revenues. Truecaller for Business also has internal sales 
costs that are recorded as cost of goods sold. These costs 
have a less direct rela tionship to net revenues, which 
means that gross margin within this area can fluctuate 
somewhat more between quarters. 
 
Operating profit 
EBITDA excluding costs for incentive programs decreased 
by 48 percent and amounted to SEK 103.3 million (SEK 198.6 
million), with an EBITDA margin excluding incentive costs of 
28.6 percent (40.0 percent). The decline in fixed currencies 
amounted to approximately 37 percent. 
EBITDA including costs for incentive programs decreased 
by 57 percent to SEK 64,4 million (SEK 149.0 million), with an 
EBITDA margin of 17.8 percent (3 0.0 percent). In fixed 
currencies, EBITDA decreased by approximately 44 percent 
compared to the same period last year.  
 
Operating profit (EBIT) decreased by 66 percent to SEK 45.8 
million (SEK 1 33.6 million), corresponding to an operating 
margin of 12.7 percent (26.9 percent). 
 
Staff costs excluding incentive programs increased by 1 
percent and amounted to SEK 94.3 million (SEK 92.9 million). 
Salary costs primarily increased as a result of the annual 
salary adjustmen ts. Staff costs  including incentive costs  
during the period de creased by 6 percent to SEK 133.2 
million (SEK 142.4 million).  
 
The Group's long -term incentive program resulted in a 
salary-related cost of SEK 42.9 million (SEK 27.1 million) with 
a corresponding increase in equity, and social security 
contributions of SEK -4.0 million (SEK 22.5 million) which is 
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 (Restricted Stock Units) are exercised by Swedish 
employees, and an accounting cost for th e potential 
dilution that arises through stock options and RSUs. Only the 
social security contributions affect cash flow —and only if 
and when options or RSUs are redeemed. The salary -
related costs increased due to the launch of the annual 
incentive program for 2025. Incentive costs related to salary 
are valued at fair value and are amortized over the 
program's term. The social security contributions are 
affected by the share price at each reporting date and may 
therefore amount to higher sums in the event o f a positive 
share price development, which can create volatility in the 
income statement. See further information in note 5. 
 
Other external costs decreased by 31 percent to SEK 70.8 
million (102.6) compared to the same period last year. The 
decrease was primarily due to lower costs for preloads and 
user acquisition, as well as higher marketing costs in Q1 
2025 when a major campaign was conducted fo r the 
launch of Truecaller’s new iOS product. 
 
Profit and earnings per share for the period 
Profit before tax decreased by 66 percent to SEK 47.9 million 
(SEK 140.6 million). Net profit for the period after tax 
amounted to SEK 32.5 million (SEK 101.7 million). Net financial 
income amounted to SEK 2,0 million (SEK 7.0 million). 
 
The total tax expense amounted to SEK 15.4 million (SEK 38.9 
million), corresponding to an effective tax rate of 32.2 
percent (27.7 percent) for the Group. The effective tax rate 
is a combination of the Swedish and Indian corporate tax 
rates. Since programmatic advertising revenues from the 
company’s largest advertising partner, which are recorded 
in the Swedish operations, have declined sharply, a 
significantly smaller share of the group’s total profit is now 
recognized in Sweden. This, in turn, has resulted in the 
group’s tax rate for the quarter being dominated by the

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

10 
INTERIM REPORT JANUARY -MARCH 2026  TRUECALLER AB  
Indian corporate tax rate. The group is currently reviewing 
its internal agreements regarding revenue allocation. 
Meanwhile, the lower programmatic advertising revenues 
mean that the Swedish tax rate will have a smaller impact 
on the group’s overall tax rate than previously, resulting in a 
tax rate higher than historical levels. 
 
Earnings per share before dilution amounted to SEK 0. 10 
(SEK 0.30) and after dilution to SEK 0.10 (SEK 0.30). 
 
Cash flow and financial position 
Cash flow from operating activities amounted to SEK 88.6 
million (SEK 110.0 million), of which SEK 12.5 million (SEK -11.2 
million) is attributable to changes in working capital and 
SEK -29.6 million (SEK -68.0 million) is attributable to paid 
income tax. Cash flow from investing activities amounted 
to SEK 41.5 million (SEK -109.8 million) and included sale of 
short-term interest funds of 50.0 million (-). Cash flow from 
financing activities amounted to SEK -135.4 million (SEK -9.5 
million) and included repurchases of own shares of SEK -
126,2 million (SEK - million). Net cash flow for the period 
amounted to SEK -5.3 million (SEK -9.3 million). 
 
At the end of the quarter, Truecaller had cash and cash 
equivalents amounting to SEK 371.9 million (SEK 462.0 
million) and SEK 550.8 million (SEK 935.0 million) placed in 
short-term interest funds. The solvency ratio amounted to 
77.1 percent (78.2 percent). 
 
