Kvartalsrapport Q2 2024

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

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2 
INTERIM  REPORT JANUARY -JUNE  202 4 TRUECALLER AB  
Truecaller Interim Report 2024 
 
 
April-June 2024 (Q2) 
Comparative figures refer to April-June 2023 
• Net sales decreased by 12 percent to SEK 455.9m 
(518.4). 
• EBITDA amounted to SEK 164.7m (238.5), 
corresponding to an EBITDA margin of 36.1 (46.0) 
percent. Excluding the costs of incentive programs, 
EBITDA would have been SEK 176.9m (249.7), 
equivalent to an EBITDA margin of 38.8 (48.2) 
percent. 
• Profit after tax amounted to SEK 123.0m (205.9). 
• Basic earnings per share were SEK 0.35 (0.57) and 
diluted earnings per share were SEK 0.35 (0.57). 
• The average number of active users (MAU) 
increased by 41.8 million to 397.4 million (355.6). 
• Net sales decreased by 19 percent in India, increased 
by 11 percent in the Middle East and Africa and 
increased by 22 percent in the rest of the world. 
 
 
January-June 2024 
Comparative figures refer to January-June 2023 
• Net sales decreased by 2 percent to SEK 883.1m (905.5). 
• EBITDA amounted to SEK 315.7m (388.6), 
corresponding to an EBITDA margin of 35.7 (42.9) 
percent. Excluding the costs of incentive programs, 
EBITDA would have been SEK 339.2m (410.8), 
equivalent to an EBITDA margin of 38.4 (45.4) percent. 
• Profit after tax amounted to SEK 256.1m (315.1). 
• Basic earnings per share were SEK 0.74 (0.86) and 
diluted earnings per share were SEK 0.74 (0.86). 
• The average number of active users (MAU) increased 
by 40.4 million to 390.4 million (350.0). 
• Net Sales decreased by 8 percent in India, increased by 
10 percent in the Middle East and Africa and increased 
by 23 percent in the rest of the world. 
 
 
 
 
 
 
 
 
 
 
 
 
FINANCIAL KEY FIGURES 
       
Group, SEKm (unless otherwise stated) 
 
  
2024 
Apr-Jun 
2023  
Apr-Jun 
2024  
Jan-Jun 
2023  
Jan-Jun 
2023  
Jan-Dec 
Net sales    455.9 518.4 883.1 905.5 1,728.9 
Gross profit    343.7 395.3 666.5 686.3 1,307.7 
Gross margin (%)    75.4% 76.3% 75.5% 75.8% 75.6% 
EBITDA    164.7 238.5 315.7 388.6 702.9 
EBITDA margin (%)    36.1% 46.0% 35.7% 42.9% 40.7% 
EBIT (operating profit)    151.5 227.8 289.6 367.6 657.7 
EBIT margin (%)    33.2% 43.9% 32.8% 40.6% 38.0% 
Profit or loss after net financial income or expense    164.6 260.0 338.1 407.1 712.3 
Basic earnings per share (SEK)    0.35 0.57 0.74 0.86 1.49 
Diluted earnings per share (SEK)    0.35 0.57 0.74 0.86 1.49 
Equity    1,302.1 1,827.1 1,302.1 1,827.1 1,743.7 
Total assets    1,699.2 2,221.8 1,699.2 2,221.8 2,160.3 
Equity to assets ratio (%)    76.6% 82.2% 76.6% 82.2% 80.7% 
Employees at the end of the period    415 400 415 400 419

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INTERIM  REPORT JANUARY -JUNE  202 4 TRUECALLER AB  
Significant events during the quarter 
• Highest quarterly user growth since 2018 and 400 million users surpassed.  During the quarter, the 
average number of monthly active users (MAU) increased to 396.8 million, an increase of 41.2 million 
users compared to the second quarter of 2023. The number of average daily active users (DAU) 
increased to 324.6 million, an increase of 40.9 million compared to the second quarter of 2023. 
Compared to the first quarter of 2024, MAU increased by approximately 14 million and DAU by 
approximately 11 million which was the highest quarterly user growth since at least 2018. 
• Strong growth in selected growth markets. During the quarter, the annualized user growth in Colombia 
and Nigeria was just under 40 percent. In the USA, where the strategy is focused on attracting more 
paying users, subscription revenues increased by more than 65 percent compared to the second 
quarter of 2023. 
• Advertising revenues affected negatively by Indian Premier League-related (IPL) effects. As 
communicated in the interim report for the first quarter, advertising revenues related to IPL decreased in 
2024 compared to 2023, mainly due to changed tax rules for "skilled gaming companies" in India. Total 
advertising revenues related to IPL in 2024 are estimated at SEK 60 million, evenly distributed between 
the first and second quarters, compared to SEK 120 million in 2023, of which SEK 115 million was in the 
second quarter of 2023. Excluding advertising revenues related to IPL, advertising revenues decreased 
marginally compared to the second quarter of 2023. 
• Accelerated revenue growth from Truecaller's business offering. Overall, revenues for Truecaller for 
Business increased by 38 percent compared to the second quarter of 2023 and by approximately 16 
percent compared to the previous quarter. Growth was driven by verified business calls and business 
messaging where volumes increased compared to the previous year. For verified business calls, 
revenues were driven by a continued strong inflow of new customers, development of existing customer 
relationships, and the new price levels introduced during the second half of the quarter. The effects of the 
new price levels will gradually increase revenues per customer over a 12-month period. 
• Accelerated subscription revenue growth.  The number of paying users increased by 18 percent 
compared to the second quarter of 2023, which is a higher growth rate than the total number of users. 
Subscription revenues increased by 29 percent compared to the second quarter of 2023 and by 10 
percent compared to the first quarter of 2024. Revenue per paying user reached a new record level, with 
particularly strong growth noted on iOS and in markets such as the USA, Latin America, and India. On iOS, 
the conversion to paying users is more than five times higher than for Android, and more than 40% of 
total subscription revenues come from iOS users, who make up about 7 percent of the total user base. 
During the quarter, the price plans for the paid offering were simplified, and new features such as AI Call 
Scanner and fraud insurance were launched. 
• Apple will enable 3rd party developers to support Live Caller ID.  Previously Caller ID could be provided 
on iPhones only using offline lists, resulting in fewer calls getting identified on iOS. Now with the Live 
Lookup, Truecaller will be able to deliver a much more reliable experience on iOS, meaning more calls will 
be identified, making this aspect on par with Android. This will allow Truecaller to grow in a huge market 
with another geographical footprint and a much higher conversion to the premium offering. The exact 
time plan is not known but the expectation is that Truecaller will be able to deliver this service at the end 
of the year or beginning of next year. 
 
Other significant events. 
• During the second quarter, Truecaller's general meeting was held, Truecaller's first dividend after the 
listing was paid, 28.6 million repurchased shares were canceled, and Truecaller initiated a new 
buyback program. Read more about this on page 16.

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INTERIM  REPORT JANUARY -JUNE  202 4 TRUECALLER AB  
 
 
Accelerated growth of users and 
recurring revenues 
 
During the second quarter, user growth was the highest in absolute number since 2018 as we added 14 
million monthly active users and surpassed 400 million users globally. The conversion to paying 
subscribers continued to increase.  
Our strategy to diversify our revenue remained successful. The growth in revenues both from 
subscriptions and our business offerings were in absolute numbers at an all time-high and the growth 
for recurring revenues was 33 percent compared to Q2 last year and 13 percent compared to Q1.  
During the quarter Apple announced that they will open up their ecosystem for 3rd party developers 
which means that Truecaller’s live caller ID will be as good on the iPhone as on Android. This will become 
a huge opportunity for us to grow in a large market that we so far have not been able to reach in the 
same way and could be the biggest product improvement for Truecaller on iPhone since Truecaller was 
founded 15 years ago. 
Net sales decreased by 12 percent compared to the 2nd quarter of 2023, amounting to SEK 456 million (518).This is however 
the third highest quarterly net sales ever but this time we had a tough comparison quarter. Our recurring revenues, 
subscription, and business revenues, increased by a total of 33 percent  and compared to the first quarter, the increase 
was 13 percent. Our advertising revenue decreased by 22 percent compared to the corresponding period last year. 
Excluding effects related to the Indian Premier League in cricket (IPL), we estimate that adver tising revenue would have 
decreased only marginally, by about three percent and that total net sales would have increased by about five percent.   
EBITDA amounted to SEK 165 million (239) and the EBITDA margin was 36.1 percent (46.0). The decrease in EBITDA compared 
to the previous year is a result of the IPL effect and increased growth investments in selected regions 
 
 
 
SECOND QUARTER 2024

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5 
INTERIM  REPORT JANUARY -JUNE  202 4 TRUECALLER AB  
During the quarter, Apple took a significant step by 
announcing that they will open up their ecosystem to 
allow third-party providers to offer caller identification on 
the iPhone in a much better way than before. This is 
something we have been discussing with Apple for several 
years and now it's bearing fruit. This means that our caller 
identification will be as good on iPhone as on Android. We 
believe these capabilities to be fully available by the end 
of 2024 or the beginning of 2025. Today, iPhone users 
make up just under 7 percent of the total user base, but 
they generate about 40 percent of our subscription 
revenue. Conversion to premium users is more than five 
times higher on iOS than on Android, and the revenue for a 
paying iOS user is currently just over 80 percent higher 
compared to an Android user. 
 
