Kvartalsrapport Q2 2026

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===== 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 2026 
INTERIM REPORT

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

2 
INTERIM REPORT JANUARY -JUNE  2026  TRUECALLER AB  
Truecaller Interim Report Q2 2026 
 
FINANCIAL KEY FIGURES      
Group, SEKm (unless otherwise stated) 
 
 
2026 
Apr-Jun 
2025  
Apr-Jun 
2026  
Jan-Jun 
2025  
Jan-Jun 
2025  
Jan-Dec 
Net sales   393.2 496.4 754.8 993.3 1,912,2 
Gross profit   281.2 383.3 537.4 767.6 1,443,1 
Gross margin (%)   71.5% 77.2% 71.2% 77.3% 75.5 % 
EBITDA, excluding incentive costs   105.8 211.6 209.0 410.2 755.9 
EBITDA margin (%), excluding incentive costs   26.9% 42.6% 27.7% 41.3% 39.5% 
EBITDA   87.9 172.8 152.3 321.8 587.3 
EBITDA margin (%)   22.4% 34.8% 20.2% 32.4% 30.7% 
EBIT (operating profit)   73.5 157.0 119.3 290.6 523.0 
EBIT margin (%)   18.7% 31.6% 15.8% 29.3% 27.3% 
Profit or loss after net financial income or 
expense 
  85.2 166.2 133.1 306.8 549.1 
Basic earnings per share (SEK)   0.16 0.34 0.25 0.64 1.13 
Diluted earnings per share (SEK)   0.16 0.34 0.25 0.64 1.13 
Equity   1,085.7 1,172.1 1,085.7 1,172.1 1,251.0 
Total assets   1,481.1 1,714.9 1,481.1 1,714.9 1,649.5 
Equity to assets ratio (%)   73.3% 69.3% 73.3% 69.3% 75.8% 
Employees at the end of the period   429 440 429 440 471 
April-June 2026 (Q2) 
Comparative figures refer to april-june 2025 
• Net sales decreased by 21 percent to SEK 393.2 
million (496.4). Net sales in constant currencies 
decreased by approximately 14 percent. 
• EBITDA excluding the costs of incentive programs 
decreased by 50 percent to SEK 105.8 million (211.6) 
equivalent to an EBITDA-margin of 26.9 (42.6) 
percent. In constant currencies the EBITDA 
decrease was approximately 44 percent. Excluding 
one-off restructuring cost of SEK 23.5 million EBITDA 
decreased with 39% and the margin was 32.9%. 
• EBITDA including the costs of incentive programs 
decreased by 49 percent to 87,9 (172.8), 
corresponding to an EBITDA-margin of 22.4 (34.8) 
percent. In constant currencies the EBITDA 
decrease was approximately 42 percent. 
• Profit after tax amounted to SEK 51.7 million (118.0). 
• Basic earnings per share were SEK 0.16 (0.34) and 
diluted earnings per share were SEK 0.16 (0.34). 
• The average number of active users excluding iOS 
(MAU) increased by 44.4 million to 471.0 million 
(426.6). 
• Net sales decreased by 31 percent in India, by 5 
percent in the Middle East and Africa but increased 
by 13 percent in the rest of the world. 
January-June 2026 
Comparative figures refer to January-June 2025 
• Net sales decreased by 24 percent to SEK 754.8 
million (993.3). Net sales in constant currencies 
decreased by approximately 15 percent. 
• EBITDA excluding the costs of incentive programs 
decreased by 49 percent to SEK 209.0 million (410.2) 
equivalent to an EBITDA-margin of 27.7 (41.3) percent. 
In constant currencies the EBITDA decrease was 
approximately 40 percent. 
• EBITDA including the costs of incentive programs 
decreased by 53 percent amounted to 152.3 (321.8), 
corresponding to an EBITDA-margin of 20.2 (32.4) 
percent. In constant currencies the EBITDA decrease 
was approximately 42 percent. 
• Profit after tax amounted to SEK 84.1 million (219.7). 
• Basic earnings per share were SEK 0.25 (0.64) and 
diluted earnings per share were SEK 0.25 (0.64). 
• The average number of active users excluding iOS 
(MAU) increased by 44.7 million to 405.9 million 
(361.2). 
• Net sales decreased by 36 percent in India, and by 4 
percent in the Middle East and Africa but increased 
by 16 percent in the rest of the world.

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

3 
INTERIM REPORT JANUARY -JUNE  2026  TRUECALLER AB  
Significant events during the quarter 
● Truecaller’s recurring revenues (subscription revenues and Truecaller for Business revenues) 
increased by 26% in constant currencies. Recurring revenues now account for approximately 49% of total 
revenues (33% in the second quarter of 2025) 
● Advertising revenues increased by SEK 12 million  to SEK 200 million, equivalent to an increase of 6%  
compared with the first quarter of 2026, but declined by 34% in constant currencies compared with the 
second quarter of 2025.  The year -over-year decline was primarily driven by lower revenues from 
Truecaller’s largest programmatic advertising partner, the loss of revenues from the Real Money Gaming 
(RMG) segment related to the Indian Premier League cricket season, and broader ma rket headwinds. 
Direct advertising sales to customers outside the RMG segment in India continued to grow. Towards the 
end of the quarter, the inventory flag that had been applied to Truecaller’s  advertising inventory by its 
largest demand partner was removed, resulting in higher monetisation. As a consequence of this, the 
daily average revenue from the partner increased by approximately 10 -15% compared to the quarterly 
average and has been stable at that level also in the beginning of the third quarter. 
● Subscription revenues increased to SEK 119 million, representing growth of 41% in constant currencies 
and 36% in SEK.  The average number of paying subscribers increased by 33% compared with the 
corresponding quarter last year. Subscriber growth remained strong on both iOS (49%) and Android 
(26%). Revenue growth was driven by a higher conversion rate to paying users, reac hing 0.79% (0.65% in 
the corresponding quarter of 2025), as well as an increase in average revenue per paying user (ARPU). 
On iOS, the conversion rate reached 4.27% (3.05%). Subscription revenues grew across all regions, with the 
strongest growth recorded in MEA and Rest of the World. 
● Truecaller for Business (TfB) revenues increased significantly compared with the first quarter of 2026  
to SEK 74 million . Compared with the corresponding quarter last year, revenues increased by 8% in 
constant currencies but declined by 5% in SEK. Within Verified Business, ARR in constant currencies 
increased by 23% year -over-year, supported by strong sales momentum during the quarter. Average 
revenue churn improved to 2.0% (2.7%). Within Business Messaging, both revenues and message volumes 
increased substantially compared with the first quarter of 2026, although they remained significantly 
below the levels of the corresponding quarter last year. During the quarter, Truecaller  also began 
monetising its SDK product in India, contributing positively to revenue growth. 
● Truecaller’s former exclusive Business Messaging partner resumed traffic on Truecaller’s platform 
towards the end of the second quarter. Together with increased volumes from new partners, this 
contributed to message volumes increasing from approximately 100 million in the first quarter to 
approximately 700 million in the second quarter. This remained well below the corresponding period last 
year, when message volumes exceeded 4 billion. Truecaller expects message volumes to increase 
significantly during the third quarter as the old exclusive partner  resumes full utilisation of the platform 
and other partners continue to ramp up traffic. Following the former exclusive partners  return, 
approximately SEK 6 million of revenue relating to prior periods was recognised. 
● During the quarter, Truecaller launched Travel eSIM, marking the company’s first step into mobile data 
services and an entirely new product category.  For the first time, Truecaller is offering digital products 
beyond its Caller ID and spam protection services. Customers can purchase Truecaller Travel eSIM in 29 
markets through the Truecaller iPhone app or via Truecaller.com. Through the website, the service is also 
available for compatible Android devices. Travel eSIM provides connectivity in more than 150 countries 
worldwide. 
● Truecaller performed  a restructuring of its organization that resulted in the redundancy of a bit more 
than 70 full-time employees. The restructuring gave rise to one-off costs of approximately SEK 23.5 million, 
of which SEK 21.4 million were recognised as personnel expenses and SEK 2.1 million as other operatin g 
expenses. At the same time, incentive-related expenses decreased by approximately SEK 9.7 million as a 
result of lower provisions related to employees affected by the restructuring. 
● Continued user growth. During the quarter, the average number of monthly active users (MAU), excluding 
iOS, increased to 471.0 million, representing growth of just over 10% compared with the second quarter of 
2025. Average daily active users (DAU), excluding iOS, increased to 408.6 million, an increase of just over 
11% year-over-year. Compared with the first quarter of 2026, MAU increased by almost 8 million, while DAU 
increased by more than 5 million. 
● During the quarter, Truecaller repurchased 5.8 million Class B shares , corresponding to 1.7% of the 
outstanding share capital. 
● At the Annual General Meeting, shareholders resolved to cancel approximately 16.3 million 
repurchased Class B shares, and the Board of Directors was granted a new authorisation to repurchase 
up to 10% of the total number of outstanding shares.

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

4 
INTERIM REPORT JANUARY -JUNE  2026  TRUECALLER AB  
Events after the period (see note 10) 
• Truecaller enters into SEK 850 million term loan facility with SEB to facilitate financial flexibility  The 
purpose of the facility is to ensure a continued strong cash position, while at the same time manage the 
previously communicated transfer pricing audit in India, pursue the buyback-program and to continue to 
explore M&A opportunities.  
• Truecaller entered into an agreement to acquire 100% of the shares in TextPlus Inc. (“TextPlus”). 
TextPlus is a american communications software company offering a flexible and cost -effective 
alternative to traditional wireless carriers . The acquisition increases Truecaller’s footprint in the US and 
brings Truecaller closer to a comprehensive communications platform by broadening its capabilities with 
complementary offerings such as second numbers and VoIP. The purchase price corresponds to a 
valuation of USD 15.0 million on a cash and debt free basis. The acquisition will be financed with own funds.

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

5 
INTERIM REPORT JANUARY -JUNE  2026  TRUECALLER AB  
 
 
Sequential growth across all revenue streams 
This quarter marked an important step forward for Truecaller. While our year-over-year comparisons continue to reflect the 
challenges we have been navigating over the past several quarters, we saw sequential improvements across all our revenue 
streams, supported by the strategic initiatives implemented during the recent quarters. 
Our advertising business showed encouraging signs of improvement during the quarter. Advertising revenues increased by 6% 
compared to Q1, a decline of 34% year-over-year in constant currencies. Towards the end of the quarter, we saw a positive 
impact from the removal of the flagging by our largest demand partner. As a consequence of this, the daily average revenue 
from the partner increased by approximately 10-15% compared to the quarterly average and has been stable at that level also 
in the beginning of the third quarter. While the full impact will be visible over time, this provides positive momentum as we  
continue to execute on our long-term strategy to build a more diversified and resilient advertising business. 
We continue to make progress on the rollout of the unified, auction-based monetisation infrastructure  which is our longer-term 
ambition. We believe that increased competition for our inventory through programmatic, partner and direct sales channels 
will yield the results we strive for. At the same time, our Direct Ad Sales business continues to develop positively, with st ronger 
customer relationships and a broader market approach contributing to improved performance. 
Premium continued to be one of our strongest revenue growth drivers. Premium revenues grew 41% year -over-year in constant 
currencies and increased by 6% compared to Q1, driven by continued user conversion, stable monetisation  and increasing 
appreciation of our Premium product. That business continues to demonstrate the attractiveness of our subscription offering, 
and we remain confident in the significant long-term opportunity as only a small share of our global user base currently uses 
Premium.  
 
 
  
CEO WORD Q2 2026

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

6 
INTERIM REPORT JANUARY -JUNE  2026  TRUECALLER AB  
Within Truecaller  for Business, we saw an improvement 
during the quarter, with revenues growing 8% year -over-
year in constant currencies and 24% compared to Q1. The 
improvement compared to Q1 was driven by positive 
developments across both Verified Business and Business 
Messaging. After a weak new sales  at the end of 2025, 
Verified Business has again shown stronger sales, while 
Business Messaging benefited as new partners started to 
scale up their volumes and our long -standing earlier 
exclusive partner returned as a non -exclusive partner 
during the end of the quarter. This demonstrates the value 
of Truecaller platform for business to consumer messaging. 
Our broader multi -partner strategy is creating a stronger 
foundation for future growth and increased diversification. 
 
