Kvartalsrapport Q3 2023

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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-September 2023 
INTERIM REPORT

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

2 
INTERIM REPORT JANUARY -SEPTEMBER  2023 TRUECALLER AB  
Truecaller Interim Report  
 
July-September 2023 (Q3) 
Comparative figures refer to July-September 2022 
• Net sales decreased by 11 percent to SEK 398.7m 
(450.1). 
• Adjusted EBITDA amounted to SEK 145.8m (181.5), 
corresponding to an adjusted EBITDA margin of 36.6 
(40.3) percent. Excluding the costs of incentive 
programs, adjusted EBITDA would have been SEK 
161.5m (191.5), equivalent to an adjusted EBITDA 
margin of 40.5 (42.5) percent. 
• Profit for the period was not affected by items 
affecting comparability. The corresponding quarter 
of the previous year was also not affected by any 
items affecting comparability. 
• Profit after tax amounted to SEK 105.0m (143.3). 
• Basic earnings per share were SEK 0.29 (0.38) and 
diluted earnings per share were SEK 0.29 (0.38). 
• The average number of active users (MAU) 
increased by 36.9 million to approximately 367.8 
million (330.9). 
• Net sales decreased by 12 percent in India, by 18 
percent in the Middle East and Africa and was stable 
in the rest of the world. 
 
January-September 2023 
Comparative figures refer to January-September 2022 
• Net sales decreased by 2 percent to SEK 1,304.2m 
(1,328.8) 
• Adjusted EBITDA amounted to SEK 534.4m (581.3), 
corresponding to an adjusted EBITDA margin of 41.0 
(43.7) percent. Excluding the costs of incentive 
programs, adjusted EBITDA would have been SEK 
572.3m (601.6), equivalent to an adjusted EBITDA 
margin of 43.9 (45.3) percent. 
• Profit for the period was not affected by items 
affecting comparability. The corresponding period of 
the previous year was also not affected by any items 
affecting comparability. 
• Profit after tax amounted to SEK 420.1m (449.7). 
• Basic earnings per share were SEK 1.16 (1.20) and 
diluted earnings per share were SEK 1.16 (1.20). 
• The average number of active users (MAU) increased 
by 35.1 million to approximately 356.0 million (320.9). 
• Net Sales decreased by 1 percent in India, by 12 percent 
in the Middle East and Africa and increased by 5 
percent in the rest of the world. 
 
 
FINANCIAL KEY FIGURES       
Group, SEKm (unless otherwise stated) 
 2023 
Jul-Sep 
2022  
Jul-Sep 
2023 
Jan-Sep 
2022  
Jan-Sep 
2022  
Jan-Dec 
Net sales  398.7 450.1 1,304.2 1,328.8 1,772.9 
Gross profit  298.4 336.8 984.7 1,022.2 1,355.2 
Gross margin (%)  74.9% 74.8% 75.5% 76.9% 76.4% 
Adjusted EBITDA  145.8 181.5 534.4 581.3 717.2 
Adjusted EBITDA margin (%)  36.6% 40.3% 41.0% 43.7% 40.5% 
EBIT (operating profit)  133.7 173.4 501.4 561.8 688.5 
EBIT margin (%)  33.5% 38.5% 38.4% 42.3% 38.8% 
Adjusted EBIT  133.7 173.4 501.4 561.8 688.5 
Adjusted EBIT margin (%)  33.5% 38.5% 38.4% 42.3% 38.8% 
Profit or loss after net financial income or expense  148.0 186.2 555.1 578.4 688.1 
Basic earnings per share (SEK)  0.29 0.38 1.16 1.20 1.43 
Diluted earnings per share (SEK)  0.29 0.38 1.16 1.20 1.43 
Equity  1,826.6 1,885.2 1,826.6 1,885.2 1,804.1 
Total assets  2,211.5 2,354.1 2,211.5 2,354.1 2,344.4 
Equity to assets ratio (%)  82.6% 80.1% 82.6% 80.1% 77.0% 
Employees at the end of the period  406 374 406 374 395