We continue to increase the number of users in all 
reported regions, and the targeted growth initiatives we 
are doing continue to show good results. The annualized 
user growth in Colombia and Nigeria is about 40 percent, 
and in the USA, revenue from paying users has grown by 
more than 65 percent compared to the corresponding 
period last year. As we continue to see good returns from 
the investments, we intend to continue investing in growth 
this year at about the same level as we have done during 
the first two quarters. 
 
We are taking positive steps toward offering more 
engaging ad formats, such as video ads, which will 
broaden our advertising business. The number of daily 
engaged users is increasing, and our tests with video ads 
show positive results for future scaling. Broadening to new 
formats allows us to reach different types of advertisers 
and generate significantly higher revenue per ad 
impression.  
 
Revenue from paying subscribers increased by 29 percent 
to SEK 64.4 million (50.1), and the number of paying users 
increased by 18 percent compared to the second quarter 
of 2023. Revenue growth accelerated during the second 
quarter, with an increase of 10 percent compared to the 
previous quarter. Development on iOS remains strong. At 
the end of the quarter, we introduced insurance coverage 
for premium users in India. This means that we now 
protect users before a call comes in, during the call, and if 
a fraudster still succeeds, there is now insurance coverage 
for the affected user. We see great potential in the offering 
where users through our family subscription can also 
protect their families. A paying Truecaller user today 
generates more than 30 times the revenue of a user using 
the free version, and we see good opportunities to 
continue adding more stable premium revenue going 
forward. 
 
 
 
 
 
 
 
Truecaller for Business (TfB) continues to grow rapidly. 
Revenue for TfB increased by 38 percent to SEK 57.7 million 
(41.8), and like subscriptions, growth accelerated during 
the second quarter and was 17 percent compared to the 
previous quarter. Growth is driven by both verified 
business calls and the business messaging service. With 
more advanced services and a more comprehensive 
offering, we revised prices at the end of the second 
quarter, and we expect to see a positive effect on average 
revenue per customer over the coming year. 
 
Our financial strength remains intact with approximately 
SEK 1.1 billion in cash and interest-bearing assets. During 
the quarter, we made our first dividend payment of 
approximately SEK 600 million to our shareholders. We also 
canceled 7.5% of outstanding shares from share buybacks, 
initiated our new buyback program, and continued to 
make significant investments in growth markets. 
 
During the quarter, Apple took a 
significant step , which could be come the  
biggest improvement for Truecaller on 
iPhone since Truecaller was founded 15 years 
ago  
 
We are executing according to plan at a high pace, and 
our strategy to grow our recurring revenues and increase 
our geographical footprint continues to yield good results. 
In short, I am proud and satisfied with the development 
during the quarter. With the rapid technological 
development that makes people more vulnerable to 
phone fraud, the need for Truecaller continues to increase 
globally, and we are growing faster than ever. 
 
Alan Mamedi, CEO and Co-founder

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INTERIM  REPORT JANUARY -JUNE  202 4 TRUECALLER AB  
Truecaller at a glance 
Quarterly review, financial data  
 
 
FINANCIAL KEY FIGURES        
Group, SEKm (unless otherwise stated) 
 
  
2024 
Apr-Jun 
2023  
Apr-Jun 
2024  
Jan-Jun 
2023  
Jan-Jun 
2023  
Jan-Dec 
Net sales    455.9 518.4 883.1 905.5 1,728.9 
Gross profit    343.7 395.3 666.5 686.3 1,307.7 
Gross margin (%)    75.4% 76.3% 75.5% 75.8% 75.6% 
EBITDA    164.7 238.5 315.7 388.6 702.9 
EBITDA margin (%)    36.1% 46.0% 35.7% 42.9% 40.7% 
EBIT (operating profit)    151.5 227.8 289.6 367.6 657.7 
EBIT margin (%)    33.2% 43.9% 32.8% 40.6% 38.0% 
Profit or loss after net financial income or expense    164.6 260.0 338.1 407.1 712.3 
Basic earnings per share (SEK)    0.35 0.57 0.74 0.86 1.49 
Diluted earnings per share (SEK)    0.35 0.57 0.74 0.86 1.49 
Equity    1,302.1 1,827.1 1,302.1 1,827.1 1,743.7 
Total assets    1,699.2 2,221.8 1,699.2 2,221.8 2,160.3 
Equity to assets ratio (%)    76.6% 82.2% 76.6% 82.2% 80.7% 
Employees at the end of the period    415 400 415 400 419 
 
 
OPERATIONAL KEY FIGURES      
April-June 2024  Total India 
Middle East & 
Africa 
Rest of the 
world 
Monthly Active Users (MAU), quarterly average (millions)  397,4 282.1 80.9 34.4 
Daily Active Users (DAU), quarterly average (millions)  324.9 241.8 61.0 22.1 
Cost per mille impressions (CPM) for ad sales (SEK)  0.69 0.58 1.40 2.60 
Average monthly revenue per user (ARPU) for premium 
subscriptions (SEK)  9.38 6.02 8.99 15.94 
 
April-June 2023  Total India Middle East & 
Africa 
Rest of the 
world 
Monthly Active Users (MAU), quarterly average (millions)  355.6 255.4 72.5 27.7 
Daily Active Users (DAU), quarterly average (millions)  289.3 216.3 54.8 18.2 
Cost per mille impressions (CPM) for ad sales (SEK)  1.28 1.21 1.38 3.02 
Average monthly revenue per user (ARPU) for premium  
subscriptions (SEK)  8.60 5.18 10.74 13.82 
 
 
January-June 2024 
 
Total India 
Middle East & 
Africa 
Rest of the 
world 
Monthly Active Users (MAU), quarterly average (millions)  390.4 277.4 79.5 33.5

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INTERIM  REPORT JANUARY -JUNE  202 4 TRUECALLER AB  
Daily Active Users (DAU), quarterly average (millions)  278.0 208.8 52.3 16.9 
Cost per mille impressions (CPM) for ad sales (SEK)  0.70 0.60 1,32 2,60 
Average monthly revenue per user (ARPU) for premium 
subscriptions (SEK)  9.21 5.88 9.05 15.53 
 
 
January-June 2023 
 
Total India 
Middle East & 
Africa 
Rest of the 
world 
Monthly Active Users (MAU), quarterly average (millions)  350.0 252.3 71.2 26.5 
Daily Active Users (DAU), quarterly average (millions)  283.7 212.6 53.6 17.5 
Cost per mille impressions (CPM) for ad sales (SEK)  1.11 1.03 1.37 3.07 
Average monthly revenue per user (ARPU) for premium 
subscriptions (SEK)  8.47 4.98 10.84 13.59 
 
January-December 2023  Total India 
Middle East & 
Africa 
Rest of the 
world 
Monthly Active Users (MAU). quarterly average (millions)  360.6 259.0 73.3 28.9 
Daily Active Users (DAU). quarterly average (millions)  292.6 218.6 55.2 18.7 
Cost per mille impressions (CPM) for ad sales (SEK)  1.00 0.89 1.38 3.35 
Average monthly revenue per user (ARPU) for premium 
subscriptions (SEK)  8.63 5.28 10.27 14.02 
 
 
 
 
 
  
  
344 356 368 374 383 397
278 289 298 305 314 325
0
50
100
150
200
250
300
350
400
Q123 Q223 Q323 Q423 Q124 Q224
Users, millions
Monthly Active Users (MAU), avg Daily Active Users (DAU), avg
387
518
399 425 427
456
0
100
200
300
400
500
600
Q123 Q223 Q323 Q423 Q124 Q224
MSEK
Net sales
291
395
298
323 323
344
70%
72%
74%
76%
78%
80%
0
50
100
150
200
250
300
350
400
450
Q123 Q223 Q323 Q423 Q124 Q224
MSEK
Gross profit Gross margin
150
239
146
168
151
165
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
0
50
100
150
200
250
300
Q123 Q223 Q323 Q423 Q124 Q224
MSEK
EBITDA EBITDA-margin

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

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INTERIM  REPORT JANUARY -JUNE  202 4 TRUECALLER AB  
  
 
Financial performance 
Second quarter 2024 (April-June) 
Revenues 
Total revenues during the second quarter decreased by 12 
percent compared to the corresponding quarter last year 
and amounted to SEK 457.9 (519.1) million. Other income  
amounted to SEK 2.0 (0.7) million. 
 
Net sales amounted to SEK 455.9 (518.4) million during the 
second quarter, a decrease by 12 percent compared to the 
corresponding quarter last year. The estimate is that net 
sales increased with approximately 4 percent excluding the 
lower advertising revenues in connection to the Indian 
Premier League in cricket (IPL) that is described below 
Currency effects had a negative effect on revenues during 
the quarter, see Currency exposure below. 
 
Net sales distributed by region 
Net sales in India decreased by 19 percent to SEK 3 33.6 
(412.9), but increased by 11 percent to SEK 59.5 (53.7) million 
in the Africa and the Middle East and by 2 2 percent in the 
rest of the world to SEK 62.8 (51.9) million. Weaker currencies 
in some of Truecaller's largest markets in the Middle East 
and Africa region had a negative impact on net sales. 
 
 
 
Net sales distributed by service 
Ad revenues decreased by 22 percent to SEK 332.3 (425.2) 
million. Revenues from the Indian Cricket Season (IPL) 
decreased significantly compared to the same period 2023. 
In 2024, IPL -related revenues amounted to approximately 
SEK 60 million, of which SEK 30 million came during the 
second quarter. In 2023, the corresponding revenue was 
SEK 120 million, of which approximately SEK 115 million came 
in the second quarter. The d ecrease in IPL revenues was 
primarily due to changed tax rules for so -called "skilled 
gaming companies" in India, such as "fantasy cricket" 
games. Excluding revenues related to IPL, advertising 
revenues decreased slightly compared to the second 
quarter of 2023. 
 