Truecaller has a revolving corporate credit facility of SEK 
500.0 million (SEK 500.0 million). As of the balance sheet 
date, SEK - (-) million had been utilized. The revolving 
corporate credit facility is available until 2028. 
 
The Group's total assets as of March 31, 2026, amounted to 
SEK 1, 550.8 million (SEK 2,058.4 million). The carrying 
amounts for financial assets and financial liabilities are 
assessed to substantially correspond to their fair value. 
 
The Group's  total trade receivables decreased and 
amounted to SEK 126.0 million (SEK 132.0 million) and 
receivables from advertising networks and platform owners 
amounted to SEK 78.4 million (SEK 124.9 million). Compared 
to the previous quarter, trade receivables decreased. 
Payment terms for the company's customers are normally 
30–90 days. Truecaller closely monitors customer 
payments to ensure that overdue payments are kept as low 
as possible. Customer s who do not pay according to 
business agreements are terminated. Reported but not yet 
realized customer credit losses in the balance sheet 
amounted to SEK 11.4 million (SEK 8.8 million) as of March 31, 
2026. Receivables from advertising networks and platform 
owners are mainly linked to outstanding receivables from 
platforms like Google. 
 
Investments 
During the first quarter of 2026, SEK 10.0 (8.6) million were 
capitalized as internally developed intangible assets. 
Truecaller capitalizes certain development investments 
where future financial benefits can be accurately 
forecasted. Most of the Group’s development work is 
however taken as a direct cost, as the future financial 
benefits of on -going development work is difficult to 
forecast accurately. 
 
 
 
Currency exposure 
The majority of Truecaller's  revenues are denominated in 
Swedish Krona (SEK) through partners such as Google and 
Apple. Therefore, there is limited direct currency exposure. 
These partners, in turn, invoice users of Truecaller's services 
partly in local currencies, which entails an indirect currency 
exposure for Truecaller. However, Truecaller does not have 
complete information on the currency exposure or how the 
currency impact is managed by the partners and can 
therefore currently not quantify the indirect currency 
exposure with precision. 
 
The largest currency risks are connected to INR (Indian 
Rupee) and USD (US Dollar). A weakening of the SEK against 
these currencies has a positive effect on the company's 
sales and earnings, even though it simultaneously 
increases the company's costs. 
 
The company estimates that exchange rate changes had 
a negative impact on net sales of approximately SEK 57 
million during the  first quarter of 202 6 compared to the 
corresponding quarter in 202 5. This was due to a 
strengthening of the SEK against most foreign currencies, 
on average by 19% against the INR and 14% against the USD, 
compared to the same period in 202 5. The company also 
estimates that exchange rate changes had a negative 
effect on EBITDA of approximately SEK 20 million, 
corresponding to approximately 2.3 percentage points on 
the EBITDA margin. 
 
Parent company 
Parent company income for the quarter amounted to SEK 
3.0 (6.6) million which refers to billing of subsidiaries for 
services rendered. The profit before tax amounted to SEK 1.5 
(-4.3) million. The profit after tax amounted to SEK 1.2 (-3.4) 
million. Cash and cash equivalents on 31 March 2026 
amounted to SEK 22.3 (33.6) million. In addition to the cash 
and cash equivalents the parent company has SEK 180.9 
(310.3) million invested in short-term interest rate funds. No 
investments have taken place in intangible or tangible 
assets. At the end of the period, 1 (2) person was employed 
in the parent company. 
  
-50
50
150
250
Q424 Q125 Q225 Q325 Q425 Q126
MSEK
Development receivables
Trade receivables
Receivables ad networks and platforms

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

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INTERIM REPORT JANUARY -MARCH 2026  TRUECALLER AB  
Product update  
Against a challenging revenue backdrop, Truecaller’s 
product initiatives are increasingly concentrated on 
widening the addressable market across every part of the 
business. The quarter saw two landmark milestones: the 
Premium subscriber base crossed 4 mill ion, and the 
overall user base crossed 500 million monthly active 
users by the end of March.  
 
Alongside these milestones, Truecaller continued to 
invest in initiatives that extend its reach along several 
axes: from individuals to households (Family Protection); 
to user segments previously out of reach (Truecaller Lite 
for entry -level devices); thro ugh new distribution 
channels (Premium partnerships); new geographies 
(Business Messaging moving to a global multi -partner 
model); and the expansion of revenue streams from 
existing assets (Identity Management SDK, number 
intelligence). In parallel, Trueca ller took another step 
toward a proprietary, direct-sold advertising stack. 
 
Family Protection goes global 
Family Protection is Truecaller’s household -level safety 
product, which allows a designated family administrator to 
extend the app’s spam and fraud protections through 
customized settings and real -time intervention on 
suspicious calls. Introduced in Q4 2025 as a free pilot in four 
select markets, the product was rolled out globally during 
the first quarter of 2026, including in India, Truecaller's 
largest market. Within roughly 30 days of the global launch, 
over 3 million families had been created, an early  signal 
that the demand for shared, multi -generational safety is 
both real and scalable. 
 