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3 
INTERIM REPORT JANUARY -SEPTEMBER  2023 TRUECALLER AB  
Significant events during the quarter 
Truecaller continued to invest in product development by launching new products and functions and by 
further improvements of the user experience.  
• Strong user growth, record high in  growth regions. Growth accelerated, and during the quarter, 
the number of monthly active users (MAU) increased to 367.8 million, which was an increase of 
more than 12 million users during the quarter. Growth outside the regions of India, Africa, and the 
Middle East was exceptionally significant. The relative growth remained strongest in regions such 
as South and Central America, Southeast Asia, and North America. This growth was achieved with 
lower investments compared to the previous year. The development remains strong on iOS. 
• Truecaller's strategy to increase the conversion to paying users continued to show positive 
results. The number of paying users increased by 20 percent compared to the same period the 
previous year, and revenues increased by 19 percent. Conversion improved both on Android and 
iOS, with the most significant development on iOS. The launch of more advanced features like the 
AI-based Truecaller Assistant had a positive impact on the average price per user, and the growth 
was particularly strong in India.  
• Truecaller for Business expanded its product offering and continued its growth. Towards the end 
of the quarter, Truecaller launched risk and fraud management products that allow businesses to 
minimize potential fraud. These solutions leverage Truecaller's network-based intelligence to 
provide signals to enhance corporate risk assessment processes. Other services like Verified 
Business and Business Messaging continued their strong growth, and revenues increased by 55 
percent. 
• A new data protection law was adopted in India and is expected to come into effect in 2024. 
Truecaller's assessment is that the law will not significantly impact the user experience or revenues. 
For more information, please refer to the press release from August 11 on Truecaller's website. 
Other significant events 
• Truecaller reached all-time high results in the customer satisfaction survey Net Promoter 
Score (NPS). Truecaller continuously measures customer satisfaction in terms of the willingness 
to recommend Truecaller as a product. In the latest survey, the NPS in India reached 61 (50) 
which is a all-time-high result and a significant improvement from already high levels. 
• During the third quarter Truecaller bought back 4.4 million B-shares as part of the ongoing 
buy-back programme and as of 30th of September the company holds 19,391,533 B-shares. In 
addition, a total of 5,600,000 C shares have been issued and repurchased to enable future 
delivery of shares to employees within the framework of LTIP 2022 and LTIP 2023. Total number of 
shares that may be bought back according to the authorization from the 2023 AGM corresponds 
to 37,905,971 shares and the authorization is valid until the annual general meeting in May 2024. 
See note 6 for more information.  
• The number of shares and votes in Truecaller AB changed, read more on page 16.  
Events after the period 
• On the 6th of October Truecaller acquired the Indian company Unoideo Technologies Pvt Ltd 
which provides the service TrustCheckr, that provides a fraud detection service. Through a 
SaaS platform TrustChekr helps businesses verify customer information and detect risk of fraud 
based on phone numbers and digital signals. The current offering has attracted interest from 
companies in different industries with the most noticeable interest coming from banks and, 
fintechs. The acquisition will strengthen Truecaller’s risk intelligence tool for enterprises, which 
was launched late during the third quarter, and with improved tech it will speed up the roll-out of 
that offering. The acquisition that was financed through existing cash will have a minor cash flow 
effect and is not expected to have a material impact on the financial results in 2023. 
• Truecaller is further increasing its ambitions in growth markets by recruiting country managers 
in Colombia and Nigeria

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INTERIM REPORT JANUARY -SEPTEMBER  2023 TRUECALLER AB  
 
 
Strong development for user growth 
and recurring revenues 
 
During the third quarter our user base grew by another 12 million monthly active users, and reached an 
average of 368 million monthly active users. Consumer subscriptions grew almost twice as fast as the 
total user base, increasing both our recurring revenues and revenue per user. Strong growth in 
Truecaller for Business also contributes to a more stable revenue profile going forward. Ads sales 
continue to be muted, due to adverse macroeconomic conditions, but our profitability and cash flow 
continues to be strong, even as we invest in both user growth and product improvements in order to be 
able to benefit from a future upturn in ads demand. 
Our total revenues decreased by 11% to SEK 399 million (450) compared to the same quarter 2022. While 
revenues from our advertising business decreased by 20%, income from our other revenue streams grew 
at a solid pace, with subscription revenue increasing by 19% and Truecaller for Business revenue 
increasing by 55%. 
In a challenging macroeconomic environment, our focus continues to be on delivering strong profit 
margins and driving efficiency through both improved technology and operational excellence. This 
quarter, the EBITDA-margin was 37% and EBITDA amounted to SEK  146 million (182). Truecaller continues 
to have a very strong cash flow profile due to the high operating leverage in the business, and in nine out 
of the ten last quarters, our EBITDA-margin has exceeded 35%. 
For the past few months, we have conducted tests to assess the potential impact on user lifetime 
(retention) in the event that we need to make adjustments to certain data in light of the new Digital 
Personal Data Protection Act in India. These tests involv ed presenting different search results to distinct 
user groups on a large scale, and with the help of our AI Identity technology, the initial results are highly 
promising, as we have not observed any material change in re tention. This reinforces our previo us 
statements that we do not expect the new regulations to impact either user experience or monetization. 
 