In addition to the impact from IPL a  lower demand in the 
wake of weak global macroeconomic development and a 
larger supply in the Indian market resulted in lower average 
pricing for Truecallers ads products (CPM) which 
decreased by approximately 46 percent. Truecaller 
continues to maximize revenue per user instead of CPM or 
fill rates.  
 
The number of impressions increased by 43 percent 
compared to the same period last year. Truecaller 
continues to enhance its ability to display ads more 
efficiently for users by improving the quality of ad requests 
and rendering capabilities (render rate). A contributing 
factor to number of impressions has also been increased 
engagement with the Truecaller-app from the user base. 
 
Revenue from premium subscriptions increased by 29 
percent to SEK 64.3 (50.1) million. The conversion rate to 
becoming a paid subscriber continued to improve.  
Truecaller has also added more advanced features to the 
premium offering in the past year, which has had a positive 
impact on both revenue per user and the growth of paying 
users. The growth has been particularly strong among iOS 
users. The revenue growth compared to the previous 
quarter was 10 per cent. 
 
Revenue from Truecaller for Business (TfB) increased by 38 
percent to SEK 57.7 (41.8) million. The number of connected 
customers continues to show good growth both in India 
and in other markets, and in total Truecaller for Business 
now has active customers i n 37 countries. In collaboration 
with the CPAAS company Tanla, Truecaller also sends B2C 
messages to Truecaller's users. The volumes s of business 
messages have gradually increased and have also 
contributed to income growth.  New price plans that was 
started to be rolled out during the second quarter had a 
positive impact. The revenue growth compared to the 
previous quarter was 16 per cent.  
 
Other income in net sales amounted to SEK 1.6 (1.4) million.  
 
Gross profit 
The gross profit decreased by 1 3 percent to SEK 343.7 
(395.3) million compared to the same period last year. The 
gross margin amounted to 75. 4 (76.3) percent. The gross 
margin is mainly determined by fees to partners such as 
Google and Apple, and by costs for verification of new users 
and for servers used for the company's services.  
 
India 73.2%
Africa and Middle East
13.1%
RoW 13.8%

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

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INTERIM  REPORT JANUARY -JUNE  202 4 TRUECALLER AB  
Operating profit 
EBITDA amounted to SEK 164.7 (238.5) million and the EBITDA 
margin amounted to 36.1 (46.0) percent.  
 
Operating profit (EBIT) amounted to SEK 151.5 (227.8) million, 
corresponding to an operating margin of 33.2 (43.9) 
percent. 
 
Staff costs during the quarter increased to SEK 101.3 (92.5) 
million. Salary costs increased primarily as a result of the 
annual salary adjustment that takes effect at the beginning 
of the second quarter of the year, as well as increased costs 
for incentiv e programs. The group's long -term incentive 
program entailed a salary cost for the period of SEK 10.2 
(10.4) million with a corresponding increase in equity and 
social security contributions of SEK 2.1 (0.8) million reported 
as a provision in the balance sheet. Salary costs are valued 
at fair value and amortized over the term of the program. 
The social security contributions are affected by the share 
price at the end of each accounting period and may 
therefore amount to significantly higher amounts in the 
future and create volatility in the income statement. 
 
Excluding costs for incentive programs, the EBITDA margin 
during the quarter would have increased by 2. 7 (2.2) 
percentage points and been 38.8 (48.2) percent. See more 
info in note 5. 
 
Other external costs increased to SEK 79.7 (65.0) million 
compared to the same period last year. The increase in 
costs is mainly due to increased growth investments in 
several growth regions, i e increased investments in user 
acquisition through digital ma rketing and increased 
expenses for agreements with phone manufacturers where 
the Truecaller app comes pre-installed. 
 
Profit and earnings per share for the period 
Profit before tax amounted to SEK 164.6 (260.0) million. Profit 
after tax for the period was SEK 123.0 (205.9) million. Net 
financial income amounted to SEK 13.1 (32.2) million.  
 
The total tax amounted to SEK  41.6 (54.1) million which 
corresponds to an effective tax rate of  25.3 (20.8) percent 
for the Group.  
 
Basic earnings per share were SEK 0.35 (0.57) and diluted 
earnings per share were SEK 0.35 (0.57). 
 
Cash flow and financial position 
Net cash from operating activities amounted to SEK 184.2 
(205.5) million of which SEK 10.6 (2.2) million was 
attributable to changes in working capital and SEK -28.5 (-
45.5) million was attributable to income tax paid. Net cash 
from investing activities am ounted to SEK 397.7 ( -45.8) 
million and included a sale of short-term interest rate funds 
of SEK 400.0 ( -) million and  investment in non -current 
financial assets of SEK - (-32.8) million. Net cash used in 
financing activities was SEK -660.5 ( -149.0) milli on and 
included dividend paid to shareholders amounting to SEK -
589.8 (-) million and purchase of treasury shares of SEK -
62,6 (-140.7) million. Net cash flow for the period was SEK -
78.6 (10.7) million. 
 
Truecaller had cash and cash equivalents of SEK 512.6 
(714.6) million at the end of the quarter and SEK 564.7 (918.6) 
million invested in short-term interest rate funds. The equity 
to assets ratio was 76.6 (82.2) percent.  
  
Truecaller have a revolving credit facility of SEK 500.0 
(500.0) million. SEK 0.0 (0.0) million had been utilized as of 
the reporting date. Consolidated total assets amounted to 
SEK 1,699.2 (2,221.8) million at 3 0 June  2024. The carrying 
amounts of financial assets and financial liabilities are 
estimated to coincide with fair value in all material 
respects. 
 
Trade receivables for the Group amounted to SEK 97.5 
(76.0) million and claims on advertising networks and 
platform owners was SEK 106.9 (98.5) 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 7.5 (3.9) million as of 30 June 2024. The 
claims on advertising networks and platform owners is 
mainly linked to  outstanding claims against Google and 
Meta.  
 
Investments 
During the second quarter of 2024, SEK 1,9 (0.5) 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 currency, 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 currency 
exposure. A depreciatio n of SEK against currencies 
including USD and INR, however, has a positive impact on 
the company’s sales and profit, although it also increases 
the company’s costs. The largest currency exposures are 
against INR and USD. The company estimates that 
exchange rate changes had a negative  impact on sales 
during the second quarter of 2024 compared to the 
corresponding quarter in 2023. The company's estimate is 
that exchange rates also had a  negative effect on the 
EBITDA margin. 
 
Parent company 
Parent company income for the quarter amounted to SEK 
2.6 (2.6) million which refers to billing of subsidiaries for 
services rendered. The profit before tax amounted to SEK -
405.8 (401.6) million  where the majority of the results are 
attributable to dividends from subsidiaries. The profit after tax 
amounted to SEK  404.6 (401.2) million. Cash and cash 
equivalents on 30 June 2024 amounted to SEK 20.6 (41.2) 
million. In excess to the cash and cash equivalents the 
parent company has SEK 260.3 (410.4) million invested in

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

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INTERIM  REPORT JANUARY -JUNE  202 4 TRUECALLER AB  
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. 
 
January-June 2024 
Revenues 
Total revenues for the period January-June decreased by 2 
percent compared to the corresponding period last year 
and amounted to SEK 889.0 (907.2) million. Other income, in 
addition to net sales amounted to SEK 5.8 (1.7) million. 
 
Net sales during the period January-June decreased by 2 
percent compared to the corresponding period last year 
and amounted to SEK 883.1 (905 5) million. All revenue 
streams contributed to the growth. Currency effects had a 
negative effect on revenues during the period, see 
Currency exposure below. 
 
Net sales distributed by region 
Net sales in India decreased by 8 percent to SEK 650.3 
(705.1), but increased with 10 percent to SEK 113.1 (102.8) 
million in the Africa and the Middle East and by 23 percent 
in the rest of the world to SEK 119.7 (97.6) million. Weaker 
currencies in some of Truecaller's largest markets in the 
Middle East and Africa region had a negative impact on net 
sales. 
 
 
 
Net sales distributed by service 
Ad revenues decreased by 11 percent to SEK 650.0 (729.1) 
million. The decrease in revenues is primarily due to lower 
advertising revenues related to the Indian cricket season 
(IPL), see page 9 for more information. Excluding this, 
advertising revenues decreased marginally. 
 
A lower demand in the wake of weak global 
macroeconomic development and a larger supply in the 
Indian market resulted in lower average pricing  for 
Truecallers a ds products (CPM) which decreased by 
approximately 37 percent. Truecaller continues to maximize 
revenue per user instead of CPM or fill rates.  
 
The number of impressions increased by  37 percent 
compared to the same period last year. Truecaller 
continues to enhance its ability to display ads more 
efficiently for users by improving the quality of ad requests 
and rendering capabilities (render rate). A contributing 
factor to number of impressions has also been increased 
engagement with the Truecaller-app from the user base. 
 
Revenue from premium subscriptions increased by  27 
percent to SEK 122.7 (96.6) million . The conversion rate to 
becoming a paid subscriber continued to improve.  
Truecaller has also added more advanced features to the 
premium offering in the past year, which has had a positive 
impact on both revenue per user and the growth of paying 
users. The growth has been particularly strong among iOS 
users. 
 
Revenue from Truecaller for Business (TfB)  increased by 41 
percent to SEK 107.2 (76.1) million. The number of connected 
customers continues to show good growth both in India 
and in other markets, and in total Truecaller for Business 
now has active customers i n 37 countries. In collaboration 
with CPAAS company Tanla, Truecaller also sends B2C 
messages to Truecaller's users. The volumes of business 
messages have gradually increased  and have also 
contributed to income growth. 
 