As a result of the continued growth in recurring revenue 
streams, our revenue mix continues to improve. Recurring 
revenues grew by 23% year -over-year in constant 
currencies and represented almost half (49%) of our total 
revenues during the quarter. This de velopment reflects our 
long-term strategy of building a more predictable and 
diversified revenue base. 
 
User growth remained healthy, with 8 million additional 
users added during the quarter. We continue to see strong 
global demand for Truecaller’s core offering, and our focus 
remains on expanding access to our services while 
maintaining a disciplined approach to user acquisition. 
With hundreds of millions of people relying on Truecaller 
everyday, our large global user base continues to be the 
foundation for future growth across our different revenue 
streams. 
 
During the quarter, we also took an important strategic step 
by entering a new yet adjacent product category with the 
launch of travel eSIMs. This is Truecaller’s  first step into 
mobile services and the first time we are offering digital 
consumer products beyond Caller ID and spam protection. 
We are encouraged by this launch and expect to bring 
more digital products and services to our massive user 
base. 
 
The cost efficiency initiatives initiated during the first half of 
the year are also starting to have an impact. They create a 
leaner and more focused organisation , allowing us to 
remain disciplined while continuing to invest in the areas 
with the highest long -term potential. Following the 
organisational changes implemented during the second 
quarter, our cost base has also come down materially.  
 
 
 
 
 
 
 
 
 
 
 
 
Net sales amounted to SEK 393 million, a decrease of 14% 
year-over-year in constant currencies, but an 
improvement of 9% compared to Q1. EBITDA declined by 
42% year -over-year, impacted by the ongoing revenue 
transition, but profitability improved compared to the first 
quarter. Excluding restructuring costs, EBITDA margin was 
26%, demonstrating the positive impact from both 
improved revenue trends and our efficiency initiatives. 
 
 With continued Premium growth, 
improving advertising monetisation, a 
stronger Truecaller for Business foundation, 
a leaner organisation and new opportunities 
emerging from product expansion, we are 
well positioned to create sustainable and 
profitable growth over time  
 
Looking ahead, we enter the second half of the year with 
improving momentum across all our revenue streams. The 
transformation journey we discussed earlier in the year 
continues and we are now seeing some of the strategic 
decisions made over the past quarters are starting to yield 
results. With continued Premium growth, improving 
advertising monetisation, a stronger Truecaller for Business 
foundation, a leaner organisation  and new opportunities 
emerging from product expansion, we are well positioned 
to create sustainable and profitable growth over time. 
 
The entire team remains focused on using this positive 
momentum to execute on our strategy. We have more work 
ahead of us, but we are encouraged by the progress made 
during the quarter and confident in the direction we are 
heading. 
 
Rishit Jhunjhunwala, CEO

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

7 
INTERIM REPORT JANUARY -JUNE  2026  TRUECALLER AB  
Truecaller at a glance 
Quarterly review, financial data  
FINANCIAL KEY FIGURES       
Group, SEKm (unless otherwise stated) 
 
 
2026 
Apr-Jun 
2025 
Apr-Jun 
2026 
Jan-Jun 
2025 
Jan-Jun 
2025  
Jan-Dec 
Net sales   393.2 496.4 754.8 993.3 1,912.2 
Gross profit   281.2 383.3 537.4 767.6 1,443.1 
Gross margin (%)   71.5% 77.2% 71.2% 77.3% 75.5% 
EBITDA, excl. incentive costs   105.8 211.6 209.0 410.2 755.9 
EBITDA margin (%), excl incentive costs   26.9% 42.6% 27.7% 41.3% 39.5% 
EBITDA   87.9 172.8 152.3 321.8 587.3 
EBITDA margin (%)   22.4% 34.8% 20.2% 32.4% 30.7% 
EBIT (operating profit)   73.5 157.0 119.3 290.6 523.0 
EBIT margin (%)   18.7% 31.6% 15.8% 29.3% 27.3% 
Profit or loss after net financial income or expense   85.2 166.2 133.1 306.8 549.1 
Basic earnings per share (SEK)   0.16 0.34 0.25 0.64 1.13 
Diluted earnings per share (SEK)   0.16 0.34 0.25 0.64 1.13 
Equity   1,085.7 1,172.1 1,085.7 1,172.1 1,251.0 
Total assets   1,481.1 1,714.9 1,481.1 1,714.9 1,649.5 
Equity to assets ratio (%)   73.3% 69.3% 73.3% 69.3% 75.8% 
Employees at the end of the period   429 440 429 440 471 
 
 
 
OPERATIONAL KEY FIGURES 
     
April- June 2026  Total India 
Middle East & 
Africa 
Rest of the 
world 
Monthly Active Users excl. iOS (MAU), quarterly average 
(millions)  471.0 338.7 99.2 33.1 
Daily Active Users excl. iOS (DAU), quarterly average 
(millions)  408.6 300.6 80.4 27.6 
Average ad sales revenue per non-iOS DAU (SEK)  0.49 0.46 0.48 0.82 
Average monthly revenue per user (ARPU) for premium 
subscriptions (SEK)  10.02 6.55 8.61 16.60 
April- June 2025  Total India Middle East & 
Africa 
Rest of the 
world 
Monthly Active Users excl. iOS (MAU), quarterly average 
(millions)  
426.6 307.9 86.0 32.7 
Daily Active Users excl. iOS (DAU), quarterly average 
(millions)  
366.8 272.0 69.5 25.2 
Average ad sales revenue per non-iOS DAU (SEK)  0.90 0.91 0.76 1.24 
Average monthly revenue per user (ARPU) for premium  
subscriptions (SEK)  10.00 7.37 7.86 15.79

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

8 
INTERIM REPORT JANUARY -JUNE  2026  TRUECALLER AB  
January-June  2026  Total India 
Middle East & 
Africa 
Rest of the 
world 
Monthly Active Users excl. iOS (MAU), quarterly average 
(millions)  467.1 336.3 97.9 32.9 
Daily Active Users excl. iOS (DAU), quarterly average 
(millions)  405.9 299.3 79.3 27.3 
Average ad sales revenue per non-iOS DAU (SEK)  0.95 0.89 0.97 1.68 
Average monthly revenue per user (ARPU) for premium 
subscriptions (SEK)  9.82 6.45 8.53 16.27 
January-June 2025  Total India 
Middle East & 
Africa 
Rest of the 
world 
Monthly Active Users excl. iOS (MAU), quarterly average 
(millions)  419.2 302.8 84.4 32.0 
Daily Active Users excl. iOS (DAU), quarterly average 
(millions)  361.2 268.1 68.4 24.7 
Average ad sales revenue per non-iOS DAU (SEK)  1.84 1.88 1.50 2.36 
Average monthly revenue per user (ARPU) for premium 
subscriptions (SEK)  9.93 7.14 7.96 15.97 
January-December 2025  Total India 
Middle East & 
Africa 
Rest of the 
world 
Monthly Active Users excl. iOS (MAU), quarterly average 
(millions)  433.6 313.1 88.2 32.3 
Daily Active Users excl. iOS (DAU), quarterly average 
(millions)  373.7 277.0 71.2 25.5 
Average ad sales revenue per non-iOS DAU (SEK)  3.24 3.19 2.91 4.66 
Average monthly revenue per user (ARPU) for premium 
subscriptions (SEK)  9.96 7.06 8.09 15.99

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

9 
INTERIM REPORT JANUARY -JUNE  2026  TRUECALLER AB  
Financial trends 
  
 
 
 
   
  
 
   
  
412 427 442 454 463 471
356 367 379 393 403 409
0
50
100
150
200
250
300
350
400
450
500
Q125 Q225 Q325 Q425 Q126 Q226
Users excl. iOS, in million
Monthly Active Users (MAU), avg Daily Active Users (DAU), avg
497 496 468 451
361
393
0
100
200
300
400
500
600
Q125 Q225 Q325 Q425 Q126 Q226
MSEK
Net sales
384 383
354
321
256
281
60%
65%
70%
75%
80%
0
50
100
150
200
250
300
350
400
450
Q125 Q225 Q325 Q425 Q126 Q226
MSEK
Gross profit Gross margin
199
212
186
160
103 106
0%
10%
20%
30%
40%
50%
0
50
100
150
200
250
300
Q125 Q225 Q325 Q425 Q126 Q226
MSEK
EBITDA excl. incentive costs
EBITDA EBITDA-margin
149
173 163
103
64
88
0%
10%
20%
30%
40%
50%
0
50
100
150
200
250
300
Q125 Q225 Q325 Q425 Q126 Q226
MSEK
EBITDA incl. incentive costs
EBITDA EBITDA-margin
33%
38%
43%
48% 49%
0%
10%
20%
30%
40%
50%
60%
Q225 Q325 Q425 Q126 Q226
Recurring revenues share of total net sales
Share recurring revenues

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

10 
INTERIM REPORT JANUARY -JUNE  2026  TRUECALLER AB  
Financial performance 
Second quarter 2026 (April-June 2025) 
Revenues 
Total revenues during the  quarter decreased by 21 percent 
compared to the corresponding quarter the previous year 
and amounted to SEK 401.3 (506.2) million. Currency effects 
had a substantial negative effect on revenues during the 
quarter. The decrease in constant curencies is estimated to 
have been  14 percent. Other income  amounted to  SEK 8.1 
(9.8) million.  
 
Net sales amounted to SEK 393.2 (496.4) million during the 
second quarter, a decrease by 21 percent compared to the 
corresponding quarter the previous year. Net sales 
degrowth in constant currencies is estimated to have been 
14 percent, see Currency exposure below. 
 
Net sales distributed by region 
Net sales decreased by  31 percent in India to SEK 2 39.8 
million (SEK 349.5 million) and  5 percent in the Middle East 
& Africa (MEA) to SEK 69.5 million (SEK 72.9 million) but 
increased by 13 percent in the Rest of the World (RoW) to 
SEK 83.9 million (SEK 74.0 million). Sales growth in all 
reported regions was negatively affected by the 
strengthened Swedish Krona (SEK). 
 
 
Net sales distributed by service 
Ad revenues decreased by 40 percent to SEK 199.6 million 
(SEK 3 30.6 million). In fixed currencies, ad revenues are 
estimated to have decreased by 34 percent.  
 
Ad revenue per daily active user (DAU), excluding iOS, 
decreased to SEK 0. 49 (SEK 0.90) and decreased by 41 
percent in fixed currencies.  Ad revenues decreased in all 
regions with the largest decrease in India. 
 
Average prices for Truecaller's advertising products (CPM) 
declined significantly compared with the corresponding 
period last year. However, CPM improved substantially 
during June. The number of monetised ad impressions also 
declined year -over-year as True caller reduced certain 
advertising placements as part of its long -term product 
strategy. Revenues from Truecaller’s largest advertising 
partner have been significantly lower since the middle of 
the third quarter of 2025. Towards the end of the second 
quarter, the inventory restriction that had been applied to 
Truecaller’s advertising inventory by the company’s largest 
demand partner since August 2025 was removed, resulting 
in a positive impact on  revenues during the final weeks of 
the quarter. 
 
During the third quarter of 2025, a ban on the Real Money 
Gaming (RMG) sector was introduced in India, reducing 
overall demand for digital advertising and negatively 
affecting many advertising platforms. For Truecaller , this 
has had a significant negative impact on revenues 
compared with the first half of 2025, when the company 
generated substantial revenues from the sector in 
connection with the Indian Premier League (IPL) cricket 
season. Direct advertising sales exclu ding the RMG 
segment continued to develop positively compared with 
the corresponding period last year. 
 
Truecaller continues to execute on its long-term strategy of 
diversifying advertising revenues across both demand 
channels and geographies, while increasing the value of its 
advertising inventory through enhanced monetisation 
capabilities. 
 