The product remains free to set up, with advanced 
protections available through Truecaller Family Premium. 
On iOS, the product reached feature parity with Android 
during the quarter, closing the ecosystem gap and allowing 
iPhone-based administrators to pro tect Android -first 
family members. 
 
Family Protection also anchored the quarter's Premium 
marketing activity. The global launch was amplified 
alongside campaigns across the quarter, and the Premium 
Family Plan was positioned as the default way to act on the 
new safety layer. 
 
 
  
 
 
Sharpening the core trust engine 
With Family Protection acting as the packaging of the 
company's safety work, the underlying trust engine 
continued to get sharper. A new machine -learning 
powered name ranker — the process that selects the 
names Truecaller shows for each number — went into 
production A/B test in India and Egypt during the quarter. 
On contested numbers, where multiple plausible names 
exist for a single number, the new ranker lifted accuracy 
from 35 percent to 83 percent. It is the first ML -powered 
name ranker Truecaller has p ut into production, and it will 
continue to self -improve as it sees more real -world traffic 
through Q2 and beyond. 
 
Fraud detection saw two material upgrades in parallel. A 
new graph -based fraud detection model moved to 
production, surfacing roughly seven times more fraud 
numbers than conventional detection, with accuracy 
reaching 83 percent against a 75 percent baselin e. 
Truecaller's primary caller -fraud scoring model was also 
upgraded, roughly doubling the volume of fraud 
impressions without any loss in accuracy, helping flag risky 
callers to a materially larger set of users every day. 
 
Alongside these platform-wide model upgrades, Truecaller 
continues to invest in market -specific localization to make 
the product more relevant and sticky in each country, 
rather than offering a one -size-fits-all experience. In Chile, 
Truecaller launched a new iPhone feature that blocks 
inbound calls from two number series frequently used for 
unsolicited marketing and nuisance calls. This extends a 
pattern already live in other markets, where Premium users 
on both iOS and Andr oid can block specific number se ries 
for special purpose calls. Truecaller plans to extend this

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

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INTERIM REPORT JANUARY -MARCH 2026  TRUECALLER AB  
pattern of shipping targeted, market specific spam 
protections to more markets and regions in the coming 
months. 
 
Voicemail adoption in India has historically been minimal; 
constrained by outdated interfaces and paid retrieval 
models, voicemail never gained broad consumer adoption. 
Truecaller's own voicemail product, launched in India in Q4 
2025, scaled to 100 percent  of Indian users during the 
quarter. By the end of March, over 5 million voicemails were 
being left every day, with hundreds of thousands of new 
users setting up their first -ever voicemail inboxes every 
week. Beyond creating a new reason to use Truecaller every 
day, the product also serves as a freemium gateway into 
the Premium Assistant experience.  
 
  
 
The new generation of Truecaller Assistant completed its 
migration during the quarter, with rollouts in Chile, Israel, 
and Sweden. This makes the new Assistant experience, 
which includes a more life -like conversational experience 
and real-time fraud detect ion — available across eight of 
Truecaller’s focus markets. On iOS, Live Activities were 
added for the Assistant, which means users can now see a 
screened call unfolding on the lock screen in real time and 
easily take over the call if it turns out to be le gitimate. 
Underlying infrastructure upgrades during the quarter cut 
transcription costs by roughly half, and expanded 
language coverage substantially, improving the unit 
economics of Truecaller’s voice AI products as they scale. 
 
Finally, Q1 saw the soft launch of Truecaller Lite, a lighter, 
lower-footprint version of the Truecaller app designed for 
entry-level devices . This meaningfully widens Truecaller’s 
addressable market in emerging markets; being on a 
lower-end device is no longer a barrier to having Truecaller, 
and this extends the product’s reach to a substantial new 
pool of users whose phones could not comfortably run the 
full version. Truecaller Lite is ad -supported, meaning that 
every new user it brings in is immediately  monetizable. 
Truecaller Lite went live on select devices in Nigeria and 
Colombia in February, with plans to expand availability 
across devices and markets in Q2 and beyond. decisions, 
effortlessly distinguishing between potentially urgent 
personal matters and random solicitations. 
 
Validating the Premium value proposition 
at four million subscribers 
Premium remained the company’s most consistent growth 
engine through the first quarter, crossing 4 million 
subscribers in mid -February. Despite continued currency 
headwinds, total Premium revenue reached SEK 112.3 
million, an increase of 37 percent year ov er year, but 52 
percent in constant currencies. On a yearly basis, iOS 
revenue grew 56 percent, more than double Android's 27 
percent, reflecting the continuing payoff of the Live Caller ID 
launch on iPhone a year earlier and a Premium feature set 
that has now substantially caught up with Android. 
 
The subscriber base grew 43 percent year over year, with 
iOS subscription growth at 69 percent year over year, again 
more than double Android's 32 percent. Nigeria grew 89 
percent year over year, with iOS revenues in the country up 
more than 250 percent du ring the time. Premium 
subscriptions in Colombia, South Africa, Malaysia, and 
Israel also posted strong gains during the quarter. 
 