Other income in net sales amounted to SEK 3.2 (3.7) million.  
 
Gross profit 
The gross profit decreased by 3 percent to SEK 666.5 (686.3) 
million compared to the same period last year. The gross 
margin amounted to 75.5 (75.8) percent. The gross margin 
is mainly determined by fees to partners such as Google 
and Apple, and by costs for verification of new users and for 
servers used for the company's services.  
 
Operating profit 
EBITDA amounted to SEK 315.7 (388.6) million and the EBITDA 
margin amounted to 35.7 (42.9) percent.  
 
Operating profit (EBIT) amounted to  SEK 289.6 (367.6) 
million, corresponding to an operating margin of 32.8 (40.6) 
percent. 
 
Staff costs during the period increased to SEK 196.2 (177.3) 
million. Salary costs increased primarily as a result of the 
annual salary adjustment that takes effect at the beginning 
of the second quarter of the year, as well as a slight 
increase in the num ber of employees.  The group's long -
term incentive program entailed a salary cost for the period 
of SEK 20.7 (21.0) million with a corresponding increase in 
equity and social security contributions of SEK 2.8 (1.2) 
million reported as a provision in the balance sheet. Salary 
costs are valued at fair value and amortized over the term 
of the program. The social security contributions are 
affected by the share price at the end of each accounting 
period and may therefore amount to significantly higher 
amounts in the future and create volatility in the income 
statement.  
 
Excluding costs for incentive programs, the EBITDA margin 
during the period would have increased by 2.7 (2.5) 
percentage points and been 38.4 (45.4) percent. See more 
info in note 5. 
 
India 73.6%
Africa and Middle East
12.8%
RoW 13.6%

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

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Other external costs increased to SEK 160.4 (122.1) million 
compared to the same period last year.  The increase in 
costs is mainly due to growth investments in several growth 
regions. Costs have primarily increased due to more 
investments in user acquisition through digital marketing 
and increased expenses for agreements with phone 
manufacturers where the Truecaller app comes pre -
installed. 
 
Profit and earnings per share for the period 
Profit before tax amounted to SEK 338.1 (407.1) million. Profit 
after tax for the period was SEK 256.1 (315.1) million. Net 
financial income amounted to SEK 48.6 (39.4) million. 
 
The total tax amounted to SEK  82.1 (92.0) million which 
corresponds to an effective tax rate of  24.3 (22.6) percent 
for the Group.  
 
Basic earnings per share were SEK 0.74 (0.86) and diluted 
earnings per share were SEK 0.74 (0.86). 
 
Cash flow and financial position 
Net cash from operating activities amounted to SEK 240.0 
(285.6) million of which SEK -51.0 ( -29.1) million was 
attributable to changes in working capital and SEK -86.3 (-
92.1) million was attributable to income tax paid. Net cash 
from investing activities amounted to SEK 394.2 ( -564.9) 
million and included a sale of short-term interest rate funds 
SEK 400.0 ( -) million, investments in non -current financial 
assets of SEK - (-32.8) million and   investments in short -
term interest rate funds of SEK – (-500,0) million. Net cash 
used in financing activities was SEK -761.5 (-338.1) million 
and included purchase of treasury shares SEK -137.3 ( -
322.9) million, repurchase of warrants of SEK -18.2 (-) million 
and dividend paid to shareholders of SEK -589.8 (-) million. 
Net cash flow for the period was SEK -127.2 (-617.4) million. 
 
Truecaller had cash and cash equivalents of SEK 512.6 
(714.6) million at the end of the period and SEK 564.7 (918.6) 
million invested in short -term interest rate funds. . The 
equity to assets ratio was 76.6 (82.2) percent.  
  
Truecaller have a revolving credit facility of SEK 500.0 
(500.0) million. SEK 0.0 (0.0) million had been utilized as of 
the reporting date. Consolidated total assets amounted to 
SEK 1,699.2 (2,221.8) million at 3 0 June 2024. The carrying 
amounts of financial assets and financial liabilities are 
estimated to coincide with fair value in all material 
respects. 
 
Trade receivables for the Group amounted to SEK 97.5 
(76.0) million and claims on advertising networks and 
platform owners was SEK 106.9 (98.5) 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 7.5 (3.9) million as of 3 0 June 2024. The 
claims on advertising networks and platform owners is 
mainly linked to outstanding claims against Google and 
Meta.  
 
Investments 
During the period SEK 4,7 (1,7) 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 currency, 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 currency 
exposure. A depreciatio n of SEK against currencies 
including USD and INR, however, has a positive impact on 
the company’s sales and profit, although it also increases 
the company’s costs. The largest currency exposures are 
against INR and USD. The company estimates that 
exchange rate changes had a  negative impact on sales 
during January-June 2024 compared to the corresponding 
period in 2023. The company's estimate is that exchange 
rates also had a negative effect on the EBITDA margin. 
 
Parent company 
Parent company income for the period amounted to SEK 4.5 
(4.2) million which refers to billing of subsidiaries for 
services rendered. The profit before tax amounted to SEK -
401.7 (403.0) million where the majority of  the results are 
attributable to dividends from subsidiaries. The profit after tax 
amounted to SEK 401.3 (402.4) million. Cash and cash 
equivalents on 3 0 June 2024 amounted to SEK 20.6 (41.2) 
million. In excess to the cash and cash equivalents the 
parent company has SEK 260.3 (400.0) million invested in 
short-term interest rate funds. No investments have taken 
place in intangible or tangible assets. At the end of the 
period, 2 (2) people were employed in the parent company.

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

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Product update  
More intelligent  spam and fraud 
protection 
Truecaller continues to enhance its core offering for a 
smarter, safer, and more efficient communication 
experience. Continued investments in artificial intelligence 
and machine learning further strengthen Truecaller’s caller 
ID, message ID, fraud and spam  detection capabilities, 
enabling more accurate identification of unwanted calls 
and messages. Improvements in automated analysis of 
calling patterns have significantly increased the volume of 
spammers identified by Truecaller across markets, with 
India se eing over 100% growth compared to the same 
period last year.  
 
Efforts to combat the growing problem of fraud also made 
significant progress this quarter. Leveraging user 
contributions, Truecaller continuously enhances its 
algorithm for detecting suspicious calls while improving 
accuracy. During the second quarter, th is model saw 
substantial improvements, with the volume of fraudulent 
callers identified growing by over 100X year on year. This 
was rolled out to users in India, establishing a strong 
foundation as the service scales to even more markets. In 
parallel, True caller continuously adapts its capabilities 
based on popular fraud scenarios conducted via SMS.. 
Such initiatives have a notable impact on both adoption 
and stickiness; in the second quarter, Truecaller saw 
improvements in user retention in markets where 
enhancements to the overall core product were 
implemented. 
 
Truecaller continues to invest in improving the user 
experience, and in the second quarter, in-app engagement 
grew by 25% year on year. Previous efforts to facilitate 
opportunities for users to leave feedback on unknown 
numbers in the form of comments, up/ down votes, survey 
responses, name suggestions and more continue to scale 
well. In the second quarter, the number of users 
contributing insights grew by over 150% vs. the same period 
last year. This underscores Truecaller’s biggest strength: its 
worldwide community of hundreds of millions of users 
whose contributions continuously improve the service. As 
user contributions increase, Truecaller’s algorithms 
become smarter, thereby enhancing data quality as the 
engaged user base expands. 
 
Truecaller aims to build a broader ecosystem and expand 
the service beyond the mobile app, ensuring relevant 
coverage across multiple channels. Truecaller released a 
beta version of an app for Android smartwatches powered 
by Wear OS at the end of the quart er. This new app offers 
an intuitive way to identify and manage calls directly from 
the wrist and a wider rollout is expected in the coming 
weeks. As the user base adopting smartwatches grows, the 
watch app is expected to enhance retention and usability 
of the app. Additionally, TrueTalks, a dedicated online 
community launched in the first quarter, has driven notable 
engagement with over six million unique visitors in June 
alone, which was an increase of more than 80% compared 
to May when the community was launched. Truecaller for 
Web, also launched at the end of the first quarter, continues 
to be developed for better scalability. 
 
 
 
Continued enhancements to iPhone 
experience and monetization 
At the end of the quarter, Apple announced the 
introduction of live lookup capabilities with iOS 18. With the 
coming change, Truecaller will soon be able to offer users 
a caller ID functionality on par with Android, something 
that has been requested by users for years. In addition, 
changes to call blocking will provide a much richer 
experience and users will be able to now see blocked calls 
in their call history. The combination of live lookup and 
revised call blocking are expected to provide a significant 
opportunity to expand the iOS user base and increase the 
conversion of subscribers. The new version of iOS will be 
released in September, with  the full release of live lookup 
expected to follow in the near future. Overall, these 
changes should be regarded as very positive for 
Truecaller’s ability to accelerate growth and monetization 
of the iPhone user base. 
 
Truecaller continues to make progress in driving 
monetization for the iPhone experience, leveraging both 
free and Premium models. The introduction of more 
engaging ad inventory in previous quarters continues to 
scale well, with ads revenue on the platform growing at 
more than 90% year on year. The incremental addition of 
video inventory with higher CPMs, combined with initiatives 
to drive more in-app engagement on iPhone, has further 
boosted advertising revenue. On the subscriptions side, 
targeted initiatives and continued experimentation are 
also showing strong results, with subscription revenue 
growing at more than 60% compared to the same period 
last year. Such initiatives have yielded strong growth,

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

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especially in markets with a higher propensity to 
subscribe.  
 