Subscription revenues increased by 36% to SEK 118.6 million 
(87.1 million). In constant currencies, subscription revenue 
growth amounted to 41%. The strongest relative revenue 
growth was recorded on iOS. Premium revenues continue 
to grow steadily, driven b y an increasingly compelling 
product offering with more premium features combined 
with more targeted marketing of the subscription service. 
The average number of paying subscribers increased by 
33% year -over-year to 3.99 million (2.99 million). The 
conversion rate to paying users continued to improve, 
reaching an average of 0.79% (0.65%) during the quarter. 
Average revenue per paying user (ARPU) increased despite 
the negative impact from currency movements and 
amounted to SEK 10.02 (10.00). Revenues from iOS 
accounted for approximately 48% (44%) of total Premium 
revenues. The average number of iOS subscribers 
increased by 49% year -over-year, while Android 
subscribers increased by 26%. The conversion rate on iOS 
reached 4.27% (3.05%). Premium revenues continued to 
grow across all regions, with the strongest growth recorded 
in the Middle East & Africa (MEA) and Rest of the World 
(RoW). 
 
Truecaller for Business revenues decreased by 5% to SEK 
73.8 million (77.6 million). In constant currencies, revenues 
increased by 8%. Verified Business revenues increased in 
local currencies and remained stable in SEK. Business 
India 61,0%
Africa and Middle East
17.7%
RoW 21.3%

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

11 
INTERIM REPORT JANUARY -JUNE  2026  TRUECALLER AB  
Messaging revenues declined significantly year -over-year 
but increased substantially compared with the first quarter 
of 2026. Revenues from other business products, including 
the SDK offering and risk products, also increased.  Within 
Verified Business, annual recurring revenue (ARR) 
increased by 12% to SEK 256 million (228 million). In constant 
currencies, ARR grew by approximately 23% compared with 
the corresponding period last year. Truecaller’s  business 
products continue to enjoy strong customer loyalty, 
historically resulting in low customer churn. Average 
revenue churn amounted to 2.0% (2.7%) during the quarter. 
Competition within Truecaller’s core verified business 
offering, particularly from Business CNAP solutions in India, 
continues to increase. Truecaller  is responding by 
expanding its portfolio with complementary products and 
services that create additional value for enterprise 
customers. In the short term, however, increased 
competition may result in a lower growth rate within this 
business area.  Within Business Messaging, Truecaller  
changed its partner model during the first quarter of 2026, 
transitioning from an exclusive partner model to a broader 
multi-partner ecosystem. As the agreement with the 
previous exclusive partner was not renewed, message 
volumes and revenues declined sub stantially. During the 
second quarter, message volumes increased to 
approximately 700 million (100 million in the first quarter of 
2026 and 4.4 billion during the second quarter 2025) . 
Towards the end of the quarter, Truecaller  entered into a 
new agreement with its former exclusive partner, which 
contributed significantly higher traffic volumes during the 
final days of the quarter. Truecaller expects message 
volumes to continue increasing during the third quarter as 
both the returning partner and other partners further ramp 
up traffic. In connection with the partner's return, 
outstanding receivables of approximately SEK 6 million 
were collected and recognised as revenue during the 
quarter. 
 
Other revenues included in net sales amounted to SEK 1.2 
million (1.1 million). 
 
Gross profit 
Gross profit decreased by 27% to SEK 281.2 million (383.3 
million) compared with the corresponding period last year. 
In constant currencies, the decrease is estimated at 21%. 
The gross margin amounted to 71.5% (77.2%).  The lower 
gross margin during the quarter was primarily attributable 
to the fact that server and verification costs are largely fixed 
and do not vary in line with net sales. As net sales declined, 
these costs represented a larger proportion of revenues, 
resulting in a lower gross margin. Gross margin was also 
negatively affected by the fact that, compared with the 
second quarter of 2025, Truecaller is now able to quantify 
commissions payable to a larger number of smaller 
advertising partners and Truecaller  for Business partners. 
As a result, the related revenues are recognised on a gross 
basis, with partner commissions recognised as cost of 
sales. This increases both revenues and cost of sales, 
thereby reducing the gross margin, while having no impact 
on operating profit. 
 
For both Advertising and Premium, the cost of goods sold 
remains relatively stable as a proportion of net revenues. 
Within Truecaller  for Business, cost of sales also includes 
internal sales-related costs. As these costs are less directly 
correlated with net revenues, the gross margin within this 
business area may fluctuate somewhat between quarters. 
 
Restructuring costs during the second quarter 
During the second quarter, Truecaller implemented a 
restructuring programme that resulted in the redundancy 
of a bit more than 70 full-time employees. The restructuring 
gave rise to one-off costs of approximately SEK 23.5 million, 
of which SEK 21.4 million were recognised as personnel 
expenses and SEK 2.1 million as other operating expenses. 
At the same time, incentive-related expenses decreased by 
approximately SEK 9.7 million as a result of lower provisions 
related to employees affected by the restructuring. 
 
Operating profit 
EBITDA excluding share -based incentive programme 
expenses decreased by 50% to SEK 105.8 million (211.6 
million), corresponding to an EBITDA margin of 26.9% 
(42.6%). In constant currencies, EBITDA decreased by 
approximately 44%. Excluding the restructuring costs 
described above, EBITDA excluding share -based incentive 
programme expenses would have amounted to SEK 129.2 
million, corresponding to an EBITDA margin of 32.9%. 
 
EBITDA including share -based incentive programme 
expenses decreased by 49% to SEK 87.9 million (172.8 
million), corresponding to an EBITDA margin of 22.4% 
(34.8%). In constant currencies, EBITDA decreased by 
approximately 42% compared with the correspondin g 
period last year. Excluding the restructuring costs described 
above, EBITDA would have amounted to SEK 101.7 million, 
corresponding to an EBITDA margin of 25.9%. 
Operating profit (EBIT) decreased by 53% to SEK 73.5 million 
(157.0 million), corresponding to an operating margin of 
18.7% (31.6%). 
 
Personnel expenses excluding share -based incentive 
programme expenses increased slightly to SEK 103.2 million 
(96.7 million). Excluding the one -off restructuring costs, 
personnel expenses amounted to SEK 81.8 million, 
representing a 15% decrease compared w ith the 
corresponding period last year. 
 
Personnel expenses including share -based incentive 
programme expenses decreased by 11% to SEK 121.0 million 
(135.4 million). Excluding restructuring -related one -off 
costs, personnel expenses amounted to SEK 107.2 million, 
representing a 21% decrease year-over-year. 
 
The Group’s long-term incentive programmes resulted in a 
share-based compensation expense of SEK 15.2 million 
(29.2 million), with a corresponding increase in equity, as 
well as social security expenses of SEK 2.6 million (9.4 
million), which have been rec ognised as a provision in the 
statement of financial position.

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

12 
INTERIM REPORT JANUARY -JUNE  2026  TRUECALLER AB  
The expenses related to the incentive programmes consist 
of provisions for estimated social security contributions 
payable when employee stock options or restricted share 
units (RSUs) granted to Swedish employees are exercised, 
as well as a non -cash accounting expense related to the 
potential dilution arising from employee stock options and 
RSUs. Only the social security contributions affect cash flow, 
and only when stock options or RSUs are exercised.  Share-
based compensation is measured at fair value and 
recognised over the vesting period of the programme. The 
social security contribution expense is remeasured based 
on the Company's share price at each reporting date and 
may therefore increase if the s hare price appreciates, 
creating volatility in the income statement. For further 
information, see Note 5. 
 
Other external expenses decreased by 5% to SEK 80.3 million 
(84.8 million) compared with the corresponding period last 
year. The decrease was primarily driven by lower costs for 
preloads and user acquisition. As described above, one-off 
restructuring costs of SEK 2.1 million were recognised within 
other external expenses during the quarter. 
 
Profit and earnings per share for the period 
Profit before tax decreased by 49% to SEK 85.2 million (166.2 
million). Profit for the period after tax amounted to SEK 51.7 
million (118.0 million). Net financial income amounted to SEK 
11.7 million (9.2 million).  
 
The total tax expense amounted to SEK 33.1 million (48.2), 
corresponding to an effective tax rate of 38.9% (29.0) for the 
Group. The effective tax rate reflects a combination of the 
Swedish and Indian corporate tax rates.  Programmatic 
advertising revenue from the Company's largest 
advertising partner, which in accordance with the 
Company's historical internal allocation of revenue and 
earnings has been recognized in the Swedish operations, 
declined significantly. As a result, the Group's tax rate during 
the quarter was primarily driven by the Indian corporate tax 
rate. When the Swedish operations report a loss, this causes 
the Group's effective tax rate to exceed the Indian 
corporate tax rate.  The Group is currently implementing 
certain changes to its revenue and profit allocation, which 
are expected to alter the current situation so that the 
Group's effective tax rate decreases once again. 
 
Earnings per share before dilution amounted to SEK 0.1 6 
(0.34) and after dilution to SEK 0.16 (0.34). 
 
Cash flow and financial position 
Cash flow from operating activities amounted to SEK 124.0 
million (SEK 262.0 million), of which SEK 21.4 million (SEK 94.1 
million) is attributable to changes in working capital and 
SEK -19.5 million ( SEK -52.8 million) is attributable to paid 
income tax. Cash flow from investing activities amounted 
to SEK -8,0 million (SEK 312.9 million) and included sale of 
short-term interest funds of 0.0 million ( 350.0). Cash flow 
from financing activities amounted to SEK -190.1 million (SEK 
-582.1 million) and included repurchases of own shares of 
SEK -91,9 million (SEK -16.8 million) and dividend payout 
amounted to -91.0 (SEK 583.2 million). Net cash flow for the 
period amounted to SEK -74.1 million (SEK -7.2 million). 
 
At the end of the quarter, Truecaller had cash and cash 
equivalents amounting to SEK 297.9 million (SEK 446.9 
million) and SEK 555.4 million (SEK 590.6 million) placed in 
short-term interest funds. The solvency ratio amounted to 
73.3 percent (69.3 percent). 
 
Truecaller has a revolving corporate credit facility of SEK 
500.0 million (SEK 500.0 million). As of the balance sheet 
date, SEK - (-) million had been utilized.  The revolving 
corporate credit facility is available until 2028. 
 
The Group's total assets as of June 30, 2026, amounted to 
SEK 1,481.1 million (SEK 1,714.9 million). The carrying amounts 
for financial assets and financial liabilities are assessed to 
substantially correspond to their fair value. 
 
The Group's  total trade receivables decreased and 
amounted to SEK 207.2 million (SEK 267.6 million) of which 
receivables from advertising networks and platform owners 
amounted to SEK 92.4 million (SEK 116.4 million). Compared 
to the previous quarter, trade receivables decreased. 
Payment terms for the company's customers are normally 
30–90 days. Truecaller closely monitors customer 
payments to ensure that overdue payments are kept as low 
as possible. Customer s who do not pay according to 
business agreements are terminated. Reported but not yet 
realized customer credit losses in the balance sheet 
amounted to SEK 12.5 million (SEK 9.6 million) as of June 30, 
2026. Receivables from advertising networks and platform 
owners are mainly linked to outstanding receivables from 
platforms like Google. 
 
 
 
Investments 
During the second quarter of 2026, SEK 8.0 (9.7) million were 
capitalized as internally developed intangible assets. 
Truecaller capitalizes certain development investments 
where future financial benefits can be accurately 
forecasted. Most of the Group’s development work is 
however taken as a direct cost, as the future financial 
benefits of on -going development work is difficult to 
forecast accurately. 
 
Currency exposure 
The majority of Truecaller's revenues are denominated in 
Swedish Krona (SEK) through partners such as Google and 
0
100
200
Q225 Q325 Q425 Q126 Q226
MSEK
Development receivables
Trade receivables
Receivables ad networks and platforms

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

13 
INTERIM REPORT JANUARY -JUNE  2026  TRUECALLER AB  
Apple. Therefore, there is limited direct currency exposure. 
These partners, in turn, invoice users of Truecaller's services 
partly in local currencies, which entails an indirect currency 
exposure for Truecaller. However, Truecaller does not have 
complete information on the currency exposure or how the 
currency impact is managed by the partners and can 
therefore currently not quantify the indirect currency 
exposure with precision. 
 
