FULLTEXT DEL 1 AV 1

Kvartalsrapport Q2 2024

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

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

January-June 2024
INTERIM REPORT

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

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

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

3
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.

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

4
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

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

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

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

6
INTERIM REPORT JANUARY -JUNE 202 4 TRUECALLER AB
Truecaller at a glance
Quarterly review, financial data

FINANCIAL KEY FIGURES
Group, SEKm (unless otherwise stated)

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

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

7
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 =====

8
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 =====

9
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 =====

10
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 =====

11
INTERIM REPORT JANUARY -JUNE 202 4 TRUECALLER AB
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.

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 =====

12
INTERIM REPORT JANUARY -JUNE 202 4 TRUECALLER AB
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 =====

13
INTERIM REPORT JANUARY -JUNE 202 4 TRUECALLER AB
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 =====

14
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 =====

15
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 =====

16
INTERIM REPORT JANUARY -JUNE 202 4 TRUECALLER AB
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 =====

17
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 =====

18
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 =====

19
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%