On the distribution side, Q1 also saw meaningful progress 
on Premium partnerships, which are set to become a more 
visible growth lever through the rest of 2026. The 
Monetization Engine gained the ability to dynamically 
bundle partner offers into Premium pl ans, with different 
partners available by audience and market, giving 
increased flexibility to add partners on the fly. Custom 
promo code support went live on both iOS and Android, and 
a reseller API was built out to take Premium distribution 
beyond the ap p stores. Strategically, this is a meaningful 
addressable market expansion for Premium, extending 
Truecaller’s distribution reach beyond what direct app store 
funnel optimization alone can deliver. 
 
Scaling trust for the enterprise 
The most consequential shift in Truecaller for Business 
during Q1 was the reshaping of the Business Messaging 
partner model. Through 2024 and 2025, Business 
Messaging volume in India had been built on an exclusive 
partnership with a single aggregator, which drove scale 
quickly but left the line concentrated on one counterparty 
and one market. During Q1, the line moved onto a multi-
partner model worldwide, with five aggregator partners — 
Gupshup, Route Mobile, Onextel, Bird, and Infobip — and 
several additional global partners in the pipeline. The 
near-term trade-off is lower commercial volumes than 
the previous baseline as the new partner set ramps, but 
the strategic upside is considerably larger. The Business 
Messaging base is now diversified across partners and 
geographies, and Truecaller has the distribution structure 
to reach meaningful global scale in the coming quarters, 
rather than being dependent on a single aggregator's 
India footprint.

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

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INTERIM REPORT JANUARY -MARCH 2026  TRUECALLER AB  
During the quarter, Truecaller's Identity Management SDK 
began its transition from a free developer utility to a 
commercial, usage-based product. The first set of deals 
closed during the quarter with long-term contracts, 
including one customer where the commercial case was 
led by the SDK. New SIM and device binding capabilities 
were added, extending the SDK’s relevance into higher-
security verticals such as gaming, Non-Banking Financial 
Companies (NBFCs), and brokerage, where authentication 
fraud is particularly acute. 
 
 
 
Alongside this, the Verified Business Customer Experience 
(CX) line continued to add capabilities aimed at driving 
increased adoption and retention among existing 
enterprise customers. Multi-campaign support with a 
carousel on the after-call screen (ACS) was added to 
enable enterprise customers to run several Verified 
Campaigns against individual calls, enabling user-level 
personalisation and targeting. 
 
Additionally, Campaigns Lite on Verified Calls were rolled 
out alongside segmentation on Message ID (MID) 
categories to accelerate acquisition in the Banking, 
Financial Services, and Insurance (BFSI) sector. The Call 
Reason feature was enhanced with Generative AI, allowing 
businesses to compose richer, context-aware reasons 
that go beyond prewritten templates. A product-led 
growth onboarding flow was also launched, opening a 
long tail of smaller businesses that the existing sales-led 
motion does not reach efficiently.  
 
The European expansion of Verified Business continued as 
well. Following the Q3 2025 launch of the CX platform in 
Europe, Call Personalization, Call-Me-Back, and Secure 
Call all went live in the region during Q1 2026, bringing the 
European product scope in line with the rest of the world. 
 
Advancing the Ads stack transformation 
The pivot to a proprietary Ads infrastructure, set out in Q4 
2025, continued to advance during Q1. The Truecaller Ad 
Server (TAS) remains the architectural centre of the rebuild, 
with both branding and performance demand routed 
through it, and the Decision Layer, the price-based auction 
engine that is meant to unify demand routing inside TAS, 
entered early production rollout during the quarter. 
Consolidating the two auction paths Truecaller has 
historically run into a single unified auction is underway 
rather than complete, but the core components needed to 
get there are now in flight. 
 
Early commercial signal from the rebuild is beginning to 
show. TAS revenue more than doubled from January to 
March, albeit from a relatively small base. TC Play, 
Truecaller's interactive branded experience, saw advertiser 
adoption grow by more than 300 per cent in the quarter, 
validating the thesis that direct-sold, differentiated formats 
attract higher -value brand spend. The advertiser base 
expanded with new wins including BMW, Uber, Samsung, 
Blinkit, Bajaj Finserv, CoinDCX, and Paytm, among others. 
Internationally, reseller partnerships were activated with 
Anymind Group, 365 Digital, and Integrated Media Tech 
across more than 15 markets covering the Middle East, 
North Africa, Southeast Asia, Kenya, and Tier 2 and Tier 3 
markets in India, continuing to expand the distribution base 
for direct sales. 
 