The largest currency risks are connected to INR (Indian 
Rupee) and USD (US Dollar). A weakening of the SEK against 
these currencies has a positive effect on the company's 
sales and earnings, even though it simultaneously 
increases the company's costs.  The company estimates 
that exchange rate changes had a negative impact on net 
sales of approximately SEK 32 million during the  second 
quarter of 2026 compared to the corresponding quarter in 
2025. This was due to a strengthening of the SEK against 
most foreign currencies, on average by 12% against the INR 
and 3% against the USD, compared to the same period in 
2025. The company also estimates that exchange rate 
changes had a negative effect on EBITDA of approximately 
SEK 13 million, corresponding to approximately 1.4 
percentage points on the EBITDA margin. 
 
Parent company 
Parent company income for the quarter amounted to SEK 
2.1 (12.5) million which refers to billing of subsidiaries for 
services rendered. The profit before tax amounted to SEK -
2,257.4 (460.2) million which includes an impairment loss of 
SEK 2,600.0 million on the shareholding in the subsidiary 
True Software Scandinavia AB , see note 10. The profit after 
tax amounted to SEK -2,255.9 (458.1) million. Cash and cash 
equivalents on 30 June 2026 amounted to SEK 35.5 (93.1) 
million. In addition to the cash and cash equivalents the 
parent company has SEK 180.9 (173.7) million invested in 
short-term interest rate funds. No investments have taken 
place in intangible or tangible assets. At the end of the 
period, 1 (1) person was employed in the parent company.
 
Financial performance 
January-June 2026 (January-June 2025) 
Revenues 
Total revenues decreased by 23 percent compared to the 
corresponding period the previous year and amounted to 
SEK 775.0 (1,012.7) million. Currency effects had a substantial 
negative effect on revenues during the quarter. The 
decrease in constant curencies is estimated to have been 
15 percent. Other income amounted to SEK 20.2 (19.4) 
million.  
 
Net sales amounted to SEK 754.8 (993.3) million during the 
period, a decrease by 2 4 percent compared to the 
corresponding period previous year. Net sales degrowth in 
constant currencies is estimated to have been 1 5 percent, 
see Currency exposure below. 
 
Net sales distributed by region 
Net sales decreased by by 3 6 percent in India to SEK 454.2 
million (SEK 709.9 million) and  4 percent in the Middle East 
& Africa (MEA) to SEK 136.0 million (SEK 141.8 million) but 
increased by 1 6 percent in the Rest of the World (RoW) to 
SEK 164.6 million (SEK 141.6 million). Sales growth in all 
reported regions was negatively affected by the 
strengthened Swedish Krona (SEK). 
 
 
 
 
Net sales distributed by service 
Advertising revenues decreased by 42% to SEK 387.6 million 
(330.6 million). In constant currencies, advertising revenues 
are estimated to have decreased by 34%. 
 
Advertising revenue per daily active user (DAU), excluding 
iOS, decreased to SEK 0.95 (1.84) and declined by 42% in 
constant currencies. 
 
Truecaller continues to execute on its long-term strategy of 
diversifying advertising revenues across both channels and 
geographies, while increasing the value generated from 
the company’s advertising inventory. 
 
Subscription revenues increased by 37% to SEK 230.9 million 
(169.1 million). In constant currencies, subscription revenue 
growth amounted to 46%. The strongest relative revenue 
growth was recorded on iOS. Premium revenues continue 
to grow steadily, driven by an improved offering with 
India 60.2%
Africa and Middle East
18.0%
RoW 21.8%

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

14 
INTERIM REPORT JANUARY -JUNE  2026  TRUECALLER AB  
additional features launched during the period, combined 
with more targeted marketing of the Premium service.  The 
average number of paying  subscribers increased by 38% 
year-over-year to 3.97 million (2.88 million). The conversion 
rate to paying users continued to improve and averaged 
0.80% (0.64%) during the period. Average revenue per user 
(ARPU) increased in constant currencies but decreased in 
SEK and amounted to SEK 9.82 (9.93). Revenues from iOS 
accounted for approximately 48% (44%) of total Premium 
revenues. Revenues continued to grow across all regions, 
with the strongest growth recorded in the Middle East & 
Africa (MEA) and Rest of the World (RoW). 
 
Truecaller for Business revenues decreased by 15% to SEK 
133.2 million (156.8 million). In constant currencies, revenues 
are estimated to have been stable. Verified Business 
revenues increased in local currencies, Business Messaging 
revenues declined significantly, while revenues from other 
products increased.  Within Verified Business, annual 
recurring revenue (ARR) increased by 12% to SEK 256 million 
(228 million). ARR growth in constant currencies amounted 
to approximately 23% compared with the corresponding 
period last year. Truecaller’s business services con tinue to 
be highly valued by customers, historically resulting in low 
customer churn. Average revenue churn amounted to 
approximately 2.0% (2.7%) during the quarter.  Within 
Business Messaging, the number of messages sent 
decreased to 0.8 billion, compared with 8.9 billion in the 
corresponding period last year. The decline was a result of 
the change in the distribution model. However, volumes 
increased significantly dur ing the second quarter and are 
expected to continue growing gradually as the former 
partner has now returned and other partners continue to 
scale their volumes. 
 
Other revenues included in net sales amounted to SEK 3.1 
million (2.4 million). 
 
Gross profit 
Gross profit decreased by 30% to SEK 537.5 million ( 767.6 
million) compared with the corresponding period last year. 
In constant currencies, the decrease is estimated at 2 2%. 
The gross margin amounted to 71.2% (77.3%). 
 
The lower gross margin during the period was primarily 
attributable to server and verification costs not varying in 
line with net sales. As net sales declined, these costs 
represented a larger proportion of revenues, resulting in a 
lower gross margin. The gross margin was also negatively 
impacted by the fact that, compared with the same period 
2025, Truecaller is now able to quantify commissions 
payable to a larger number of smaller advertising partners 
and Truecaller for Business partners. This enables the 
related revenues to be recognised  on a gross basis, with 
commissions recognised as intermediary costs within cost 
of sales. This increases both revenues and intermediary 
costs, resulting in a somewhat lower gross margin, while 
having no impact on profit. 
 
Both advertising revenues and Premium revenues have 
cost of sales that are relatively stable as a percentage of 
net revenues. Truecaller for Business also includes internal 
sales-related costs recognised as cost of sales. These costs 
have a less direct correlation to net revenues, which means 
that the gross margin within this business area may 
fluctuate somewhat more between quarters. 
 
Restructuring cost during the second quarter 
During the second quarter, Truecaller implemented a 
restructuring programme resulting in a bit more than  70 
full-time employees being made redundant. Truecaller 
recognised one-off costs related to the restructuring of 
approximately SEK 23.5 million during the quarter, of which 
SEK 21.4 million related to personnel expenses and SEK 2.1 
million related to other expenses. In addition, incentive 
programme expenses decreased by approximately SEK 9.7 
million due to reduced provisions related to employees 
affected by the restructuring. 
 
Operating profit 
EBITDA excluding share -based incentive programme 
expenses decreased by 47% and amounted to SEK 209.0 
million (397.8 million), corresponding to an EBITDA margin 
excluding incentive programme expenses of 27.7% (40.1%). 
In constant currencies, EBITDA decreased by approximately 
40%. 
 
EBITDA including share -based incentive programme 
expenses decreased by 53% to SEK 152.3 million (321.8 
million), corresponding to an EBITDA margin of 20.2% 
(32.4%). In constant currencies, EBITDA decreased by 
approximately 42% compared with the correspondi ng 
period last year. 
 
Operating profit (EBIT) decreased by 59% to SEK 119.3 million 
(290.6 million), corresponding to an operating margin of 
15.8% (29.3%). 
 
Personnel expenses excluding share -based incentive 
programme expenses increased slightly to SEK 197.5 million 
(189.4 million). Excluding restructuring costs recognised 
during the second quarter, personnel expenses decreased 
by 4%. 
 
Personnel expenses including share -based incentive 
programme expenses decreased by 8% to SEK 254.2 million 
(277.8 million). 
 
The Group’s long-term incentive programmes resulted in a 
share-based compensation expense of SEK 58.1 million 
(56.4 million), with a corresponding increase in equity, as 
well as social security expenses of SEK -1.3 million (32.0 
million), recognised as a p rovision in the statement of 
financial position. 
 
The expenses related to the incentive programmes consist 
of provisions for estimated social security contributions 
when employee stock options or restricted share units 
(RSUs) are exercised by Swedish employees, as well as an 
accounting expense related to the potential dilution arising 
from stock options and RSUs. Only social security

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

15 
INTERIM REPORT JANUARY -JUNE  2026  TRUECALLER AB  
contributions affect cash flow, and only if and when options 
or RSUs are exercised. 
 
The share-based compensation expenses increased as a 
result of  the launch of the 2025 annual incentive 
programme. Share-based compensation expenses related 
to employee compensation are measured at fair value and 
recognised over the vesting period of the programme. 
Social security contributions are affected by the share price 
at each reporting date and may therefore increase in the 
event of a positive share price development, creating 
volatility in the income statement. For further information, 
see Note 5. 
 
Other external expenses decreased by 19% to SEK 151.1 
million (187. 3 million) compared with the corresponding 
period last year. The decrease was primarily driven by lower 
costs for preloads and user acquisition. 
 
Profit and earnings per share for the period 
Profit before tax decreased by 57% to SEK 133.1 million (306.8 
million). Profit for the period after tax amounted to SEK 84.1 
million (219.7 million). Net financial income amounted to SEK 
13.7 million (16.2 million).  
 
The total tax expense amounted to SEK 48.6 million (87.1), 
corresponding to an effective tax rate of 36.5% (28.4) for the 
Group. The effective tax rate is a combination of the 
Swedish and Indian corporate income tax rates.  
Programmatic advertising revenue from the Company's 
largest advertising partner, which in accordance with the 
Company's historical internal allocation of revenue and 
earnings has been recognized in the Swedish operations, 
has declined significantly. As a r esult, the Group's effective 
tax rate during the period was primarily driven by the Indian 
corporate income tax rate.  When the Swedish operations 
report a loss, the Group's effective tax rate becomes higher 
than the Indian corporate income tax rate.  The Group is 
currently implementing certain modifications to its 
allocation of revenue and earnings, which are expected to 
change the current situation and reduce the Group's 
effective tax rate once again. 
 
Earnings per share before dilution amounted to SEK 0.25 
(SEK 0.64) and after dilution to SEK 0.25 (SEK 0.64). 
 
Cash flow and financial position 
Cash flow from operating activities amounted to SEK 212.8 
million (372.0 million), of which SEK 34.1 (82.9 million) related 
to changes in working capital and SEK -49.1 million (-120.8 
million) related to income tax paid. 
 
Cash flow from investing activities amounted to SEK 33.5 
million (203.1 million) and included sales of short-term fixed 
income funds of SEK 50.0 million (350.0 million) and invest 
in short-term interest rate funds of SEK 0.0 (-100.0 million). 
 
Cash flow from financing activities amounted to SEK -325.7 
million ( -591.6 million) and included repurchases of own 
shares of SEK -218.1 million ( -16.8 million) and dividend 
payments of SEK -91.0 million (583.2 million). 
Cash flow for the period amounted to SEK -79.4million (-16.5 
million). 
At the end of the quarter, Truecaller had cash and cash 
equivalents of SEK 297.9 million (446.9 million) and SEK 
555.4 million (590.6 million) invested in short -term fixed 
income funds. The equity ratio amounted to 73.3% (69.3%). 
 
Truecaller has a revolving credit facility of SEK 500.0 million 
(500.0 million). No amount was utilised  as of the balance 
sheet date. The revolving credit facility is available until 
2028. 
 
The Group’s total assets amounted to SEK 1,481.1 million 
(1,714.9 million) as of 30 June 2026. The carrying amounts of 
financial assets and financial liabilities are considered to 
correspond substantially to fair value. 
 
The Group’s total trade receivables decreased to SEK 207.2 
million (267.6 million), of which SEK 92.4 million (116.4 million) 
related to receivables from advertising networks and 
platform owners. Compared with the previous quarter, 
trade receivables decreased. 
 
Customer payment terms are normally 30 –90 days. 
Truecaller closely monitors customer payments to ensure 
that overdue receivables are kept as low as possible. 
Customers that do not comply with agreed payment terms 
are terminated. 
 