In parallel, Truecaller invests in improving the user 
experience on iPhone to build the best experience for the 
platform. During the second quarter, the home screen was 
redesigned for easier navigation and access to search 
functionalities, while updates to the interface also provide 
more opportunities to educate users on the app’s 
capabilities. Improvements to onboarding have enhanced 
accessibility, while new features make it easier for users to 
provide feedback and contribute to service improvements.  
 
 
 
Improvements to Premium and  updates 
to offering  
Consumer subscriptions continue to develop very well, with 
year-on-year increases in revenue and subscriber base at 
30% and 18% respectively, across both iPhone and Android. 
The growth of paying users continues to outpace the overall 
user base, underscoring the increasing relevance of the 
Premium experience as Truecaller evolves the offering. 
During the quarter, Truecal ler significantly streamlined its 
pricing strategy, offering only two plans worldwide: 
Premium and Premium Family. Additionally, Truecaller 
optimized the pricing for these plans based on each 
market's specific propensity to buy subscriptions, 
balancing conversion and monetization potential. The new 
pricing tiers were implemented progressively during the 
quarter, and Truecaller has already seen notable adoption 
of the new plans. 
 
 
 
During the quarter, Truecaller achieved a milestone in 
expanding the Premium offering, ensuring subscribers are 
protected throughout their mobile communication 
experience—before, during, and after a suspicious attempt. 
At the end of June, fraud insurance w as introduced to 
paying users on annual plans in India, covering losses from 
fraudulent calls or messages. Launched in collaboration 
with HDFC ERGO*, one of India’s leading general insurance 
providers, this feature supports Truecaller’s promise of safer 
mobile communication, compensating Premium users for 
monetary losses from scams conducted over mobile 
communication. 
 
 
 
 
Truecaller Assistant also continues to develop well, 
demonstrating healthy KPIs in adoption and retention while 
expanding to more markets. During the second quarter, the 
Assistant product was updated with Microsoft Azure AI 
Speech’s Personal Voice, allowin g users to create a digital 
version of their own voice for use as the Assistant when 
handling incoming calls .. This feature personalizes the 
product experience, making the Assistant sound more 
accessible when handling calls. Early data indicates a

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

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INTERIM  REPORT JANUARY -JUNE  202 4 TRUECALLER AB  
positive reception to this feature, with a noticeable increase 
in Assistant usage among users who set up their personal 
voice. 
 
Continued innovation and expansion of 
Ads opportunities 
During the second quarter, Truecaller continued to 
enhance ads monetization through advancements in 
demand, supply, and advertising technology. On the 
demand side, Truecaller aims to maintain its position as the 
preferred partner for direct advertisers, ag encies, and 
programmatic partners by expanding the range of 
advertiser objectives it supports. Efforts include 
strengthening relationships through enhanced sales 
outreach, flexible agreements, and improved 
programmatic integrations. Despite muted demand, 
Truecaller achieved its highest number of global 
programmatic partners this quarter, establishing a robust 
and sustainable demand stream for billions of daily ad 
opportunities. The Truecaller Ad server now supports VAST 
video demand integration from other p rogrammatic 
partners, expected to increase video's share within the 
demand portfolio. Ads monetization on IOS continued to 
exhibit strong growth, driven by increased demand from 
new programmatic partners and formats. As Truecaller 
scales operations for iOS , a premium direct sales offering 
for iOS inventory is anticipated in the near future. 
 
On the supply side, key metrics that  are crucial to 
maximizing yield and ROI for advertisers (e.g., viewability, 
CTR, render rate) continue to be focus areas. During the 
quarter, Truecaller also began testing more valuable ad 
formats such as interstitials  to strike a balance between 
monetization and app experience. Proprietary ad formats 
were expanded to include rich media animated ads, which 
delivered encouraging results for both branding and 
performance objectives due to enhanced creative 
storytelling an d increased ad engagement. Efforts are 
underway to further scale opportunities with video ads by 
growing in -app engagement, strengthening 
programmatic demand for video ads availability, and 
exploring opportunities such as rewarded video ads. These 
rewarded video ads are user -initiated and offer valuable 
in-app incentives in exchange for engaging with the 
advertising content. Pilot projects have also commenced to 
monetize caller ID real estate through Truecaller's own ad 
server, generating billions of opportunities daily. This opens 
up more inventory and new use cases for advertisers, 
further bolstering the direct sales offering. Branding 
solutions for this ad placement are expected to drive 
meaningful monetization in upcoming quarters. 
 
Investments in the Truecaller Ad server continue to yield 
strong revenue contributions and support new initiatives. 
Ongoing enhancements to the in -house ad server are 
expected to further scale branding initiatives via Caller ID 
and rich media ads, enhance yield and ROI for performance 
campaigns, and support innovations leveraging 
Truecaller's extensive user base and high usage frequency.  
Expansion of enterprise offering 
Truecaller for Business continues to grow, with a record 
quarter  in terms of revenue and new logos acquired  for the 
Verified Business product line.  During the quarter, new 
packaging and pricing were introduced to enhance the 
value provided to new and existing customers. This initiative 
has already had a positive effect, resulting in an all -time 
high in average revenue per account (ARPA). By leveraging 
the value-driving features of the Verified Business product 
line, expansion and upgrades scaled up with existing 
customers moving to higher pricing and plans. Both direct-
led and reseller -based partnership efforts contributed to 
this growth, and reseller partnerships with 
telecommunications players TataTele and Airtel continue 
to scale well. 
 
Truecaller continues to expand the Verified Business 
product line, and in the second quarter, the development of 
Verified Campaigns, was completed. This will be rolled out 
to customers participating in the Early Access Program 
before it is fully brought to  market in the third quarter. 
Verified Campaigns is a new paid offering that enables 
enterprise marketing teams to engage their customers with 
hyper-personalized and actionable display units during in-
call and post -call interactions.. Leveraging additional  real 
estate on the Verified Business call screen, the feature 
enables businesses to drive interactions for personalized 
offers and lifecycle communication use cases. Truecaller 
provides webhook -connectors that will help marketers 
easily set up their customer journeys inside their existing CX 
platforms, thus enabling them to effectively monetize their 
communications. Verified Business has been highly valued 
as an identity verification solution, and Truecaller now 
expands this offering to create an additiona l engagement 
channel between businesses and their customers. 
 
 
 
Truecaller also continues to enhance Verified Business 
capabilities to provide greater value and effectiveness for 
businesses. Launched in 2023, Call Management APIs 
enable businesses to have a personalized context for calls 
based on the user’s number, improving the ir outreach

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

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INTERIM  REPORT JANUARY -JUNE  202 4 TRUECALLER AB  
efficiency. The existing Call Reason feature gives users 
context for why the business is calling. During the second 
quarter, Truecaller integrated this feature with the release 
of real-time call personalization APIs, allowing businesses 
to dynamically publish call reasons for diverse use cases in 
real-time. For example, if a user uses a credit card abroad, 
an agent can call to verify the transaction, personalizing the 
call reason with the most relevant details. 
 
Business messaging, offered in partnership with Tanla, 
continues to see growing volumes in messages delivered. 
Revenues from business messaging grew 50% year on year, 
spurred by higher volumes and increased pricing. The 
implementation of rich media capabil ities is gaining  
traction, with real-time Call to Action click insights helping 
brands measure campaign performance effectively. 
Truecaller continues to enhance the messaging experience 
on the consumer app in parallel to grow adoption of the 
feature, ther eby expanding the potential market for 
business messaging.

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

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Other disclosures
Annual General Meeting 
Truecaller's annual general meeting was held in May. 
Decisions were made regarding the cancellation of 
repurchased shares, a dividend of SEK 1.60 per share, a 
renewed mandate to repurchase up to 10% of outstanding 
shares, an incentive program for employees, and the re-
election of the board excluding Bing Gordon who declined 
re-election. All information about the meeting is available 
on Truecaller's website: 
https://corporate.truecaller.com/sv-
en/governance/general-meetings.. 
 
Pay out of Dividend 
At the end of May, a dividend of SEK 1.60 per share was paid 
to shareholders in accordance with the decision of the 
general meeting. According to the new dividend policy, SEK 
0.30 per share was paid out as an ordinary dividend and an 
extra dividend of SEK 1.30 per share was paid out to reduce 
Truecaller's capitalization. Truecaller's board has decided 
on a dividend policy which henceforth means that 25% of 
the profit after tax will be distributed to shareholders. 
 
Cancellation of Repurchased Shares 
In accordance with the decision of the general meeting, 
28,647,115 Class B shares that were repurchased within the 
framework of the company's buyback program were 
canceled. As of 30 June 2024, the number of shares in the 
company amounts to a total of 352,540,414, representing a 
total of 773,594,614 votes, divided into 46,783,800 series A 
shares with ten votes each, 300,156,614 series B shares with 
one vote each and 5,600,000 series C shares with one vote 
each. 
 
New Buyback Program Initiated 
With the renewed mandate from the general meeting, 
Truecaller initiated a new buyback program in May. During 
the quarter, Truecaller repurchased just over 1.8 million 
Class B shares. After the buybacks and cancellations of 
shares, Truecaller holds 1,082,83 2 Class B shares and 5.6 
million Class C shares that were repurchased for 
outstanding incentive programs. The total holding of own 
shares amounts to approximately 1.9% of the outstanding 
capital and Truecaller has a mandate to repurchase up to 
10% of the o utstanding capital. See Note 6 for more 
information. 
 