Several proprietary formats were introduced or upgraded. 
Masthead and the After Call Screen ad formats were 
upgraded to a higher -engagement rendering stack with 
more flexibility for creative teams, and a new Details View 
Interstitial format entered beta to  offer full -screen, 
premium branding placements. adVantage, Truecaller's 
proprietary recommendation engine, was scaled to all 
performance campaigns and was upgraded with meta 
information support to improve recommendation quality, 
and retargeting on TAS was strengthened for more precise 
audience re-engagement.

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

14 
INTERIM REPORT JANUARY -MARCH 2026  TRUECALLER AB  
Other disclosures
Truecaller's Data Processing 
Truecaller's platform is designed with consideration for 
privacy and data protection. It is built on consent, 
transparency, and purpose limitation. Users have full 
control their personal data, while information about non-
users is processed restrictively and solely to promote 
secure and informed communication. 
 
Truecaller only processes data that users provide with 
informed and explicit consent. When a user chooses to use 
Truecaller, only minimal personal data, such as name and 
phone number, is collected to enable caller identification 
in accordance with applicable regulations. Any additional 
information voluntarily provided by the user is completely 
optional and governed by the user's own settings. Users 
can remove their phone numbers from Truecaller's 
platform at any time via a public website or by contacting 
Truecaller's customer support. 
 
Truecaller has implemented extensive and industry-
standard security measures to protect the integrity of 
collected and processed personal data. This includes 
secure servers, access controls, and cloud security 
provided by reputable vendors. The technical architecture 
is built on strict organizational separation, ensuring 
compliance with applicable data protection regulations in 
all jurisdictions. The absolute majority of data processed 
concerns user data, business data (outside the scope of 
data protection), and spam-related data. Some users 
voluntarily choose to contribute data, such as name 
suggestions. 
 
For non-user data, processing is based on Truecaller's 
legitimate interest in providing accurate caller ID services, 
enabling informed decisions, and reducing exposure to 
unwanted or malicious communication. All data 
processing occurs with strong safeguards for personal 
integrity. Data is limited to what is necessary, anonymized, 
and pseudonymized. Storage time is strictly limited to 
what is required to provide the services. 
 
Users can block, report, or unmark numbers themselves 
and are clearly informed in the app about how their 
contributions and data are used to protect the 
community. Non-users have access to clear information 
via Truecaller's privacy policy and can request that their 
number be removed from the search database at any 
time. 
 
Indian tax survey 
During the fourth quarter 2024, Truecaller was subject to a 
tax survey in India. Such surveys 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. 
At this point in time the company sees no reason to assume 
that this recent Indian survey will result in any material 
increased tax payments in India for revenues recognised 
during previous financial periods, once the process reaches 
its final conclusion. This assessment may change during 
the c ourse of the process. As Truecaller's business 
operations and revenue streams develop, the company 
continuously assesses the existing model, in co -operation 
with relevant tax authorities, in order to stay compliant with 
local tax regulations. It is conceivable that this may lead to 
adaptions to the present model that may increase future 
tax payments in one jurisdiction, whi le reducing them in 
others. 
 
Risks and uncertainties 
Like all companies. Truecaller is exposed to various types of 
risk in the course of business. These include risks related to 
currency movements. dependence upon certain strategic 
partners. the general economic trend and developments in 
the financial market . technical progress. dependence on 
key individuals. legal risks and risks associated with 
personal privacy. as well as tax risks and political risks. Risk 
management is an integrated component of the 
management of Truecaller. The risks described for the 
Group could also have indirect impact on the parent 
company. A complete description of risks and uncertainties 
associated with Truecaller is provided in the 202 5 annual 
report. 
 
The present conflict in the Middle East has decreased the 
number of Truecaller users marginally in the affected  
region and also had some negative impact on the ads 
demand. A prolonged conflict with larger global 
macroeconomic impact will impact Truecallers operations 
negatively. 
 
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

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

15 
INTERIM REPORT JANUARY-MARCH 2026 TRUECALLER AB 
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: 22 May 2026 
Interim report Q2 2026: 17 July 2026 
Interim report Q3 2026: 3 November 2026 
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 16 =====

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INTERIM REPORT JANUARY -MARCH 2026  TRUECALLER AB  
 
 
Condensed consolidated statement of 
profit or loss 
Amounts in SEK 000s Note 
  2026 
Jan-Mar 
2025 
Jan-Mar 
2025 
Jan-Dec 
       
Net sales 3   361,582 496,878 1,912,195 
Other income    2,068 1,111 3,544 
Work performed by the entity and capitalized    10,008 8,558 36,134 
Third party fees    -105,329 -112,606 -469,096 
Other external costs    -70,758 -102,581 -355,240 
Employee costs    -133,187 -142,368 -540,190 
Depreciation, amortization and impairments    -18,535 -15,400 -64,379 
EBIT (operating profit)    45,848 133,593 522,969 
 
      
Net financial income or expense    2,047 7,041 26,110 
Profit or loss after net financial income or expense    47,895 140,633 549,079 
 
      
Tax    -15,437 -38,901 -160,454 
Profit for the period 1)    32,458 101,732 388,625 
 
      
Earnings per share       
Basic earnings per share (SEK)    0,.10 0.30 1.13 
Diluted earnings per share (SEK)    0.10 0.30 1.13 
 
      
Average number of shares before dilution     333,657,866 343,033,748 343,003,311 
Average number of shares after dilution    335,945,821 343,033,748 347,830,946 
 
1) The profit for the period is attributable entirely to shareholders in the parent company.