Recognised but not yet realised expected credit losses on 
trade receivables amounted to SEK 12.5 million (9.6 million) 
as of 30 June 2026. Receivables from advertising networks 
and platform owners mainly relate to outstanding 
receivables from Google. 
 
Investments 
During the period of 2026, SEK 16.4 (18.3) million were 
capitalized as internally developed intangible assets. 
Truecaller capitalizes certain development investments 
where future financial benefits can be accurately 
forecasted. Most of the Group’s development work is 
however taken as a direct cost, as the future financial 
benefits of on -going development work is difficult to  
forecast accurately. 
 
Currency exposure 
The majority of Truecaller's  revenues are denominated in 
Swedish Krona (SEK) through partners such as Google and 
Apple. Therefore, there is limited direct currency exposure. 
These partners, in turn, invoice users of Truecaller's services 
partly in local currencies, which entails an indirect currency 
exposure for Truecaller. However, Truecaller  does not have 
complete information on the currency exposure or how the 
currency impact is managed by the partners and can 
therefore currently not quantify the indirect currency 
exposure with precision. 
 
The largest currency risks are connected to INR (Indian 
Rupee) and USD (US Dollar). A weakening of the SEK against 
these currencies has a positive effect on the company's

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

16 
INTERIM REPORT JANUARY -JUNE  2026  TRUECALLER AB  
sales and earnings, even though it simultaneously 
increases the company's costs. 
 
The company estimates that exchange rate changes had 
a negative impact on net sales of approximately SEK 89 
million during the  preiod compared to the corresponding 
period in 2025. This was due to a strengthening of the SEK 
against most foreign currencies, and especially the INR. The 
company also estimates that exchange rate changes had 
a negative effect on EBITDA of approximately SEK 33 million, 
corresponding to approximately 1.7 percentage points on 
the EBITDA margin. 
 
Parent company 
Parent company income for the period amounted to SEK 5.1 
(19.1) million which refers to billing of subsidiaries for 
services rendered. The profit before tax amounted to SEK -
2,255.9 (456.0) million which includes an impairment loss of 
SEK 2,600.0 million on the shareholding in the subsidiary 
True Software Scandinavia AB , see note 10.  The profit after 
tax amounted to SEK -2,254.7 (454.7) million. Cash and cash 
equivalents on 3 0 June  2026 amounted to SEK 35.5 (93.1) 
million. In addition to the cash and cash equivalents the 
parent company has SEK 180.9 (173.7) million invested in 
short-term interest rate funds. No investments have taken 
place in intangible or tangible assets. At the end of the 
period, 1 (1) person was employed in the parent company.

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

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INTERIM REPORT JANUARY -JUNE  2026  TRUECALLER AB  
Product update  
Truecaller’s product work in the second quarter focused 
on two things: expanding the addressable market across 
the business and turning the openings from Q1 into scale. 
 
The trust engine at the heart of the product became 
stronger across fraud, spam, and business detection. 
Scam Feed, which had long been an India -only feature, 
was expanded to most of the world. Truecaller also 
improved the most basic job it does: helping u sers 
understand who is calling, with better name coverage in 
Europe and a rebuilt Community Suggestions product 
that now also reaches iPhone users globally. 
 
The quarter also brought several changes aimed at 
increasing daily engagement, and opened a new revenue 
stream with the launch of travel eSIM. Premium continued 
to grow, the enterprise business became more diversified 
across partners and product lines, and the work to rebuild 
the advertising stack continued as an important multi -
quarter investment. 
 
A stronger and more global trust engine 
The models underneath Truecaller continued to improve 
across fraud, spam, and business detection, following the 
pattern from Q1 of combining platform-wide upgrades with 
market-specific tuning. 
 
Fraud coverage expanded most visibly. The numbers 
identified as fraudulent by Truecaller nearly doubled during 
the quarter, led by India and with strong gains across 
Kenya, Egypt, South Africa, and the wider Middle East. An 
upgraded fraud model improved th e accuracy of these 
identifications, graph-based detection extended coverage 
to many more numbers, and signals on revoked and 
recycled numbers from official registries are now fully 
integrated. 
 
Spam detection also improved in a more balanced way. In 
the EU, both false positives and missed spam improved at 
the same time by double digit percentage gains. False 
positives also came down in the US. 
 
Business detection improved as well. A retrained model 
reduced the over -labelling of low -volume numbers as 
businesses, while significantly expanding coverage of 
genuine, high-volume business callers. Correctly identified 
business calls grew sharply, roughl y tripling in the EU and 
the US, increasing around five -fold in Nigeria and nearly 
doubling in Latin America, while also reducing incorrect 
business tags. 
 
Scam Feed was another major step in making the trust 
engine more useful every day. Scam Feed is Truecaller’s in-
app awareness feed for scams and fraud patterns currently 
circulating, built on reports and signals from the 
community. It launched in India and remained India -only 
for a long time. During the quarter, it was rolled out to all 
users outside the EU and gained eight new content 
languages. 
 
  
 
The impact was immediate. Scam Feed now reaches 
roughly 120 million users, around three times the size of just 
over a year ago. Daily engagement grew strongly, and the 
community itself became much more active, with the 
number of scam reports coming in each day rising sharply. 
 
For users, Scam Feed creates timely, local awareness of the 
scams actually reaching them. For Truecaller , it gives 
people another daily reason to open the app, strengthens 
retention, and deepens the community data loop that 
makes the trust engine better. 
 
Improving caller identity 
Truecaller also made meaningful progress on caller 
identity, starting with better name coverage in Europe. 
Expanded use of community name suggestions was rolled 
out across the EU during the quarter, roughly doubling the 
share of European calls where Truecaller can put a name to 
a number in markets such as Spain and France, where 
coverage has historically lagged the rest of the world. 
 
Community Suggestions was also rebuilt during the 
quarter. The feature uses the collective intelligence of 
Truecaller’s user base to crowd-source and improve caller 
identities. The new version replaces keyword matching with 
LLM-based classification, creating more useful tags and 
removing a class of errors around kinship and private 
details that had been a leading source of user complaints.

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

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INTERIM REPORT JANUARY -JUNE  2026  TRUECALLER AB  
The rebuilt Community Suggestions product is live across 
the EU and the rest of the world, and is being extended to 
the after -call screen. This makes the names Truecaller 
shows more accurate, more useful and more contextually 
relevant. 
 
  
 
Community Suggestions also went live on iPhone 
worldwide during the quarter. This brings the same 
community-powered identity enrichment to iOS users and 
closes another gap between the Android and iPhone 
experiences, continuing the multi -year effort to brin g the 
iPhone experience closer to Android.. 
 
Deepening engagement 
Several changes this quarter were focused on getting users 
to engage more often and more deeply with Truecaller. 
 
Business Home is a dedicated space inside the Truecaller  
inbox that organises messages from businesses, including 
Truecaller’s own Business IM, and gives users filters to find 
and act on them. Rolled out in its strongest markets, India 
and Egypt, it drove a double -digit increase in messaging 
engagement. Beyond improving the user experience in the 
inbox, it also gives business messages better discovery and 
reach, strengthening an important part of Truecaller’s 
enterprise offering 
 
 
Truecaller also rebuilt the details  view, the screen that 
shows the full details of a contact or number and is one of 
the most frequently visited screens in the app. The new 
version is faster, cleaner, and more reliable, with content 
loading in roughly half the time for a typical user and screen 
freezes reduced by about half. The improved experience 
increased activity on the screen, with some key actions 
rising by up to around 50 percent, and overall ad revenue 
from the screen increasing by around 25 percent, making it 
a stronger surface for both engagement and monetisation.. 
 
Voicemail, launched in India late last year, continued to 
scale. Millions of voicemails are now being left every day, 
and large numbers of users are setting up a voicemail inbox 
for the first time. Beyond giving people another reason to 
open Truecaller, Voicemail also works as a freemium entry 
point into Premium Assistant 
 
Opening a new revenue stream with 
digital consumables 
In May, Truecaller took its first step into mobile data services 
with the launch of travel eSIM, available across 29 countries. 
This adds digital consumables to a portfolio that until now 
has been centred on caller ID and spam protection. 
 
The move extends a relationship that more than 500 million 
people already have with Truecaller into an adjacent 
everyday need: international connectivity. It is a category 
where travellers often overpay, face confusing roaming 
options, or arrive at their d estination without data. Travel 
eSIM is fully digital, activates in minutes, and is available 
through the iPhone app and on the Web, which also opens 
it up to compatible Android devices.  
 
 
 
 
While still an early-stage initiative, the early response has 
been encouraging. The US and South Africa together 
account for nearly half of purchases so far, and repeat 
usage is already visible, with more than 20 percent of 
buyers returning for a second purchase. Travel eSIM 
broadens Truecaller’s revenue base beyond advertising, 
Premium, and enterprise, and gives users a new reason to 
transact with a brand they already trust.

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

19 
INTERIM REPORT JANUARY -JUNE  2026  TRUECALLER AB  
 
Growing Premium revenue 
Premium delivered another quarter of solid revenue growth. 
In constant currencies, revenue grew around 41 percent 
year-on-year and was up roughly 6 percent compared to 
the previous quarter, with growth well balanced across iOS 
and Android. Subscriber growt h was more modest overall, 
largely shaped by pricing changes in India, where 
Truecaller refined its trial and introductory offers as part of 
its ongoing dynamic pricing work. Outside India, the 
subscriber base continued to grow, with particularly strong 
momentum across Africa and Latin America, led by Nigeria. 
 
A key enabler was the completion of the Premium dynamic 
pricing model. Trial and introductory -offer experiments 
during the quarter were positive across markets and are 
now deployed globally on the monthly product. These 
experiments also helped finalise the pricing model, which is 
now operational, with personalised promotions beginning 
to roll out during Q3. 
 
In parallel, the User Monetisation Engine was upgraded with 
the latest generative image models. It is moving toward a 
more localised experience, where monetisation and 
engagement content can be tailored to each market and 
tested automatically across text, image and, soon, video. 
 
Distribution also gained commercial shape. The 
partnership motion described in Q1 translated into several 
reseller distribution deals, opening new channels across 
Latin America, the Middle East and Africa, and Europe. The 
first carrier bundle went live wit h ChiliMobil in Sweden. An 
agreement with a major affiliation platform brought the first 
wave of affiliates on board, and contracts to bundle 
Premium with global and local brands are being finalised 
for Q3. Together, these partnerships extend Premium’s 
value in a scalable and localised way. 
 
Diversifying the enterprise business 
Truecaller for Business continued the shift started in Q1, 
becoming less dependent on any single partner and more 
diversified across partners and product lines. 
 
Business Messaging matured into a true multi -partner 
platform, with more partners using Truecaller as a channel 
to reach their customers, while the partner Truecaller had 
an exclusive relationship with until last year also returned 
with significant volumes . Partner onboarding became 
easier as well. Partners can now subscribe to events 
through webhooks and register senders without buying a 
separate phone number, removing a long -standing point 
of friction. 
 
The Verified Business customer experience portfolio also 
continued to evolve across engagement and reliability. 
Missed Call Notifications now show a custom notification 
when a Verified Business call goes unanswered, including 
the reason for the call and co ntextual actions such as 
callback requests. This helps users understand who 
reached out and re-engage on their own terms. 
 
 
 
Verified Campaigns gained richer targeting and 
engagement capabilities, including audience 
segmentation, video -supported creatives, and a priority 
framework that guarantees placement when multiple 
campaigns compete for the same inventory. 
 
The identity and risk mitigation lines also continued the 
commercialisation described in Q1. The user verification 
SDK entered its monetisation phase with strong early 
adoption. Businesses use the SDK as a consent -based 
alternative to SMS OTP for phone num ber verification, and 
pay Truecaller per successful verification through monthly 
plans sized to their verification volume. It also added SIM 
and device binding, which is driving uptake in security -
sensitive fintech use cases. Number Intelligence introduced 
industry-standard data -sharing protocols that reduce 
friction and speed up sales cycles with highly regulated 
entities and banks. 
 
Building the proprietary Ads stack 
The shift to a proprietary Ads infrastructure, set out in Q4 
2025 and advanced through Q1, continued as a 
foundational multi -quarter build. The goal, to recall, is to 
take more ownership of the programmatic value chain, 
moving from a model where external p latforms largely 
shape auction dynamics to one where Truecaller has more 
control over how demand is sourced, how it competes, and 
how it is priced. 
 