THIRD QUARTER 2023

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5 
INTERIM REPORT JANUARY -SEPTEMBER  2023 TRUECALLER AB  
Our user growth continues at a steady rate and for the 
second consecutive quarter, the growth in markets outside 
of India — particularly in Africa and the Middle East — was 
at an all -time high. We continue to invest strategically in 
selected growth markets. Our recent recruitment of country 
managers in Colombia and Nigeria further strengthens our 
focus on these markets by deploying local expertise on the 
ground, in light of our rapidly growing user base and long -
term revenue potential in those regions. 
 
A weak globl ads market continues to impact our revenues 
negatively compared to 2022. It is reflected in lower 
average prices as we continue to maximize revenue per 
user, rather than CPM or fill rate. For comparable ads, 
pricing has remained stable throughout 2023, with the 
exception of higher demand during the Indian cricket 
season (IPL) in Q2. When comparing the third quarter to the 
first quarter this year, we see a stable development in the 
ads market, albeit substantially lower than last year. We 
continue to work diligently on improving our ability to show 
ads more efficiently, and at the same time increase app 
engagement through an even better produc t, and these 
initiatives have created more impressions available for 
monetization. Once demand for digital ads strengthens 
again, and prices start to recover, we will be able to 
monetize substantially more impressions than we do today 
with higher price levels . The advertising landscape is 
dynamic, and we see immense potential for growth when 
market conditions improve and we remain well-positioned 
to capitalize on this upside once it materializes. 
 
While advertising is a cornerstone of our revenue model, we 
continue to  execute on our long-term strategy to diversify 
our income streams. Our strategy to increase our recurring 
revenues, consumer subscriptions and Truecaller for 
Business (TfB), is developing according to plan. During the 
third quarter, revenues for TfB grew by 55%, and 
subscription revenues grew by 19%, and combined they 
accounted for 25% of total revenues. 
 
Compared to last year, the number of subscribers grew by 
20%, almost twice as fast as the relative growth of the total 
user base. We continue to expand our AI -powered 
communication services to make our subscription offering 
better, such as our new AI -features that make users' lives 
easier and safer. We are on the right track to deliver a 
higher value offering for communication services which 
over time will justify higher subscription prices, which 
currently is being evaluated. 
 
Truecaller for Business continues to provide value for 
businesses with solutions that enhance their outreach and 
engagement with customers. As a continuation of our 
efforts to make communication more secure and offering 
products to combat the global rise o f fraud, we have 
developed more robust solutions to safeguard both 
consumers and businesses. Truecaller´s Business 
Messaging continues to grow at a healthy pace and during 
the quarter businesses sent over 2 billion messages. We will 
launch Business Messaging with more partners, and 
globally during 2024 and are excited about the future 
opportunity. During Q4, we will launch new products that 
focus on identifying and protecting companies from brand 
impersonation scams and financial fraud as well as a 
scoring engine that provides enterprises with an 
assessment of risk associated with a mobile number. O ur 
recent acquisition of Trustcheckr —whose offering helps 
businesses verify customer information and detect the risk 
of fraud based on both phone numbers and digital 
signals—further strengthens our offerings for our 2,000+ 
enterprise customers and supports  the growing business 
need for fraud and risk intelligence. 
 
We continue to make solid progress with our AI Identity 
solution, which uses AI and machine learning models that 
deliver relevant contextual information to users and help 
them assess whether they should pick up the call or not, 
without necessarily displayi ng the name of the caller. This 
will be an important part of Truecaller´s future in 
understanding the identities of phone numbers and 
providing valuable information to users, without necessarily 
revealing someone’s identity. 
 
For the past few months, we have conducted tests to assess 
the potential impact on user lifetime (retention) in the event 
that we need to make adjustments to certain data in light 
of the new Digital Personal Data Protection Act in India. 
These tests involv ed presenting different search results to 
distinct user groups on a large scale, and with the help of 
our AI Identity technology, the initial results are highly 
promising, as we have not observed any  material change 
in retention. This reinforces our previous statements that we 
do not expect the new regulations to impact either user 
experience or monetization. 
 