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

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INTERIM REPORT JANUARY -MARCH 2026  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  
2026 
Jan-Mar 
2025 
Jan-Mar 
2025 
Jan-Dec 
Profit or loss for the period   32,458 101,732 388,625 
      
Other comprehensive income for the period      
Items that will be reclassified to profit and loss in 
subsequent periods 
     
Foreign exchange translation differences   -1,454 -25,534 -54,610 
Changes in cashflow hedges   -540 1,065 -1,193 
Items that will not be reclassified to profit and loss in 
subsequent periods 
     
Remeasurements of defined-benefit pension plans   - - 1,660 
Other comprehensive income for the period   -1,994 24,469 -54,143 
      
Comprehensive income for the period 1)   30,464 77,263 334,482

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

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INTERIM REPORT JANUARY -MARCH 2026  TRUECALLER AB  
 
Condensed consolidated statement of 
financial position 
Amounts in SEK 000s Note  
2026  
31 Mar 
2025 
31 Mar 
2025  
31 Dec 
ASSETS      
      
Non-current assets      
Goodwill   46,108 44,149 44,832 
Other intangible assets   49,355 31,783 47,802 
Property. plant and equipment   7,739 12,989 9,082 
Right-of-use assets   57,096 87,344 58,717 
Non-current financial assets 4  32,698 32,698 32,698 
Deferred tax assets   32,824 36,267 32,116 
Other non-current receivables 4  10,329 7,384 26,767 
Total non-current assets              236,149 252,614 252,013 
      
Current assets      
Current receivables   392,057 408,860 401,612 
Short-term placements 4  550,767 934,991 598,524 
Cash and cash equivalents 4  371,849 461,980 380,984 
Total current assets   1,314,673 1,805,831 1,381,120 
      
TOTAL ASSETS   1,550,822 2,058,445 1,633,133 
 
EQUITY AND LIABILITIES 
  
   
      
Equity      
Equity attributable to owners of the parent   1,195,674 1,610,395 1,250,969 
Total equity   1,195,674 1,610,395 1,250,969 
      
Non-current liabilities      
Liability arising from defined-benefit pension plans   10,722 9,199 10,853 
Lease liabilities   22,734 59,301 46,412 
Deferred tax liability   9,259 34,709 25,191 
Other non-current liabilities 4  16,325 13,830 15,374 
Total non-current liabilities   59,089 117,040 97,829 
      
Current liabilities      
Lease liability   37,875 37,328 21,395 
Other current liabilities 4  258,184 293,681 262,940 
Total current liabilities   296,059 331,010 284,335 
      
TOTAL EQUITY AND LIABILITIES   1,550,822 2,058,445 1,633,133

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

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INTERIM REPORT JANUARY -MARCH 2026  TRUECALLER AB  
 
Condensed consolidated statement of 
cash flows 
Amounts in SEK 000s   
2026 
Jan-Mar 
2025 
Jan-Mar 
2025 
Jan-Dec 
      
Operating activities      
Profit or loss after net financial income or expense   47,895 140,633 549,079 
Adjustments for non-cash items   57,779 48,578 218,859 
Income tax paid   -29,604 -68,018 -218,237 
Cash flow from operating activities before  
changes in working capital 
  
76,071 121,193 549,702 
      
Net cash from changes in working capital      
Change in operating receivables   2,057 -51,776 -21,125 
Change in operating liabilities   10,445 40,573 -7,180 
Net cash from operating activities   88,573 109,989 521,397 
      
Investing activities      
Acquisitions of Group companies, net effect on cash and cash 
equivalents 
  
- - -1 
Purchases of property, plant and equipment   -178 -1,278 -3,410 
Purchases of intangible assets   -8,336 -8,558 -36,134 
Purchases of short-term investments   - -100,000 -100,000 
Sale of short-term investments   50,000 - - 
Change in financial receivables   - - 350,000 
Net cash used in investing activities   41,487 -109,837 210,454 
      
Financing activities      
Funds received for warrants   - - 30,846 
Repurchase of warrants   - - -76 
Amortization of lease liability   -9,160 -9,464 -35,739 
Buyback of treasury shares   -126,222 - -197,124 
Dividend   - - -583,158 
Net cash from (-used in) financing activities   -135,381 -9,464 -785,250 
      
Net cash flow for the period   -5,321 - 9,311 -53,399 
Cash and cash equivalents at the beginning of the period   380,984 496,047 496,047 
Foreign exchange differences in cash and cash equivalents   -3,814 -24,756 -61,663 
Cash and cash equivalents at the end of the period   371,849 461,980 380,984