Risks and uncertainties 
Like all companies. Truecaller is exposed to various types of 
risk in the course of business. These include risks related to 
currency movements. dependence upon certain strategic 
partners. the general economic trend and developments in 
the financial market. technical progress. dependence on 
key individuals. legal risks and risks associated with 
personal privacy. as well as tax risks and political risks. Risk 
management is an integrated component of the 
management of Truecaller. The risks described for the 
Group could also have indirect impact  on the parent 
company. A complete description of risks and uncertainties 
associated with Truecaller is provided in the 202 3 annual 
report. 
 
Forward-looking statements 
The report presents statements pertaining to matters 
including Truecaller’s financial position and performance 
as well as statements on market conditions that may be 
forward-looking. Truecaller believes the expectations 
reflected in these forward -looking s tatements are based 
on reasonable assumptions. Forward -looking statements 
are. however. associated with risks and uncertainties and 
actual outcomes or consequences may differ materially 
from those presented here. In addition to that required 
under applicab le law. forward -looking statements apply 
only on the date presented and Truecaller disclaims any 
obligation to update them in the light of new information or 
future events. 
 
Outlook 
Truecaller does not publish forecasts. 
 
Parent 
Truecaller AB. CRN 559278 -2774. is a Swedish public 
company whose registered office is in Stockholm. Sweden. 
 
Financial calendar 
Interim report January-September 2024: 7 November 2024 
Year-end report January-December 2024: 18 February 2025 
Contact details 
Alan Mamedi, CEO E-mail: alan.mamedi@truecaller.com 
 
Odd Bolin, CFO 
Tel: +46 70 428 31 73 E-mail: odd.bolin@truecaller.com 
 
Andreas Frid, Head of IR & Communication 
Tel: +46 705 29 08 00 E-mail: andreas.frid@truecaller.com 
 
 
 
Auditor’s review 
This year-end report has not been reviewed by the 
company’s auditor.  
 
This interim report constitutes insider information that 
Truecaller AB is required to disclose under the EU Market 
Abuse Regulation. The information was released for 
publication, through the agency of the contact persons above, 
on 19 July 2024 at 07.30 CET.

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

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INTERIM  REPORT JANUARY -JUNE  202 4 TRUECALLER AB  
Condensed consolidated statement of 
profit or loss 
Amounts in SEK 000s Note 
  2024 
Apr-Jun 
2023 
Apr-Jun 
2024 
Jan-Jun 
2023 
Jan-Jun 
2023 
Jan-Dec 
         
Net sales 3   455,948 518,437 883,135 905,501 1,728,895 
Other income    68 27 1,156 48 2,598 
Work performed by the entity and capitalized    1,920 632 4,674 1,650 8,930 
Third party fees    -112,255 -123,126 -216,609 -219,234 -421,203 
Other external costs    -79,691 -64,958 -160,426 -122,075 -255,209 
Employee costs    -101,334 -92,480 -196,231 -177,310 -361,127 
Depreciation, amortization and impairments    -13,122 -10,722 -26,140 -20,941 -45,207 
EBIT (operating profit)    151,533 227,811 289,558 367,637 657,677 
 
        
Net financial income or expense    13,071 32,228 48,569 39,427 54,616 
Profit or loss after net financial income or 
expense 
   
164,604 260,039 338,127 407,065 712,293 
 
        
Tax    -41,591 -54,093 -82,064 -91,999 -175,960 
Profit for the period 1)    123,014 205,946 256,063 315,066 536,333 
 
        
Earnings per share         
Basic earnings per share (SEK)    0.35 0.57 0.74 0.86 1.49 
Diluted earnings per share (SEK)    0.35 0.57 0.74 0.86 1.49 
 
        
Average number of shares before dilution     346,685,832 361,277,649 348,082,538 364,407,592 359,728,698 
Average number of shares after dilution    346,685,832 361,404,806 348,082,538 364,662,782 359,728,698 
 
1) The profit for the period is attributable entirely to shareholders in the parent company.

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

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INTERIM  REPORT JANUARY -JUNE  202 4 TRUECALLER AB  
Consolidated statement of 
comprehensive income 
 
 
1) The profit for the period is attributable entirely to shareholders in the parent company. 
 
 
 
  
 
 
 
Amounts in SEK 000s Note  
2024 
Apr-Jun 
2023 
Apr-Jun 
2024 
Jan-Jun 
2023 
Jan-Jun 
2023 
Jan-Dec 
Profit or loss for the period   123,014 205,946 256,063 315,066 536,333 
        
Other comprehensive income for the period        
Items that will be reclassified to profit and loss in 
subsequent periods 
       
Foreign exchange translation differences   -1,887 4,392 8,760 3,439 -10,533 
Items that will not be reclassified to profit and loss 
in subsequent periods 
       
Remeasurements of defined-benefit pension plans   - - - - 3,140 
Other comprehensive income for the period   -1,887 4,392 8,760 3,439 -7,393 
        
Comprehensive income for the period 1)   121,127 210,338 264,823 318,505 528,941

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

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INTERIM  REPORT JANUARY -JUNE  202 4 TRUECALLER AB  
Condensed consolidated statement of 
financial position 
Amounts in SEK 000s Note  
2024  
30 Jun 
2023  
30 Jun 
2023  
31 Dec 
ASSETS      
      
Non-current assets      
Goodwill   46,737 34,188 45,432 
Other intangible assets   24,628 13,627 24,993 
Property. plant and equipment   16,681 18,718 18,352 
Right-of-use assets   113,221 130,234 118,805 
Non-current financial assets 4  32,698 32,812 32,698 
Deferred tax assets   37,224 38,083 34,878 
Other non-current receivables 4  8,747 12,731 26,584 
Total non-current assets              279,935 280,393 301,742 
      
Current assets      
Current receivables 4  341,972 308,229 285,995 
Short-term placements 4  564,709 918,635 941,256 
Cash and cash equivalents 4  512,617 714,583 631,347 
Total current assets   1,419,298 1,941,446 1,858,599 
      
TOTAL ASSETS   1,699,234 2,221,839 2,160,340 
 
EQUITY AND LIABILITIES 
  
   
      
Equity      
Equity attributable to owners of the parent   1,302,091 1,827,100 1,743,703 
Total equity   1,302,091 1,827,100 1,743,703 
      
Non-current liabilities      
Liability arising from defined-benefit pension plans   7,863 7,380 6,608 
Lease liabilities   89,744 109,559 98,176 
Deferred tax liability   37,558 31,953 38,731 
Other non-current liabilities 4  11,515 8,980 9,150 
Total non-current liabilities   146,679 157,872 152,665 
      
Current liabilities      
Lease liability   26,705 22,090 22,763 
Other current liabilities 4  223,758 214,777 241,208 
Total current liabilities   250,464 236,868 263,972 
      
TOTAL EQUITY AND LIABILITIES   1,699,234 2,221,839 2,160,340

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

20 
INTERIM  REPORT JANUARY -JUNE  202 4 TRUECALLER AB  
Condensed consolidated statement of 
cash flows 
Amounts in SEK 000s   
2024 
Apr-Jun 
2023 
Apr-Jun 
2024 
Jan-Jun 
2023 
Jan-Jun 
2023 
Jan-Dec 
        
Operating activities        
Profit or loss after net financial income or expense   164,604 260,039 338,127 407,065 712,293 
Adjustments for non-cash items   37,477 -11,215 39,147 -279 26,047 
Income tax paid   -28,541 -45,524 -86,258 -92,110 -213,822 
Cash flow from operating activities before  
changes in working capital 
  
173,540 203,300 291,016 314,675 524,519 
        
Net cash from changes in working capital        
Change in operating receivables   -12,297 -4,603 -51,428 -11,220 19,066 
Change in operating liabilities   22,917 6,786 436 -17,838 38,377 
Net cash from operating activities   184,160 205,482 240,024 285,618 581,962 
        
Investing activities        
Acquisitions of Group companies, net effect on cash and 
cash equivalents 
  
- - - - -27,422 
Purchases of property, plant and equipment   -330 -1,739 -1,110 -12,290 -17,070 
Purchases of intangible assets   -1,920 -509 -4,674 -1,650 -8,930 
Purchases of short-term investments   - - - -500,000 -500,000 
Sale of short-term investments   400,000 - 400,000 - - 
Change in financial receivables   - -10,695 - -18,145 -40,766 
Investment in non-current financial assets   - -32,812 - -32,812 -32,679 
Net cash used in investing activities   397,749 -45,754 394,216 -564,897 -626,868 
        
Financing activities        
New share issue   - - - - 66 
Funds received for warrants   - - - - 46,718 
Repurchase of warrants   -52 -310 -18,287 -310 -450 
Amortization of lease liability   -8,127 -8,008 -16,059 -14,935 -29,869 
Buyback of treasury shares   -62,556 -140,705 -137,307 -322,869 -659,548 
Dividend   -589,799 - -589,799 - - 
Net cash from (-used in) financing activities   -660,534 -149,023 -761,452 -338,113 -643,082 
        
Net cash flow for the period   -78,625 10,705 -127,212 -617,392 -687,988 
Cash and cash equivalents at the beginning of the period   591,856 699,510 631,347 1,327,801 1,327,801 
Foreign exchange differences in cash and cash 
equivalents   -615 4,368 8,481 4,175 -8,466 
Cash and cash equivalents at the end of the period   512,617 714,583 512,617 714,583 631,347

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

21 
INTERIM  REPORT JANUARY -JUNE  202 4 TRUECALLER AB  
Condensed consolidated statement of 
changes in equity 
   Equity attributable to owners of the parent 
Amounts in SEK 000s 
 