In a challenging macroeconomic environment, our focus 
continues to be on delivering strong profit margins and 
driving efficiency through both improved technology and 
operational excellence. This quarter, the EBITDA -margin 
was 37% and EBITDA amounted to SEK  146 million (182). 
Truecaller continues to have a very strong cash flow profile 
due to the high operating leverage in the business, and in 
nine out of the ten last quarters, our EBITDA -margin has 
exceeded 35%. 
 
Our balance sheet remains solid with SEK 1.6 bn in cash and 
short-term investments 19.4 and million treasury shares, 
which creates stability and f lexibility to pursue interesting 
M&A opportunities, further buy -backs, and/or investments 
that contribute to long-term shareholder value.  
 
Overall, I´m very proud of the progress we have made this 
quarter in product development, diversifying our revenue 
streams, and the continued user growth across many 
markets. This demonstrates that Truecaller and its services 
remain highly relevant, regardless of broader economic 
trends. Truecaller addresses a growing global issue, and we 
remain committed to invest in further growth in existing and 
new markets to provide more value for our shareholders 
and, most importantly, our users in the long term. 
 
Alan Mamedi, CEO and Co-founder

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

6 
INTERIM REPORT JANUARY -SEPTEMBER  2023 TRUECALLER AB  
Truecaller at a glance 
Quarterly review, financial data  
FINANCIAL KEY FIGURES       
Group, SEKm (unless otherwise stated) 
 2023 
Jul-Sep 
2022  
Jul-Sep 
2023 
Jan-Sep 
2022  
Jan-Sep 
2022  
Jan-Dec 
Net sales  398.7 450.1 1,304.2 1,328.8 1,772.9 
Gross profit  298.4 336.8 984.7 1,022.2 1,355.2 
Gross margin (%)  74.9% 74.8% 75.5% 76.9% 76.4% 
Adjusted EBITDA  145.8 181.5 534.4 581.3 717.2 
Adjusted EBITDA margin (%)  36.6% 40.3% 41.0% 43.7% 40.5% 
EBIT (operating profit)  133.7 173.4 501.4 561.8 688.5 
EBIT margin (%)  33.5% 38.5% 38.4% 42.3% 38.8% 
Adjusted EBIT  133.7 173.4 501.4 561.8 688.5 
Adjusted EBIT margin (%)  33.5% 38.5% 38.4% 42.3% 38.8% 
Profit or loss after net financial income or expense  148.0 186.2 555.1 578.4 688.1 
Basic earnings per share (SEK)  0.29 0.38 1.16 1.20 1.43 
Diluted earnings per share (SEK)  0.29 0.38 1.16 1.20 1.43 
Equity  1,826.6 1,885.2 1,826.6 1,885.2 1,804.1 
Total assets  2,211.5 2,354.1 2,211.5 2,354.1 2,344.4 
Equity to assets ratio (%)  82.6% 80.1% 82.6% 80.1% 77.0% 
Employees at the end of the period  406 374 406 374 395 
 
 
OPERATIONAL KEY FIGURES      
July-September 2023  Total India 
Middle East & 
Africa 
Rest of the 
world 
Monthly Active Users (MAU), quarterly average (millions)  367.8 262.1 74.8 30.9 
Daily Active Users (DAU), quarterly average (millions)  298.2 222.1 56.4 19.7 
Cost per mille impressions (CPM) for ad sales (SEK)  0.96 0.84 1.37 3.43 
Average revenue per user (ARPU) for premium 
subscriptions (SEK)  8.73 5.46 10.16 14.18 
 
July-September 2022  Total India 
Middle East & 
Africa 
Rest of the 
world 
Monthly Active Users (MAU), quarterly average (millions)  330.9 241.6 65.5 23.7 
Daily Active Users (DAU), quarterly average (millions)  261.1 198.0 47.5 15.5 
Cost per mille impressions (CPM) for ad sales (SEK)  1.29 1.17 1.68 3.91 
Average revenue per user (ARPU) for premium 
subscriptions (SEK)  8.73 5.02 11.00 12.92