Much of the quarter was spent building the underlying 
infrastructure. The benefits are expected to build gradually 
as the new model is tested and rolled out more widely. 
 
At the centre of this work was a re -architecture of the 
programmatic stack and the start of a phased auction 
reset. Over time, the aim is to bring Direct Sales and 
programmatic demand onto a single, price -based 
platform with no structural priority between sources, 
allowing for fairer competition and better price discovery. 
Tiered supply and demand were also introduced, matching 
different types of inventory to the most appropriate 
demand.

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

20 
INTERIM REPORT JANUARY -JUNE  2026  TRUECALLER AB  
Three platform investments supported this work, all still at 
an early stage. Truecaller began building out its server-side 
connection on select placements, allowing server -side 
demand to compete directly in the auction with better 
control, lower latency and more transparency. It continued 
a controlled early-stage rollout of the Decision Layer and its 
own auction framework, intended to bring auction 
dynamics in-house and give the company greater control 
over price discovery. 
 
These are still works in progress and will be developed, 
tested and scaled over the coming quarters. Together, they 
form the foundation for a more transparent, efficient and 
self-directed monetisation system. 
 
In parallel, the supply side was sharpened with a continued 
user-first approach. Ad requests were rationalised toward 
fewer, higher -quality calls to the most relevant partners. 
Redundant units were removed, and the overall number of 
ads users see was reduced, including the retirement of the 
carousel format on certain screens. The goal is to protect 
long-term retention and product quality. 
 
Early experiments with high -value audiences also showed 
encouraging signs. By applying higher floor prices, these 
users saw fewer ads while each impression cleared at a 
higher price. This is an early indication that revenue from 
premium audiences can grow even as ad exposure falls, a 
direction Truecaller intends to validate further before 
scaling. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The quarter also saw the global launch of Call -to-Cart, an 
AI-backed commerce solution that turns everyday 
communication moments into seamless commerce 
experiences. This continues the broader thesis that 
differentiated, direct-sold formats can attract higher-value 
brand spend.

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

21 
INTERIM REPORT JANUARY -JUNE  2026  TRUECALLER AB  
Other disclosures
Annual General Meeting 2026 
In May, Truecaller  held its Annual General Meeting (AGM), 
which resolved to re-elect Alan Mamedi, Annika Poutiainen, 
Nami Zarringhalam, Shailesh Lakhani and Aruna 
Sundararajan as Board members, and to elect Sandeep 
Bhushan as a new Board member. Nami Zarringhalam was 
re-elected as Chair of the Board of Directors. It was noted 
that former Board member Helena Svancar had declined 
re-election. 
 
The Annual General Meeting resolved, in accordance with 
the Board of Directors’ proposal, to authorise  the Board to, 
on one or more occasions until the next Annual General 
Meeting, resolve on the repurchase and transfer of Class B 
shares in the company. Repurchases of Class B shares may 
be made to the extent that the company’s holding of its 
own shares doe s not, at any time, exceed 10% of the total 
number of outstanding shares in the company. 
 
The Annual General Meeting resolved, in accordance with 
the Board of Directors’ proposal, to cancel 16,274,926 
treasury Class B shares. 
 
Truecaller's Data Processing 
Truecaller's platform is designed with consideration for 
privacy and data protection. It is built on consent, 
transparency, and purpose limitation. Users have full 
control their personal data, while information about non -
users is processed restrictively an d solely to promote 
secure and informed communication. 
 
Truecaller only processes data that users provide with 
informed and explicit consent. When a user chooses to use 
Truecaller, only minimal personal data, such as name and 
phone number, is collected to enable caller identification in 
accordance with applicable regulations. Any additional 
information voluntarily provided by the user is completely 
optional and governed by the user's own settings. Users can 
remove their phone numbers from Truecaller's platform at 
any time via a public website or by contacting Truecaller's 
customer support. 
 
Truecaller has implemented extensive and industry -
standard security measures to protect the integrity of 
collected and processed personal data. This includes 
secure servers, access controls, and cloud security 
provided by reputable vendors. The technical architectur e 
is built on strict organizational separation, ensuring 
compliance with applicable data protection regulations in 
all jurisdictions. The absolute majority of  data processed 
concerns user data, business data (outside the scope of 
data protection), and spam -related data. Some users 
voluntarily choose to contribute data, such as name 
suggestions. 
 
For non -user data, processing is based on Truecaller's  
legitimate interest in providing accurate caller ID services, 
enabling informed decisions, and reducing exposure to 
unwanted or malicious communication. All data 
processing occurs with strong safeguards for personal 
integrity. Data is limited to what is n ecessary, anonymized, 
and pseudonymized. Storage time is strictly limited to what 
is required to provide the services. 
 
Users can block, report, or unmark numbers themselves 
and are clearly informed in the app about how their 
contributions and data are used to protect the community. 
Non-users have access to clear information via Truecaller's 
privacy policy and can request t hat their number be 
removed from the search database at any time. 
 
Risks and uncertainties 
Like all companies. Truecaller is exposed to various types of 
risk in the course of business. These include risks related to 
currency movements. dependence upon certain strategic 
partners. the general economic trend and developments in 
the financial market. technical progress. dependence on 
key individuals. legal risks and risks associat ed with 
personal privacy. as well as tax risks and political risks. Risk 
management is an integrated component of the 
management of Truecaller . The risks described for the 
Group could also have indirect impact on the parent 
company. A complete description of risks and uncertainties 
associated with Truecaller is provided in the 202 5 annual 
report. 
 
The present conflict in the Middle East has decreased the 
number of Truecaller users marginally in the affected  
region and also had some negative impact on the ads 
demand. A prolonged conflict with larger global 
macroeconomic impact will impact Truecallers operations 
negatively. 
 
Forward-looking statements 
The report presents statements pertaining to matters 
including Truecaller’s financial position and performance 
as well as statements on market conditions that may be 
forward-looking. Truecaller  believes the expectations 
reflected in these forward -looking statements are based 
on reasonable assumptions. Forward -looking statements 
are. however. associated with risks and uncertainties and 
actual outcomes or consequences may differ materially 
from th ose presented here. In addition to that required 
under applicable law. forward -looking statements apply 
only on the date presented and Truecaller disclaims any

===== SIDA 22 =====

22 
INTERIM REPORT JANUARY-JUNE 2026 TRUECALLER AB 
obligation to update them in the light of new information or 
future events. 
 
Outlook 
Truecaller does not publish forecasts. 
 
Parent company 
Truecaller AB, corporate registration number 559278-2774, 
is a Swedish public company whose registered office is in 
Stockholm. Sweden. 
 
Financial calendar 
Interim report Q3 2026: 3 November 2026 
Contact details 
Rishit Jhunjhunwala CEO 
E-mail: rishit.jhunjhunwala@truecaller.com 
 
Odd Bolin, CFO 
Ph: +46 70 428 31 73 E-mail: odd.bolin@truecaller.com 
 
Andreas Frid, Head of IR & Communication 
Ph: +46 705 29 08 00 E-mail: andreas.frid@truecaller.com 
 
 
 
 
 
Auditor’s review 
This interim report has not been reviewed by the 
company’s auditor.  
 
This interim report constitutes insider information that 
Truecaller AB is required to disclose under the EU Market 
Abuse Regulation 596/2014. The information was submitted 
for publication, through the agency of the contact persons set 
out above, at the time stated by the Company’s news 
distributor, Cision, at the publication of this press release.

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

23 
INTERIM REPORT JANUARY -JUNE  2026  TRUECALLER AB  
 
 
Condensed consolidated statement of 
profit or loss 
Amounts in SEK 000s Note 
  2026 
Apr-Jun 
2025 
Apr-Jun 
2026 
Jan-Jun 
2025 
Jan-Jun 
2025 
Jan-Dec 
         
Net sales 3   393,241 496,438 754,822 993,316 1,912,195 
Other income    -19 39 2,048 1,150 3,544 
Work performed by the entity and capitalized    8,033 9,719 18,041 18,277 36,134 
Third party fees    -112,051 -113,156 -217,380 -225,762 -469,096 
Other external costs    -80,277 -84,760 -151,036 -187,341 -355,240 
Employee costs    -121,017 -135,445 -254,204 -277,813 -540,190 
Depreciation, amortization and impairments    -14,445 -15,832 -32,980 -31,233 -64,379 
EBIT (operating profit)    73,464 157,002 119,312 290,595 522,969 
 
        
Net financial income or expense 9   11,697 9,176 13,744 16,216 26,110 
Profit or loss after net financial income or 
expense 
   
85,161 166,178 133,056 306,811 549,079 
 
        
Tax    -33,127 -48,189 -48,564 -87,090 -160,454 
Profit for the period 1)    51,654 117,989 84,112 219,721 388,625 
 
        
Earnings per share         
Basic earnings per share (SEK)    0.16 0.34 0.25 0,64 1.13 
Diluted earnings per share (SEK)    0.16 0.34 0.25 0,64 1.13 
 
        
Average number of shares before dilution     329,015,868 344,572,966 331,346,876 343,569,128 343,003,311 
Average number of shares after dilution    329,334,321 344,572,966 331,665,329 343,569,128 347,830,946 
 
1) The profit for the period is attributable entirely to shareholders in the parent company.

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

24 
INTERIM REPORT JANUARY -JUNE  2026  TRUECALLER AB  
 
 
Consolidated statement of 
comprehensive income 
 
 
 
1) The profit for the period is attributable entirely to shareholders in the parent company. 
 
 
 
 
 
 
 
Amounts in SEK 000s Note  
2026 
Apr-Jun 
2025 
Apr-Jun 
2026 
Jan-Jun 
2025 
Jan-Jun 
2025 
Jan-Dec 
Profit or loss for the period   51,654 117,989 84,112 219,721 388,625 
        
Other comprehensive income for the period        
Items that will be reclassified to profit and loss in 
subsequent periods 
       
Foreign exchange translation differences   4,617 -4,613 3,163 -30,147 -54,610 
Changes in cashflow hedges   1,014 -9,466 474 -8,401 -1,193 
Items that will not be reclassified to profit and 
loss in subsequent periods 
       
Remeasurements of defined -benefit pension 
plans 
  - - - - 1,660 
Other comprehensive income for the period   5,631 -14,079 3,637 -38,548 -54,143 
        
Comprehensive income for the period 1)   57,285 103,910 87,749 181,173 334,482

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

25 
INTERIM REPORT JANUARY -JUNE  2026  TRUECALLER AB  
 
Condensed consolidated statement of 
financial position 
Amounts in SEK 000s Note  
2026  
30 June 
2025 
30 June 
2025  
31 Dec 
ASSETS      
      
Non-current assets      
Goodwill   49,298 44,939 44,832 
Other intangible assets   50,501 38,040 47,802 
Property. plant and equipment   6,592 11,712 9,082 
Right-of-use assets   41,689 82,356 58,717 
Non-current financial assets 4  32,698 32,698 32,698 
Deferred tax assets   21,575 34,106 32,116 
Other non-current receivables 4  14,991 7,092 26,767 
Total non-current assets              217,345 250,944 252,013 
      
Current assets      
Current receivables   410,526 426,526 401,612 
Short-term placements 4  555,355 590,578 598,524 
Cash and cash equivalents 4  297,862 446,880 380,984 
Total current assets   1,263,744 1,463,984 1,381,120 
      
TOTAL ASSETS   1,481,089 1,714,928 1,633,133 
 
EQUITY AND LIABILITIES 
  
   
      
Equity      
Equity attributable to owners of the parent   1,085,747 1,172,078 1,250,969 
Total equity   1,085,747 1,172,078 1,250,969 
      
Non-current liabilities      
Liability arising from defined-benefit pension plans   11,693 9,206 10,853 
Lease liabilities   11,619 49,337 46,412 
Deferred tax liability   9,887 29,362 25,191 
Other non-current liabilities 4  6,744 14,176 15,374 
Total non-current liabilities   39,943 102,081 97,829 
      
Current liabilities      
Lease liability   33,887 43,732 21,395 
Other current liabilities 4  321,512 397,037 262,940 
Total current liabilities   355,399 440,769 284,335 
      