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

20 
INTERIM REPORT JANUARY -MARCH 2026  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 2026  765 1,768,943 -50,949 -467,789 1,250,969 
Profit for the period  - - - 32,458 32,458 
Other comprehensive income for the period  - - -1,454 - -1,454 
Changes in cashflow hedges    -540 - -540 
Comprehensive income for the period  - - 1,994 32,458 30,464 
       
Transactions with owners of the Group       
Treasury shares after transaction costs     -126,222 -126,222 
Warrants  - -2,717  - -2,717 
Share-based payment  - - - 43,180 43,180 
Dividend 1)     - - 
Total  - -2,717 - -83,042 -85,759 
       
Closing balance at 31 March 2026  765 1,766,226 -52,943 -518,373 1,195,674 
        
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       
Warrants  - - - - - 
Share-based payment  - - - 26,690 26,690 
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 21 =====

21 
INTERIM REPORT JANUARY -MARCH 2026  TRUECALLER AB  
 
Condensed parent company income 
statement 
 
 
Consolidated statement of comprehensive income 
 
  
 
Amounts in SEK 000s Note  
2026 
Jan-Mar 
2025 
Jan-Mar 
2025 
Jan-Dec 
      
Operating revenue   2,992 6,610 24,546 
Other external costs   -4,823 -3,283 -21,411 
Employee costs   -2,983 -6,170 -18,290 
EBIT (operating profit)   -4,813 -2,843 -15,155 
      
Net financial income or expense   6,276 -1,406 459,164 
Profit or loss after financial items   -1,463  -4,249 444,009 
      
Appropriations   - - 6,000 
Profit or loss before tax   1,463 -4,249 450,099 
      
Tax   -240 812 -69 
Profit or loss for the period   1,222 -3,436 449,940 
 
 
 
Amounts in SEK 000s Note  
2026 
Jan-Mar 
2025 
Jan-Mar 
2025 
Jan-Dec 
Profit or loss for the period   1,222 -3,436 449,940 
Total other comprehensive income for the year, after tax 
 
  - - - 
Comprehensive income for the period   1,222 -3,436 449,940

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INTERIM REPORT JANUARY -MARCH 2026  TRUECALLER AB  
 
Condensed parent company balance 
sheet 
 
Amounts in SEK 000s Note  
2026  
31 Mar 
2025 
31 Mar 
2025  
31 Dec 
ASSETS      
      
Non-current assets      
Investments in Group companies   10,297,177 10,297,177 10,297,177 
Deferred tax receivable   - 870 - 
Total non-current assets                10,297,177 10,298,048 10,297,177 
      
Current assets      
Current receivables   5,610 3,804 5,051 
Receivables from Group companies   9,175 33,511 22,556 
Short-term placements   180,911 310,311 173,678 
Cash and cash equivalents   22,274 33,555 32,841 
Total current assets   217,969 381,181 234,126 
      
TOTAL ASSETS   10,515,147 10,679,229 10,531,303 
 
EQUITY AND LIABILITIES 
     
      
Equity and liabilities      
Equity   10,420,968 10,668,770 10,505,503 
Receivables to Group companies   82,896 15 15,182 
Current liabilities   11,283 10,444 10,618 
TOTAL EQUITY AND LIABILITIES   10,515,147 10,679,229 10,531,303

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

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INTERIM REPORT JANUARY -MARCH 2026  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 determine d through other 
observable data (level 3)
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  
  2026 
Jan-Mar 
2025 
Jan-Mar 
2025 
Jan-Dec 
Geographical region       
India    214,393 360,423 1,310,649 
Middle East and Africa    66,544 68,923 296,241 
Rest of the world    80,645 67,532 305,304 
Revenue from contracts with customers    361,582 496,878 1,912,195

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

24 
INTERIM REPORT JANUARY -MARCH 2026  TRUECALLER AB  
 
 
The geographical distribution is based on where the customer has their mobile subscription. 
 
 
 
Amounts in SEK 000s  
  2026 
Jan-Mar 
2025 
Jan-Mar 
2025 
Jan-Dec 
Type of service       
Advertising revenues    187,972 334,352 1,210,323 
User revenues    112,311 81,975 371,542 
Truecaller for Business    59,360 79,220 324,436 
Other revenues    1,939 1,331 5,895 
Revenue from contracts with customers    361,582 496,878 1,912,195 
 
Note 4.  Financial instruments 
 
Measurement of financial assets and liabilities at 31 March 2026 
 
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  -  10,329  10,329 
Non-current financial assets  32,698  -  32,698 
Claims on advertising networks and platform 
owners 
 -  78,435  78,435 
Trade receivables  -  126,046  126,046 
Short-term placements  550,767  -  550,767 
Cash and cash equivalents  -  371,849  371,849 
Total  583,465  586,659  1,170,123 
 
FINANCIAL LIABILITIES       
Trade payables  -  50,163  50,163 
Conditional consideration (earnout)  9,170  -  9,170 
Total  9,170  50,163  59,333 
 