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INTERIM REPORT JANUARY -SEPTEMBER  2023 TRUECALLER AB  
January-September 2023  Total India 
Middle East & 
Africa 
Rest of the 
world 
Monthly Active Users (MAU). quarterly average (millions)  356.0 255.6 72.4 28.0 
Daily Active Users (DAU). quarterly average (millions)  288.6 215.8 54.5 18.3 
Cost per mille impressions (CPM) for ad sales (SEK)  1.06 0.97 1.37 3.19 
Average revenue per user (ARPU) for premium 
subscriptions (SEK)  8.56 5.15 10.59 13.79 
 
 
January-September 2022  Total India 
Middle East & 
Africa 
Rest of the 
world 
Monthly Active Users (MAU). quarterly average (millions)  320.9 235.0 62.9 23.0 
Daily Active Users (DAU). quarterly average (millions)  254.8 194.0 45.9 14.9 
Cost per mille impressions (CPM) for ad sales (SEK)  1.34 1.24 1.63 3.51 
Average revenue per user (ARPU) for premium 
subscriptions (SEK)  8.50 4.89 10.57 12.43 
 
 
 
  
  
  
 
 
 
321 331 338 344 356 368
255 261 271 278 289 298
0
50
100
150
200
250
300
350
Q222 Q322 Q422 Q123 Q223 Q323
Users, millions
Monthly Active Users (MAU), avg Daily Active Users (DAU), avg
480
450 444
387
518
399
0
100
200
300
400
500
600
Q222 Q322 Q422 Q123 Q223 Q323
MSEK
Net sales
374
337 333
291
395
298
70%
72%
74%
76%
78%
80%
0
50
100
150
200
250
300
350
400
450
Q222 Q322 Q422 Q123 Q223 Q323
MSEK
Gross profit Gross margin
218
181
136
150
239
146
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
0
50
100
150
200
250
300
Q222 Q322 Q422 Q123 Q223 Q323
MSEK
Adjusted EBITDA Adjusted EBITDA-margin

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INTERIM REPORT JANUARY -SEPTEMBER  2023 TRUECALLER AB  
Financial performance 
Third quarter 2023 (July-September) 
Revenues 
Net sales during the third quarter decreased by 11 percent 
compared to the corresponding quarter last year and 
amounted to SEK 398.7 (450.1) million. Revenue decreased 
for ads but increased for subscriptions and Truecaller for 
Business (TfB ). Currency effects had a limited negative 
effect on revenues during the quarter, see Currency 
exposure below. 
 
Revenues distributed by region 
Net sales in India decreased by 12 percent to SEK 293.4 
(333.6) million, in the Middle East & Africa it decreased by 18 
percent to SEK 50.6 (62.1) million and in the rest of the world 
it was stable at SEK 54.6 (54.4) million. A contributing factor 
to the decrease in revenues in the Middle East and Africa 
region has been the impact of weaker currency in some of 
Truecaller's largest markets in the region, such as Egypt and 
Nigeria. 
 
 
 
Revenues distributed by service 
Ad revenues decreased by 20 percent to SEK 298.9 (373.1) 
million. Compared to the corresponding quarter last year, 
prices (CPM) decreased by approximately 26 percent. The 
price reduction is due to lower demand in the wake of weak 
macroeconomic development. This is reflected in lower 
average prices as Truecaller continues to maximize 
revenue per user instead of CPM or fill rates.  For 
comparable ads, pricing for similar advertisements has 
remained relatively stable throughout 2023 , with the 
exemption of the higher demand during the Indian cricket 
season (IPL), but lower than 2022. 
 
The number of impressions increased by 12 percent 
compared to the same period last year.  Truecaller 
continues to enhance its ability to display ads more 
efficiently for users by improving the quality of ad requests 
and rendering capabilities (render rate).  
 
Revenue from premium subscriptions increased by 19 
percent to SEK 53.9 (45.1) million. this is primarily an effect 
of an increased share of subscribers, with the number of 
subscriptions rising by 2 0 percent. Truecaller has also 
added more features to the premium offering in the past 
year, which has had a positive impact on both revenue per 
user and the growth of paying users . The growth has been 
particularly strong among iOS users. 
 
Revenue from Truecaller for Business (TfB) increased by 55 
percent to SEK 44.4 (28.6) million. The number of connected 
customers continues to show good growth both in India 
and in other markets, and in total Truecaller for Business 
now has active customers in 3 7 countries. In collaboration 
with CPAAS company Tanla, Truecaller also sends B2C 
messages to Truecaller's users. The volumes of business 
messages have gradually increased and have contributed 
to income growth. 
 
Other income amounted to SEK 1.4 (3.3) million.  
 