TOTAL EQUITY AND LIABILITIES   1,481,089 1,714,928 1,633,133

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

26 
INTERIM REPORT JANUARY -JUNE  2026  TRUECALLER AB  
 
Condensed consolidated statement of 
cash flows 
Amounts in SEK 000s   
2026 
Apr-Jun 
2025 
Apr-Jun 
2026 
Jan-Jun 
2025 
Jan-Jun 
2025 
Jan-Dec 
        
Operating activities        
Profit or loss after net financial income or expense   85,161 166,178 133,056 306,811 549,079 
Adjustments for non-cash items   36,998 54,521 94,778 103,099 218,859 
Income tax paid   -19,493 -52,790 -49,096 -120,808 -218,237 
Cash flow from operating activities before  
changes in working capital 
  
102,666 167,909 178,737 289,102 549,702 
        
Net cash from changes in working capital        
Change in operating receivables   
-17,154 40,361 -15,097 -11,415 -21,125 
Change in operating liabilities   38,531 53,751 49,161 94,324 -7,180 
Net cash from operating activities   124,043 262,022 212,802 372,011 521,397 
        
Investing activities        
Acquisitions of Group companies, net effect on cash and 
cash equivalents 
  
- - - - -1 
Purchases of property, plant and equipment   14 -838 -164 -2,115 -3,410 
Purchases of intangible assets   -8,033 -9,719 -16,369 -18,277 -36,134 
Purchases of short-term investments   - -26,549 - -126,549 -100,000 
Sale of short-term investments   - 350,000 50,000 350,000 350,000 
Net cash used in investing activities   -8,020 312,894 33,467 203,057 210,454 
        
Financing activities        
Funds received for warrants   - 28,822 - 28,822 30,846 
Repurchase of warrants   - -76 - -76 -76 
Amortization of lease liability   -7,294 -10,956 -16,640 -20,420 -35,739 
Buyback of treasury shares   -91,916 -16,770 -218,137 -16,770 -197,124 
Dividend   -90,903 -583,158 -90,903 -583,158 -583,158 
Net cash from (-used in) financing activities   -190,113 -582 137 -325,680 -591,600 -785,250 
        
Net cash flow for the period   -74,089 -7,221 -79,411 -16,532 -53,399 
Cash and cash equivalents at the beginning of the period   371,849 461,980 380,984 496,047 496,047 
Foreign exchange differences in cash and cash 
equivalents   103 -7,880 -3,711 -31,532 -61,663 
Cash and cash equivalents at the end of the period   297,862 446,880 297,862 446,880 380,984

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

27 
INTERIM REPORT JANUARY -JUNE  2026  TRUECALLER AB  
 
Condensed consolidated statement of 
changes in equity 
1) 2025: Dividend amounted to SEK 1.70 per share  and refers to the parent company's owners.  2026: Dividend amounted to SEK 0.40 per share and refers to the parent 
company's owners.
   Equity attributable to owners of the parent 
Amounts in SEK 000s 
 
Share 
capital 
Other  
capital  
contributions Reserves 
Retained profits  
including 
profit for 
the period 
Total equity  
attributable  
to owners 
of the parent 
Opening balance at 1 January 2026  765 1,768,943 -50,949 -467,789 1,250,969 
Profit for the period  - - - 84,112 84,112 
Other comprehensive income for the period  - - 3,163 - 3,163 
Changes in cashflow hedges  - - 474 - 474 
Comprehensive income for the period  - - 3,637 84,112 87,749 
       
Transactions with owners of the Group       
Bonus issue  35 - - -35 - 
Cancellation of treasury shares  -35 - - 35 - 
Treasury shares after transaction costs  - - - -218,137 -218,137 
Warrants  - -2,717 - - -2,717 
Share-based payment  - - - 58,897 58,897 
Dividend 1)  - -  -91,015 -91,015 
Total  - -2,717 - -250,255 -252,972 
       
Closing balance at 30 June 2026  765 1,766,226 -47,312 -633,932 1,085,747 
        
Opening balance at 1 January 2025  764 1,738,172 4,854 -237,350 1,506,440 
Profit for the period  - - - 219,721 219,721 
Other comprehensive income for the period  - - -30,147 - -30,147 
Changes in cashflow hedges  - - -8,401 - -8,401 
Comprehensive income for the period  - - -38,548 219,721 181,173 
       
Transactions with owners of the Group  1 - - - 1 
Share issue  - - - - - 
Cancellation of treasury shares  - - - - - 
Treasury shares after transaction costs  - - - -16,770 -16,770 
Warrants  - 28,746 - - 28,746 
Share-based payment  - - - 55,643 55,643 
Dividend 1)  - - - -583,158 -583,158 
Total  1 28,746 - -544,284 -515,537 
Closing balance at 30 June 2025  765 1,766,918 -33,693 -561,913 1,172,078

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

28 
INTERIM REPORT JANUARY -JUNE  2026  TRUECALLER AB  
 
  
Condensed parent company income 
statement 
 
 
Consolidated statement of comprehensive income 
 
 
 
Amounts in SEK 000s Note  
2026 
Apr-Jun 
2025 
Apr-Jun 
2026 
Jan-Jun 
2025 
Jan-Jun 
2025 
Jan-Dec 
        
Operating revenue   2,075 12,485 5,068 19,095 24,546 
Other external costs   -5,162 -7,568 -9,985 -10,851 -21,411 
Employee costs   -3,301 -7,179 -6,284 -13,348 -18,290 
EBIT (operating profit)   -6,388 -2,262 -11,201 -5,105 -15,155 
        
Net financial income or expense 9  -2,251,011 462,467 -2,244,735 461,061 459,164 
Profit or loss after financial items   -2,257,399 460,205 -2,255,936 455,956 444,009 
        
Appropriations   - - - - 6,000 
Profit or loss before tax   -2,257,399 460,205 -2,255,936 455,956 450,099 
        
Tax   1,461 -2,104 1,221 -1,292 -69 
Profit or loss for the period   -2,255,938 458,101 -2,254,716 454,664 449,940 
 
 
 
Amounts in SEK 000s Note  
2026 
Apr-Jun 
2025 
Apr-Jun 
2026 
Jan-Jun 
2025 
Jan-Jun 
2025 
Jan-Dec 
Profit or loss for the period   -2,255,938 458,101 -2,254,716 454,664 449,940 
Total other comprehensive income for the year, 
after tax 
 
  - - - - - 
Comprehensive income for the period   -2,255,938 458,101 -2,254,716 454,664 449,940

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

29 
INTERIM REPORT JANUARY -JUNE  2026  TRUECALLER AB  
 
Condensed parent company balance 
sheet 
 
Amounts in SEK 000s Note  
2026  
30Jun 
2025 
30 Jun 
2025  
31 Dec 
ASSETS      
      
Non-current assets      
Investments in Group companies   7,697,177 10,297,177 10,297,177 
Deferred tax receivable   1,221 - - 
Total non-current assets                7,698,398 10,297,177 10,297,177 
      
Current assets      
Current receivables   4,214 2,909 5,051 
Receivables from Group companies   90,150 48,250 22,556 
Short-term placements   180,911 173,678 173,678 
Cash and cash equivalents   35,515 93,086 32,841 
Total current assets   310,790 317,923 234,126 
      
TOTAL ASSETS   8,009,188 10,615,100 10,531,303 
 
EQUITY AND LIABILITIES 
     
      
Equity and liabilities      
Equity   7,997,435 10,584,643 10,505,503 
Liabilities to Group companies   - 12,223 15,182 
Current liabilities   11,754 18,234 10,618 
TOTAL EQUITY AND LIABILITIES   8,009,188 10,615,100 10,531,303

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

30 
INTERIM REPORT JANUARY -JUNE  2026  TRUECALLER AB  
 
Notes 
Note 1. Significant accounts policies
This interim report covers the Swedish parent company 
Truecaller AB (“Truecaller”) , company registration number 
559278-2774, and its subsidiaries. The principal business of 
the Group is to develop and publish software. primarily 
mobile Caller ID applications , under the Truecaller brand. 
The parent is a limited liability company registered and 
domiciled in Stockholm , Sweden. The address of the head 
office is Mäster Samuelsgatan 56, 111 21 Stockholm. Sweden.  
 
Truecaller applies  International Financial Reporting 
Standards (IFRS). as adopted by the EU. The interim report 
for the Group was prepared in compliance with IAS 34 
Interim Financial Reporting and applicable sections of the 
Swedish Annual Accounts Act (1995:1554). Disclosur es 
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 Financial Reporting. and re commendation 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. 
 
Note 2. Key judgements and estimates
Preparation of the interim report requires management to 
make judgements. estimates and assumptions that affect 
the application of the accounting policies and the 
recognized amounts of assets , liabilities, revenues and 
costs. Actual outcomes may differ from these judgements 
and estimates. The key judgements and sources of 
estimation uncertainty are unchanged from those 
described in the most recently published annual report.
Note 3. Revenue from contracts with customers 
DISTRIBUTION OF REVENUE FROM CONTRACTS WITH 
CUSTOMERS  
 
     
Amounts in SEK 000s  
  2026 
Apr-Jun 
2025 
Apr-Jun 
2026 
Jan-Jun 
2025 
Apr-Jun 
2025 
Jan-Dec 
Geographical region 
        
India 
   
239,843 349,526 454,209 709,951 1,310,649 
Middle East and Africa 
   
69,449 72,874 136,004 141,797 296,241 
Rest of the world 
   
83,948 74,039 164,608 141,566 305,304 
Revenue from contracts with customers 
   
393,240 496,438 754,821 993,315 1,912,195 
 
The geographical distribution is based on where the customer has their mobile subscription.

===== SIDA 31 =====

31 
INTERIM REPORT JANUARY -JUNE  2026  TRUECALLER AB  
 
Amounts in SEK 000s  
  2026 
Apr-Jun 
2025 
Apr-Jun 
2026 
Jan-Jun 
2025 
Jan-Jun 
2025 
Jan-Dec 
Type of service         
Advertising revenues    199,603 330,599 387,574 664,951 1,210,323 
User revenues    118,580 87,109 230,891 169,084 371,542 
Truecaller for Business    73,823 77,595 133,183 156,815 324,436 
Other revenues    1,234 1,135 3,173 2,465 5,895 
Revenue from contracts with customers    393,240 496,438 754,821 993,315 1,912,195 
 
Note 4.  Financial instruments 
 
Measurement of financial assets and liabilities at 30 June 2026 
 
FINANCIAL ASSETS 
 
Financial assets 
measured at fair value 
through profit and loss  
Financial assets 
measured at amortized 
cost  Total carrying amount 
Other non-current receivables  -  14,991  14,991 
Non-current financial assets  32,698  -  32,698 
Claims on advertising networks and platform 
owners 
 -  92,432  92,432 
Trade receivables  -  114,752  114,752 
Short-term placements  555,355  -  555,355 
Cash and cash equivalents  -  297,862  297,862 
Total  588,053  520,037  1,108,090 
 
FINANCIAL LIABILITIES       
Trade payables  -  30,392  30,392 
Total  -  30,392  30,392 
 
 
Measurement of financial assets and liabilities at 30 June 2025 
 
FINANCIAL ASSETS 
 
Financial assets 
measured at fair value 
through profit and loss  
Financial assets 
measured at amortized 
cost  Total carrying amount 
Other non-current receivables  -  7,092  7,092 
Non-current financial assets  32,698  -  32,698 
Claims on advertising networks and platform 
owners 
 -  116,414  116,414 
Trade receivables  -  151,212  151,212 
Short-term placements  590,578  -  590,578 
Cash and cash equivalents  -  446,880  446,880 
Total  623,276  721,597  1,344,873

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INTERIM REPORT JANUARY -JUNE  2026  TRUECALLER AB  
 
 
FINANCIAL LIABILITIES       
Trade payables  -  66,752  66,752 
Conditional consideration (earnout)  9,006  -  9,006 
Total  9,006  66,752  75,759 
 
 
 
The carrying amount is considered a good estimate of the 
fair value of current receivables and liabilities . The 
maximum credit risk of the assets comprises the net 
amounts of the carrying amounts shown in the table above.  
 