 
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

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

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INTERIM REPORT JANUARY -MARCH 2026  TRUECALLER AB  
 
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 
 
 
 
 
 
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 
  
 
2026 
Jan-Mar 
 
2025 
Jan-Mar 
 
2025 
Jan-Dec 
Balance at 1 
January 
  598,524 827,950 827,950 
Investment in 
short-term 
placements 
  - 100,000 100,000 
Sale of short-term 
placements 
  -50,000 - -350,000 
Change in value 
recognized in profit 
and loss 
  2,243 7,041 20,574 
Closing balance   550,767 934,991 598,524 
 
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 
  
 
 
2026 
Jan-Mar 
2025 
Jan-Mar 
2025 
Jan-Dec 
Balance at 1 January   8,865 10,037 10,037 
Acquisition value   - - - 
Payout   - - - 
Change in value 
recognized in profit 
and loss 
  305 -699 -1,172 
Closing balance   9,170 9,338 8,865 
 
 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 3 in the 
valuation hierarchy. 
Note 5. Incentive programs 
 The Group  applies IFRS 2 Share -based Payment to 
employee stock options and performance -based share 
rights, where the cost is measured at fair value and 
allocated over the term of the program and recognized in 
equity. The Group recognizes a reserve for accrued social

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

26 
INTERIM REPORT JANUARY -MARCH 2026  TRUECALLER AB  
 
insurance costs for the program based on the estimated 
benefit value for participants.  
The salary -related costs increased due to the 
introduction of a new program in 2025. Salary -related 
incentive costs are valued at fair value and are amortized 
over the program's term. The social security contributions 
are affected by the share price at the end of each reporting 
period and may therefore be higher with positive share 
price development, which can create volatility in the 
income statement 
For detailed historical information about the incentive 
programs, refer to the 2025 annual report.  
    
Costs of incentive 
programs, SEKm   2026 
Jan-Mar 
2025 
Jan-Mar 
2025 
Jan-Dec 
Cost of vested warrants 
per IFRS 2 
  -42.9 -26.7 -163.0 
Social insurance 
contributions 
  4.0 -22.4 -5.5 
Costs of incentive 
programs 
  -38.9 -49.1 -168.5 
 
Note 6. Treasury shares 
During the first quarter of 2026 Truecaller bought back 
9,938,541 B shares for SEK 126.2 million including 
transaction costs. Truecaller's total holding of own shares 
per 2026-03-31 amounts to 20,774,926 B shares and 
5,013,786 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 
repurchased 1,500,000 B shares for SEK 16.2 million, including 
transaction costs. Truecaller’s total holding of treasury B 
shares therefore amounts to 22,274,926 shares. 
 
Restructuring and cost -efficiency initiatives were 
implemented during the fourth quarter and will continue 
through 2026. The effects will be realized gradually over the 
year.

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

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INTERIM REPORT JANUARY -MARCH 2026  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, 2026-05-07 
 
 
Nami Zarringhalam 
Board Chair  
Alan Mamedi 
Director 
   
Annika Poutiainen 
Director 
Rishit Jhunjhunwala 
CEO 
 
 
 
Aruna Sundararajan  
Director 
 
 
 
 
 
 
 
 
 
  
Helena Svancar  
Director 
 
 
Shailesh Lakhani 
Director

===== SIDA 28 =====

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INTERIM REPORT JANUARY -MARCH 2026  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 29 =====

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INTERIM REPORT JANUARY -MARCH 2026  TRUECALLER AB  
 
RECONCILIATION OF SELECTED KEY FIGURES THAT ARE NOT DEFINED UNDER IFRS 
 
 
Group, SEKm  
  2026 
Jan-Mar 
2025 
Jan-Mar 
2025 
Jan-Dec 
Gross profit and gross margin       
Net sales    361.6 496.9 1,912.2 
   Minus third party fees    -105.3 -112.6 -469.1 
Gross profit     256.3 384.3 1,443.1 
   Divided by Net sales    361.6 496.9 1,912.2 
Gross margin    70.9% 77.3% 75.5% 
 
EBITDA and EBITDA-margin       
EBIT (operating profit)   45.8 133.6 523.0 
  Excluding depreciation and amortization   18.5 15.4 64.4 
EBITDA   64.4 149.0 587.3 
  Divided by Net sales   361.6 496.9 1,912.2 
Adjusted EBITDA margin   17.8% 30.0% 30.7% 
 
EBIT (operating profit) and EBIT margin       
EBIT (operating profit)    45.8 133.6 523.0 
  Divided by Net sales    361.6 496.9 1,912.2 
EBIT margin    12.7% 26.9% 27.3% 
 
Equity to assets ratio       
Total equity   1,195.7 1 610.4 1,251.0 
  Divided by Total assets   1,550.8 2 058.4 1,649.5 
Equity to assets ratio   77.1% 78.2% 75.8%