Gross profit 
The gross profit decreased by 11 percent to SEK 298.4 (336.8) 
million compared to the same period last year. The gross 
margin amounted to 74.9 (74.8) percent. The gross margin 
is mainly determined by fees to partners such as Google 
and Apple, and to a smaller part by costs for verification of 
new users and for servers used for the company's services.  
 
Operating profit 
Operating profit before depreciation and write -downs 
excluding items affecting comparability (adjusted EBITDA) 
amounted to SEK 145.8 (181.5) million. The adjusted EBITDA 
margin amounted to 36.6 (40.3) percent.  
 
Operating profit (EBIT) decreased to SEK 133.7 (173.4) million, 
corresponding to an operating margin of 33.5 (38.5) 
percent. Operating profit has  decreased due to lower 
income from Ads . The costs were lower compared to the 
previous year. 
 
The company continue to  closely monitor the demand 
trend in order to adjust costs during the ongoing 
macroeconomic slowdown, without renouncing the growth 
potential when demand picks up again.  
 
Staff costs during the quarter increased to SEK 93.5 (79.6) 
million. Salary costs increased as an effect of increased 
number of employees and  the yearly  salary adjustment. 
The recruitment rate of new staff has decreased during the 
period as a result of the weaker demand.  
 
The group's long-term incentive program entailed a salary 
cost for the period of SEK 13.1 (9.5) million with a 
corresponding increase in equity and social security 
contributions of SEK 2.5 (0.4) million reported as a provision 
India 73.6%
Africa and Middle East
12.7%
RoW 13.7%

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

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INTERIM REPORT JANUARY -SEPTEMBER  2023 TRUECALLER AB  
in the balance sheet. Salary costs are valued at  fair value 
and amortized over the term of the program. The social 
security contributions are affected by the share price at the 
end of each accounting period and may therefore amount 
to significantly higher amounts in the future and create 
volatility in t he income statement. In order to clarify the 
distribution of staff costs between staff costs attributable to 
salaries, and personnel costs related to performance or  
share price-related incentive programs, the company will 
continue to report the latter separately.  
 
Excluding costs for incentive programs, the EBITDA margin 
during the quarter would have increased by 3.9 (2.2) 
percentage points and been 40.5 (42.5) percent. See more 
info in note 5. 
 
Other external costs decreased to SEK 59.2 (76.6) million 
compared to the same period last year. The reduction in 
costs is primarily an effect of that investments in user 
growth and marketing has been  focused on a smaller 
number of markets where cost efficiency is high. 
 
Profit and earnings per share for the period 
Profit before tax decreased by 21 percent to SEK 148.0 (186.2) 
million. Profit after tax for the period was SEK 105.0 (143.3) 
million. Net financial income amounted to SEK 14.3 (12.8) 
million and comprises positive exchange rate differences of 
SEK 9.4 (16.2) million, interest income of SEK 6.3 (-2.1) million 
and other financial expenses of SEK -1.5 (-1.3) million.  
 
The total tax amounted to SEK 43.0 (42.8) million which 
corresponds to an effective tax rate of 29.0 (23.0) percent 
for the Group.  
 
Basic earnings per share were SEK 0.29 (0.38) and diluted 
earnings per share were SEK 0.29 (0.38). 
 
Cash flow and financial position 
Net cash from operating activities amounted to SEK 125.8 
(161.9) million of which SEK 29.7 (-8.3) million was 
attributable to changes in working capital and SEK -62.8 (-
17.5) million was attributable to income tax paid.  Net cash 
from investing activities amounted to SEK -21.1 (-3.1) million 
and included a payment of additional purchase price 
attributable to the acquisition of CallHero of SEK -5.3 ( -) 
million and changes in non -current financial assets of SEK 
-12.3 (-0.4) million. Net cash used in financing activities was 
SEK -124.1 (-21.4) million and included purchase of treasury 
shares SEK -163.4 (-19.8) million and a new share issue that 
added SEK 46.7 (-) million. Net cash for the period was SEK 
-19.5 (137.4) million.  
 
Truecaller had cash and cash equivalents of SEK 694.0 
(1,718.9) million at the end of the quarter. The equity to 
assets ratio was 82.6 (80.1) percent. In excess to the cash 
and cash equivalents Truecaller ha d SEK 931.0 (149.0) 
million invested in short-term interest rate funds.  
 