Share 
capital 
Other  
capital  
contributions Reserves 
Retained profits  
including 
profit for 
the period 
Total equity  
attributable  
to owners 
of the parent 
Opening balance at 1 January 2023  758 1,710,139 2,400 90,797 1,804,093 
       
Profit for the period  - - - 315,066 315,066 
Other comprehensive income for the period  - - 3,439 - 3,439 
Comprehensive income for the period  - - 3,439 315,066 318,505 
       
Transactions with owners of the Group       
Share issue  1 - - - 1 
Treasury shares after transaction costs  - - - -316,344 -316,344 
Warrants  - -310 - - -310 
Share-based payment  - - - 21,153 21,153 
Total  1 -310 - -295,190 -295,499 
       
Closing balance at 30 June 2023  759 1,709,829 5,839 110,673 1,827,100 
  
     
 
Opening balance at 1 January 2024  762 1,738,298 -8,133 12,776 1,743,703 
       
Profit for the period  - - - 256,063 256,063 
Other comprehensive income for the period  - - 8,760 - 8,760 
Comprehensive income for the period  - - 8,760 256,063 264,823 
       
Transactions with owners of the Group       
Bonus issue  57 - - -57 - 
Cancellation of treasury shares  -57 - - 57 - 
Treasury shares after transaction costs  - - - -137,307 -137,307 
Warrants  - -52 - - -52 
Share-based payment  - - - 20,722 20,722 
Dividend 1)  - - - -589,799 -589,799 
Total  - -52 - -706,384 -706,436 
       
Closing balance at 30 June 2024  762 1,738,246 627 -437,544 1,302,091 
 
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 22 =====

22 
INTERIM  REPORT JANUARY -JUNE  202 4 TRUECALLER AB  
Condensed parent company income 
statement 
  
 
Amounts in SEK 000s Note  
2024 
Apr-Jun 
2023 
Apr-Jun 
2024 
Jan-Jun 
2023 
Jan-Jun 
2023 
Jan-Dec 
        
Operating revenue   2,550 2,583 4,480 4,149 8,191 
Other external costs   -3,099 -2,647 -5,823 -5,188 -9,918 
Employee costs   -3,400 -3,077 -6,372 -5,841 -11,675 
EBIT (operating profit)   -3,949 -3,141 -7,715 -6,879 -13,403 
        
Net financial income or expense   409,731 404,697 409,459 409,878 400,695 
Profit or loss after financial items   405,781 401,556 401,743 402,999 387,292 
        
Appropriations   - - - - 13,000 
Profit or loss before tax   405,781 401,556 401,743 402,999 400,292 
        
Tax   -1,224 -320 -450 -616 -131 
Profit or loss for the period   404,557 401,236 401,293 402,383 400,162

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

23 
INTERIM  REPORT JANUARY -JUNE  202 4 TRUECALLER AB  
Condensed parent company balance 
sheet 
 
Amounts in SEK 000s Note  
2024  
30 Jun 
2023  
30 Jun 
2023  
31 Dec 
ASSETS      
      
Non-current assets      
Investments in Group companies   10,297,177 10,297,177 10 297 177 
Total non-current assets                10,297,177 10,297,177 10 297 177 
      
Current assets      
Current receivables   6,571 10,911 6,124 
Receivables from Group companies   11,674 412,680 13,688 
Short-term placements   260,311 410,398 400,000 
Cash and cash equivalents   20,614 41,211 176,479 
Total current assets   299,171 875,201 596,291 
      
TOTAL ASSETS   10,596,348 11,172,378 10,893,468 
 
EQUITY AND LIABILITIES 
     
      
Equity and liabilities      
Equity   10,565,122 11,166,384 10,870,265 
Receivables to Group companies   25,013 - - 
Current liabilities   6,213 5,994 23,203 
TOTAL EQUITY AND LIABILITIES   10,596,348 11,172,378 10,893,468

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

24 
INTERIM  REPORT JANUARY -JUNE  202 4 TRUECALLER AB  
Notes 
Note 1. Significant accounts policies
This interim report covers the Swedish parent company 
Truecaller AB (“Truecaller”) , company registration number 
559278-2774, and its subsidiaries. The principal business of 
the Group is to develop and publish software. primarily 
mobile Caller ID applications , under the Truecaller brand. 
The parent is a limited liability company registered and 
domiciled in Stockholm, Sweden. The address of the head 
office is Mäster Samuelsgatan 56, 111 21 Stockholm. Sweden.  
 
Truecaller applies International Financial Reporting 
Standards (IFRS). as adopted by the EU. The interim report 
for the Group was prepared in compliance with IAS 34 
Interim Financial Reporting and applicable sections of the 
Swedish Annual Accounts Act (199 5:1554). Disclosures 
according to IAS 34 are provided in other parts of the 
interim report. in addition to the financial statements. The 
interim report for the parent company was prepared in 
accordance with the Annual Accounts Act. Chapter 9 
Interim Financ ial Reporting. and recommendation RFR 2 
Accounting of Legal Entities issued by the Swedish Financial 
Accounting Standards Council. The accounting principles , 
basis for measurement and estimates and judgements 
applied on the interim report for the Group and the parent 
are identical to those applied in Truecaller’s annual report. 
Accordingly, refer to the most recently published annual 
report for a description of applied accounting policies. 
 
Equity  
Shares issued by the company are classified as equity. 
Additional costs arising directly from the issue of common 
shares and stock options are recognized as a debit item in 
equity after deducting tax effects, if any. When Truecaller’s 
shares classified as equity are repurchased. the amount of 
consideration paid is recognized as a reduction in equity. 
after deducting tax effects. if any. Repurchased shares are 
classified as treasury shares and recognized as a d ebit 
item under equity. When treasury shares are subsequently 
sold or reissued. the amount received is recognized as an 
increase in equity and the surplus or deficit resulting from 
the transaction is transferred to or from other capital 
contributions. 
 
Financial instruments at fair value 
The group has non -current financial assets consisting of 
the investment in Mayhem Studios. The non -current 
financial assets are valued at fair value through the income 
statement. As no market quotation exists for the 
investment, its fair value is determined through other 
observable data (level 2)
Note 2. Key judgements and estimates
Preparation of the interim report requires management to 
make judgements. estimates and assumptions that affect 
the application of the accounting policies and the 
recognized amounts of assets , liabilities, revenues and 
costs. Actual outcomes may differ from these judgements 
and estimates. The key judgements and sources of 
estimation uncertainty are unchanged from those 
described in the most recently published annual report.
Note 3. Revenue from contracts with customers 
DISTRIBUTION OF REVENUE FROM CONTRACTS WITH CUSTOMERS  
 
   
 
Amounts in SEK 000s  
  2024 
Apr-Jun 
2023 
Apr-Jun 
2024 
Jan-Jun 
2023 
Jan-Jun 
2023 
Jan-Dec 
Geographical region         
India    333,655 412,882 650,369 705,096 1,309,882 
Middle East and Africa    59,512 53,700 113,068 102,821 206,366 
Rest of the world    62,781 51,855 119,697 97,584 212,647 
Revenue from contracts with customers    455,948 518,437 883,135 905,501 1,728,895

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

25 
INTERIM  REPORT JANUARY -JUNE  202 4 TRUECALLER AB  
 
The geographical distribution is based on where the customer has their mobile subscription. 
 
 
 
Amounts in SEK 000s  
  2024 
Apr-Jun 
2023 
Apr-Jun 
2024 
Jan-Jun 
2023 
Jan-Jun 
2023 
Jan-Dec 
Type of service         
Advertising revenues    332,310 425,191 649,973 729,115 1,346,114 
User revenues    64,379 50,057 122,784 96,603 206,219 
Truecaller for Business    57,693 41,767 107,241 76,142 170,198 
Other revenues    1,566 1,422 3,137 3,641 6,363 
Revenue from contracts with customers    455,948 518,437 883,135 905,501 1,728,895 
 
Note 4.  Financial instruments 
 
Measurement of financial assets and liabilities at 30 June 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  -  8,747  8,747 
Non-current financial assets  32,698  -  32,698 
Claims on advertising networks and platform 
owners 
 -  106,923  106,923 
Trade receivables  -  97,537  97,537 
Short-term placements  564,709  -  564,709 
Cash and cash equivalents  -  512,617  512,617 
Total  597,407  725,823  1,323,230 
 
FINANCIAL LIABILITIES       
Trade payables  -  47,871  47,871 
Conditional consideration (earnout)  9,272  -  9,272 
Total  9,272  47,871  57,144 
 
Measurement of financial assets and liabilities at 30 June 2023 
 
FINANCIAL ASSETS 
 
Financial assets 
measured at fair value 
through profit and loss  
Financial assets 
measured at amortized 
cost  Total carrying amount 
Other non-current receivables  -  12,731  12,731 
Non-current financial assets  32,812  -  32,812 
Claims on advertising networks and platform 
owners 
 -  98,538  98,538 
Trade receivables  -  76,031  76,031

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

26 
INTERIM  REPORT JANUARY -JUNE  202 4 TRUECALLER AB  
Short-term placements  918,635  -  918,635 
Cash and cash equivalents  -  714,583  714,583 
Total  951,447  901,883  1,853,330 
 
FINANCIAL LIABILITIES       
Trade payables  -  45,290  45,290 
Conditional consideration (earnout)  14,266  -  14,266 
Total  14,266  45,290  59,556 
 
 
Measurement of financial assets and liabilities at 31 December 2023 
 
FINANCIAL ASSETS 
 
Financial assets 
measured at fair value 
through profit and loss  
Financial assets 
measured at amortized 
cost  Total carrying amount 
Other non-current receivables  -  26,584  26,584 
Non-current financial assets  32,698  -  32,698 
Claims on advertising networks and platform 
owners 
 -  86,020  86,020 
Trade receivables  -  75,965  75,965 
Short-term placements  941,256  -  941,256 
Cash and cash equivalents  -  631,347  631,347 
Total  973,954  819,916  1,793,870 
 
FINANCIAL LIABILITIES       
Trade payables  -  46,149  46,149 
Conditional consideration (earnout)  8,404  -  8,404 
Total  8,404  46,149  54,553 
The carrying amount is considered a good estimate of the 
fair value of current receivables and liabilities . The 
maximum credit risk of the assets comprises the net 
amounts of the carrying amounts shown in the table above.  
 