The Group has short -term placements , conditional 
consideration (earnouts) and non-current financial assets 
that are measured at fair value through profit or loss. Fair 
value is the price that would be received to sell an asset or 
paid to transfer a liability in an orderly transaction between  
 
market participants at the measurement date. The 
measurement methods are classified in a hierarchy 
consisting of three levels defined as follows: 
• Level 1 Quoted prices in active markets 
• Level 2 Inputs other than quoted prices that are 
observable directly (prices) or indirectly (derived 
from prices) 
• Level 3 Non-observable market data 
 
There were no transfers between the levels during the 
period. The Group has no financial assets or liabilities that 
have been offset in the accounts or which are covered by a 
legally binding netting agreement. 
 
Short-term placements 
Truecaller has investments placed in short-term fixed 
income funds. The fair value of the holding is determined 
by using market prices on the reporting date according to 
Level 1. The effect of the measurement at fair value is 
recognized in profit or loss. The adjustment to the fair 
value of these instruments is reflected directly in “Short-
term placements” in the statement of financial position. 
 
Short-term 
placements, SEK 
000s 
  
 
2026 
Jan-Jun 
 
2025 
Jan-Jun 
 
2025 
Jan-Dec 
Balance at 1 
January 
  598,524 827,950 827,950 
Investment in 
short-term 
placements 
  - 100,000 100,000 
Sale of short-term 
placements 
  -50,000 -350,000 -350,000 
Change in value 
recognized in profit 
and loss 
  6,831 12,628 20,574 
Closing balance   555,355 590,578 598,524 
 
Contingent consideration (earnout) 
Contingent consideration is categorized at level 3 of the fair 
value hierarchy. The fair value of con tingent consideration 
is calculated by discounting estimated future cash flows by 
a risk-adjusted discount rate. The contingent consideration 
for CallHero is classified as a non-current liability. 
 
Contingent 
consideration 
(earnout), SEK 000s 
  
 
 
2026 
Jan-Jun 
2025 
Jan-Jun 
2025 
Jan-Dec 
Balance at 1 January   8,865 10,037 10,037 
Acquisition value   - - - 
Payout   - - - 
Change in value 
recognized in profit 
and loss 
  -8,865 -1,301 -1,172 
Closing balance   0 9,006 8,865 
 
 Non-current financial assets 
The group’s non -current financial assets consist of the 
investment in Mayhem Studios that was made in 2023. The 
non-current financial assets belong to level 3 in the 
valuation hierarchy. 
Note 5. Incentive programs 
The Group  applies IFRS 2 Share -based Payment to 
employee stock options and performance -based share 
rights, where the cost is measured at grant date  and 
allocated over the term of the program and recognized as 
personal cost. The Group recognizes a reserve for accrued 
social insurance costs for the program based on the 
estimated benefit value for participants.  
 
The salary-related costs increased due to the introduction 
of a new program in 2025. Salary -related incentive costs 
are valued at grant date  and are amortized over the 
program's term. The social security contributions are 
affected by the share price at the end of each reporting 
period and may therefore be higher with positive share 
price development, which can create volatility in the 
income statement 
 
For detailed historical information about the incentive 
programs, refer to the 2025 annual report.

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INTERIM REPORT JANUARY -JUNE  2026  TRUECALLER AB  
 
Costs of incentive 
programs, SEKm   2026 
 Apr-
Jun 
2025 
 Apr-
Jun 
2026 
Jan-
Jun 
2025 
Jan- 
Jun 
2025 
Jan-
Dec 
Cost of vested 
warrants per IFRS 2 
  -15.7 -29.0 -58.9 -55.6 -163.0 
Social insurance 
contributions 
  3.8 -9.4 7.9 -31.8 -5.5 
Costs of incentive 
programs 
  -11,9 -38.3 -51.1 -87.4 -168.5 
Note 6. Treasury shares 
During the second quarter of 2026 Truecaller bought back 
7,322,108 B shares for SEK 92 million including transaction 
costs and cancelled 16,274,926 B shares. Truecaller's total 
holding of own shares per 2026-06-30 amounts to 
11,822,108  B shares and 2,089,498 C shares.  
Note 7. Related party 
transactions 
No transactions with related parties have been made 
during the period. 
Note 8. Contingent liability 
In 2024, the Group’s subsidiary in India underwent a tax 
audit, and reassessment proceedings have since been 
initiated for the period from 2018 to 2022. These 
proceedings are currently at a preliminary stage, and no 
reassessment decision or formal demand has been issued 
as of the date of this report. Based on currently available 
facts, the Group believes it has valid legal and factual 
grounds to support its position and intends to defend its 
case through applicable unilateral and bilateral statutory 
processes. Potential demands  may amount to material 
amounts, but this cannot be predicted currently. At present, 
the Group sees no reason to assume that this Indian inquiry 
will result in any materially increased tax payments in India 
regarding revenue recognized in prior financial periods 
once the process reaches its final conclusion. 
Consequently, the Group has not made any provision in this 
regard. 
Note 9. Write-down of shares 
in subsidiaries 
The Parent Company holds shares in True Software 
Scandinavia AB  (TSSAB), which constitute the Parent 
Company’s primary asset. Truecaller  AB’s market 
capitalization was lower than the Parent Company’s 
recognized assets; consequently, an impairment test was 
performed as of June 30, 2026. The test showed that the 
recoverable amount was lower than the carrying amount 
subject to testing; the im pairment requirement amounted 
to SEK 2,600 million and has been recognized as an 
impairment of shares in subsidiaries in the Parent 
Company’s income statement for the period. The 
impairment is not tax -deductible, as the shares constitute 
business-related h oldings, and it does not affect the 
Group’s reported earnings or financial position.  After the 
impairment, the carrying amount of shares amounted to 
7,579 million. 
Note 10. Events after the 
reporting period 
Truecaller has entered into an agreement to acquire 100% 
of the shares in the US -based communications software 
company TextPlus Inc. TextPlus offers a flexible and cost -
effective alternative to traditional wireless carriers. The 
acquisition strengthens Truecaller’s presence in the US and 
brings the Company closer to its ambition of becoming a 
comprehensive communications platform by broadening 
its offering with complementary services such as second 
phone numbers and voice calls over internet (VoIP). The 
purchase price for 100% of the shares in TextPlus amounts 
to USD 15.0 million on a cash and debt -free basis and will 
be financed with own funds. The acquisition is subject to 
customary regulatory approvals and other closing 
conditions and is expected to be co mpleted during the 
third quarter of 2026. 
 
Truecaller has entered into a loan agreement for a term 
loan facility of SEK 850 million with SEB to manage the 
previously communicated transfer pricing audit in India, 
continue the company's buyback program, actively seek 
new acquisitions and investment o pportunities, and 
continue to maintain a strong cash position for unexpected 
events. The loan has a tenure of 3 years with an initial 
interest rate of Stibor 3 months plus 2.1% and contains a 
liquidity covenant. As part of the same agreement, 
Truecaller's existing revolving credit facility (RCF) of SEK 500 
million with SEB - which was established primarily to 
finance potential corporate acquisitions (M&A) and other 
growth investments and has not been utilized to date - has 
been extended until 2028, with the  option to extend it for a 
further two years.

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INTERIM REPORT JANUARY -JUNE  2026  TRUECALLER AB  
 
Assurance 
The CEO and the Board of Directors hereby certify that the interim report provides a true and 
fair view of the operations. position and earnings of the parent company and the Group and 
describes the material risks and uncertainties faced by the parent company and the 
companies included in the Group. 
 
  
 
 
 
Stockholm, 2026-07-17 
 
 
Nami Zarringhalam 
Board Chair  
Alan Mamedi 
Director 
   
Annika Poutiainen 
Director 
Rishit Jhunjhunwala 
CEO 
 
 
 
Aruna Sundararajan  
Director 
 
 
 
 
 
 
 
 
 
  
Sandeep Bhushan 
Director 
 
 
Shailesh Lakhani 
Director

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INTERIM REPORT JANUARY -JUNE  2026  TRUECALLER AB  
 
Alternative performance measurements 
In accordance with ESMA (European Securities and Markets Authority) Guidelines on Alternative 
Performance Measures. the definition and reconciliation of alternative performance measures used by 
Truecaller are presented here. The guidelines entail additional disclosures regarding financial measures 
not defined under IFRS. The performance measures shown below are presented in the interim report. 
They are used for the purposes of internal control and monitoring. As all companies do not calculate 
financial measures in the same way. these measures are not always comparable to measures used by 
other companies. The following measures are measures used by Truecaller to clarify the company’s 
performance and simplify evaluation for users of the company’s financial reports. 
 
Key performance 
measurements Definition Purpose 
Gross profit  Net sales minus brokerage costs.  Gross profit is used to analyze profit minus direct costs 
(costs related directly to brokerage of ad space and 
the costs to onboard new premium users). 
Gross margin Gross profit as a percentage of net sales. Gross margin is a measure of profitability minus direct 
costs. 
EBITDA EBIT before interest, taxes, depreciation 
and amortization. 
EBITDA is a measurement Truecaller uses to show how 
current operations develop over time. 
EBITDA margin EBITDA as a percentage of net sales. EBITDA margin is used to illustrate the profitability of 
current operations excluding items affecting 
comparability and before amortization. 
EBIT (operating profit) Operating profit (earnings) before 
interest and taxes  
EBIT is used to analyze the profit generated by the 
operating entity. 
EBIT margin EBIT as a percentage of net sales. The EBIT margin is used to illustrate the profitability of 
current operations.  
Equity to assets ratio Equity divided by total assets. A measure to illustrate financial risk. expressed as the 
percentage of total assets financed by shareholders’ 
equity. 
Monthly Active Users 
(MAU) 
The number of users that have a 
Truecaller profile and are active on the 
platform on a monthly basis. Calculated 
as an average of all days in the period. 
Used to illustrate the volume of active users of 
Truecaller’s services. 
Daily Active Users (DAU) The number of users that have a 
Truecaller profile and are active on the 
platform on a daily basis. Calculated as 
an average of all days in the period. 
Used to illustrate the volume of active users of 
Truecaller’s services. 
Cost per thousand 
impressions (CPM) 
CPM illustrates the cost of displaying one 
ad one thousand times. 
Used to illustrate the effectiveness of the ad platform.  
Average revenue 
per user (ARPU) 
The average revenue for one recurring 
paying user (Truecaller Premium) 
Used to illustrate how revenues per user develop over 
time.

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RECONCILIATION OF SELECTED KEY FIGURES THAT ARE NOT DEFINED UNDER IFRS 
 
 
Group, SEKm  
  2026 
Apr-Jun 
2025 
Apr-Jun 
2026 
Jan-Jun 
2025 
Jan-Jun 
2025 
Jan-Dec 
Gross profit and gross margin         
Net sales    393.2 496.4 754.8 993.3 1,912.2 
   Minus third party fees    -112.1 -113.2 -217.4 -225.8 -469.1 
Gross profit     281.2 383.3 537.4 767.6 1,443.1 
   Divided by Net sales    393.2 496.4 754.8 993.3 1,912.2 
Gross margin    71.5% 77.2% 71.2% 77.3% 75.5% 
 
EBITDA and EBITDA-margin        
EBIT (operating profit)   73.5 157.0 119.3 290.6 523.0 
  Excluding depreciation and amortization   14.4 15.8 33.0 31.2 64.4 
EBITDA   87.9 172.8 152.3 321.8 587.3 
  Divided by Net sales   393.2 496.4 754.8 993.3 1,912.2 
Adjusted EBITDA margin   22.4% 34.8% 20.2% 32.4% 30.7% 
 
EBIT (operating profit) and EBIT margin         
EBIT (operating profit)    85.2 157.0 133.1 290.6 523.0 
  Divided by Net sales    393.2 496.4 754.8 993.3 1,912.2 
EBIT margin    18.7% 31.6% 15.8% 29.3% 27.3% 
 
Equity to assets ratio        
Total equity   1,085.7 1,172.1 1,085.7 1,172.1 1,251.0 
  Divided by Total assets   1,481.1 1,714.9 1,481.1 1,714.9 1,649.5 
Equity to assets ratio   73.3% 69.3% 73.3% 69.3% 75.8%