The Group has short -term placements , conditional 
consideration (earnouts) and non-current financial assets 
that are measured at fair value through profit or loss. Fair 
value is the price that would be received to sell an asset or 
paid to transfer a liability in an orderly transaction between 
market participants at the measurement date. The 
measurement methods are classified in a hierarchy 
consisting of three levels defined as follows: 
• Level 1 Quoted prices in active markets 
• Level 2 Inputs other than quoted prices that are 
observable directly (prices) or indirectly (derived 
from prices) 
• Level 3 Non-observable market data 
There were no transfers between the levels during the 
period. The Group has no financial assets or liabilities that 
have been offset in the accounts or which are covered by a 
legally binding netting agreement. 
 
Short-term placements 
Truecaller has investments placed in short-term fixed 
income funds. The fair value of the holding is determined 
by using market prices on the reporting date according to 
Level 1. The effect of the measurement at fair value is 
recognized in profit or loss. The adjustment to the fair 
value of these instruments is reflected directly in “Short-
term placements” in the statement of financial position. 
 
Short-term 
placements, SEK 000s 
  2024 
Jan-Jun 
2023 
Jan-Jun 
2023 
Jan-Dec 
Balance at 1 January   941,256 400,490 400,490 
Investment in short-
term placements 
  - 500,000 500,000 
Sale of short-term 
placements 
  -400,000 - - 
Change in value 
recognized in profit 
and loss 
  23,453 18,145 40,766

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

27 
INTERIM  REPORT JANUARY -JUNE  202 4 TRUECALLER AB  
Closing balance   564,709 918,635 941,256 
 
Conditional consideration (earnout) 
Conditional consideration is categorized at level 3 of the fair 
value hierarchy. The fair value of conditional consideration 
is calculated by discounting future cash flows by a risk -
adjusted discount rate. The conditional consideration for 
CallHero is classified as a non-current liability. 
 
Conditional 
consideration 
(earnout), SEK 000s 
  2024 
Jan-Jun 
2023 
Jan-Jun 
2023 
Jan-Dec 
Balance at 1 January   8,404 13,301 13,301 
Acquisition value   - - - 
Payout   - - -5,550 
Change in value 
recognized in profit 
and loss 
  868 965 653 
Closing balance   9,272 14,266 8,404 
 
 Non-current financial assets 
The group’s non -current financial assets consist of the 
investment in Mayhem Studios that was made in 2023. The 
non-current financial assets belong to level 2 in the 
valuation hierarchy. 
Note 5. Incentive programs 
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 
equity. The Group recognizes a reserve for a ccrued 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 
  2024  
Apr-Jun 
2023  
Apr-Jun 
2024  
Jan-Jun 
2023        
Jan-Jun 
2023 
Jan-Dec 
Cost of vested 
warrants per IFRS 2 
  -10.2 -10.4 -20.7 -21.0 -35.1 
Social insurance 
contributions 
  -2.1 -0.8 -2.8 -1.2 -4.8 
Costs of incentive 
programs 
  -12.2 -11.2 -23.5 -22.2 -39.9 
 
Note 6. Treasury shares 
In accordance with the resolution of the Annual General 
Meeting on 23 May 2024, Truecaller AB has during June 
2024 cancelled 28,647,115 series B shares repurchased 
under the company’s buyback program. Truecaller has 
also bought back 1,082,832 B shares for SEK 39.1 million 
including transaction costs. Truecaller's total holding of 
own shares per 2024-06-30 amounts to 1,082,832 B shares 
and 5,600,000 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 
No significant events after the end of the reporting period.

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

28 
INTERIM  REPORT JANUARY -JUNE  202 4 TRUECALLER AB  
Assurance 
The CEO and the Board of Directors hereby certify that the interim report provides a true and 
fair view of the operations. position and earnings of the parent company and the Group and 
describes the material risks and uncertainties faced by the parent company and the 
companies included in the Group. 
 
  
 
 
 
 
 
Stockholm, 2024-07-18 
 
 
 
Nami Zarringhalam 
Board Chair  
Alan Mamedi 
Director and CEO 
   
Annika Poutiainen 
Director  
Helena Svancar 
Director 
 
 
 
 
 
 
 
 
 
 
  
Shailesh Lakhani 
Director

===== SIDA 29 =====

29 
INTERIM  REPORT JANUARY -JUNE  202 4 TRUECALLER AB  
Alternative performance measurements 
In accordance with ESMA (European Securities and Markets Authority) Guidelines on Alternative 
Performance Measures. the definition and reconciliation of alternative performance measures used by 
Truecaller are presented here. The guidelines entail additional disclosures regarding financial measures 
not defined under IFRS. The performance measures shown below are presented in the interim report. 
They are used for the purposes of internal control and monitoring. As all companies do not calculate 
financial measures in the same way. these measures are not always comparable to measures used by 
other companies. The following measures are measures used by Truecaller to clarify the company’s 
performance and simplify evaluation for users of the company’s financial reports. 
 
Key performance 
measurements Definition Purpose 
Gross profit  Net sales minus brokerage costs.  Gross profit is used to analyze profit minus direct costs 
(costs related directly to brokerage of ad space and 
the costs to onboard new premium users). 
Gross margin Gross profit as a percentage of net sales. Gross margin is a measure of profitability minus direct 
costs. 
EBITDA EBIT before interest, taxes, depreciation 
and amortization. 
EBITDA is a measurement Truecaller uses to show how 
current operations develop over time. 
EBITDA margin EBITDA as a percentage of net sales. EBITDA margin is used to illustrate the profitability of 
current operations excluding items affecting 
comparability and before amortization. 
EBIT (operating profit) Operating profit (earnings) before 
interest and taxes  
EBIT is used to analyze the profit generated by the 
operating entity. 
EBIT margin EBIT as a percentage of net sales. The EBIT margin is used to illustrate the profitability of 
current operations.  
Equity to assets ratio Equity divided by total assets. A measure to illustrate financial risk. expressed as the 
percentage of total assets financed by shareholders’ 
equity. 
Monthly Active Users 
(MAU) 
The number of users that have a 
Truecaller profile and are active on the 
platform on a monthly basis. Calculated 
as an average of all days in the period. 
Used to illustrate the volume of active users of 
Truecaller’s services. 
Daily Active Users (DAU) The number of users that have a 
Truecaller profile and are active on the 
platform on a daily basis. Calculated as 
an average of all days in the period. 
Used to illustrate the volume of active users of 
Truecaller’s services. 
Cost per thousand 
impressions (CPM) 
CPM illustrates the cost of displaying one 
ad one thousand times. 
Used to illustrate the effectiveness of the ad platform.  
Average revenue 
per user (ARPU) 
The average revenue for one recurring 
paying user (Truecaller Premium) 
Used to illustrate how revenues per user develop over 
time.

===== SIDA 30 =====

30 
INTERIM  REPORT JANUARY -JUNE  202 4 TRUECALLER AB  
RECONCILIATION OF SELECTED KEY FIGURES THAT ARE NOT DEFINED UNDER IFRS 
 
 
Group, SEKm  
  2024 
Apr-Jun 
2023 
Apr-Jun 
2024 
Jan-Jun 
2023 
Jan-Jun 
2023 
Jan-Dec 
Gross profit and gross margin         
Net sales    455.9 518.4 883.1 905.5 1,728.,9 
   Minus third party fees    -112.3 -123.1 -216.6 -219.2 -421.2 
Gross profit     343.7 395.3 666.5 686.3 1,307.7 
   Divided by Net sales    455.9 518.4 883.1 905.5 1,728.9 
Gross margin    75.4% 76.3% 75.5% 75.8% 75.6% 
 
EBITDA and EBITDA margin        
EBIT (operating profit)   151.5 227.8 289.6 367.6 657.7 
   Excluding depreciation and amortization   13.1 10.7 26.1 20.9 45.2 
EBITDA   164.7 238.5 315.7 388.6 702.9 
   Divided by Net sales   455.9 518.4 883.1 905.5 1,728.9 
Adjusted EBITDA margin   36.1% 46.0% 35.7% 42.9% 40.7% 
 
 
EBIT (operating profit) and EBIT margin         
EBIT (operating profit)    151.5 227.8 289.6 367.6 657.7 
   Divided by Net sales    455.9 518.4 883.1 905.5 1,728.9 
EBIT margin    33.2% 43.9% 32.8% 40.6% 38.0% 
 
 
Equity to assets ratio         
Total equity    1,302.1 1,827.1 1,302.1 1,827.1 1,743.7 
   Divided by Total assets    1,699.2 2,221.8 1,699.2 2,221.8 2,160.3 
Equity to assets ratio    76.6% 82.2% 76.6% 82.2% 80.7%