Truecaller have a revolving credit facility of SEK 500.0 
(500.0) million. SEK 0.0 (0.0) million had been utilized as of 
the reporting date. 
Consolidated total assets amounted to SEK 2,211.5 (2,354.1) 
million at 30 September 2023. The carrying amounts of 
financial assets and financial liabilities are estimated to 
coincide with fair value in all material respects. 
 
Trade receivables for the Group amounted to SEK 97.2 
(48.7) million and claims on advertising networks and 
platform owners amounted to SEK 89.4 (124.3) million. The 
increase in trade receivables is attributable mainly to the 
increase in direct sales in the advertising business and 
growth in Truecaller for Business. Payment terms for the 
company’s customers are normally 30 -60 days. 
Recognized but unreali zed customer credit losses 
amounted to SEK 4.3 (1.6) million as of 30 September 2023. 
The claims on advertising networks and platform owners is 
mainly linked to outst anding claims against Google and 
Facebook.  
 
Investments 
During the third quarter of 2023, SEK - (1.4) million were 
capitalized as internally developed intangible assets. 
 
Currency exposure 
The majority of Truecaller’s revenues are denominated in 
Swedish kronor (SEK) via partners including Google and 
Apple. Accordingly, there is little direct currency exposure. 
In turn, these partners bill users of Truecaller’s services 
partly in local curren cy, which entails indirect currency 
exposure. Truecaller does not, however, have complete 
information concerning currency exposure or how currency 
effects are managed by partners and thus cannot at 
present accurately quantify indirect currency exposure. A 
depreciation of SEK against currencies including USD and 
INR, however, has a positive impact on the company’s sales 
and profit, although it also increases the company’s costs. 
The largest currency exposures are against INR and USD. 
The company estimates that exchange rate changes had 
a limited negative impact on sales during the third quarter 
of 2023 compared to the corresponding quarter in 2022. The 
company's estimate is that exchange rate changes had a 
minor negative effect on the EBITDA margin. 
 
Parent company 
Parent company income for the quarter amounted to SEK 
2.0 (2.0) million which refers to billing of subsidiaries for 
services rendered The profit before tax amounted to SEK 2.4 
(-7.1) million where the majority of the result is attributable 
to dividends from subsidiaries . The profit after tax 
amounted to SEK 1.9 (-5.6) million. Cash and cash 
equivalents on 30 September 2023 amounted to SEK 323.0 
(714.8) million. In excess to the cash and cash equivalents 
the parent company has SEK 416.2 (149.0) million invested 
in short -term interest rate funds. No investments have 
taken place in intangible or tangible assets. At the end of 
the period, 2 (2) people were employed in the parent 
company.

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

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INTERIM REPORT JANUARY -SEPTEMBER  2023 TRUECALLER AB  
January – September 2023 
Revenues 
Net sales for the period January -September amounted to 
SEK 1,304.2 (1,328.8) million, a decrease of  2 percent 
compared to the same period last year . Net Sales for 
Truecaller for Business and subscription s increased, while 
advertising revenue decreased. Currency effects had a 
minor positive effect on revenues during the period, see 
Currency exposure below. 
 
Revenues distributed by region 
Net sales in India decreased by 1 percent during the period 
to SEK 998.4 (1009.0) million, in the Middle East and Africa it 
decreased by 12 percent to SEK  153.5 (174.3) million and 
increased in the rest of the world by 5 percent to SEK 152.3 
(145.5) million. A contributing factor to the decrease in 
revenues in the Middle East and Africa region has been the 
impact of weaker currency in some of Truecaller's largest 
markets in the region, such as Egypt and Nigeria. 
 
Revenues distributed by service 
Advertising revenues decreased by 9 percent to SEK 1 028.0 
(1 126 .3) million. Revenues from premium subscriptions 
increased by 20 percent to SEK 150.5 (125.4) million, 
primarily an effect of an increase in the number of premium 
subscribers. Revenues from Truecaller for Business 
increased with 71 percent and amounted to SEK 120.6 (70.5) 
million.  
 
 
 
Gross profit 
Gross profit was SEK 984.7 (1,022.2) million, which decreased 
the gross margin by 1.4 percentage points to  75.5 (76.9) 
percent. The gross margin is partly determined by fees to 
partners such as Google and Apple, partly by costs for 
verification of new users and for servers used for the 
company's services. Increased costs for verification of new 
users and increased server costs had a certain negative 
impact on the gross margin during the year. 
 
Operating profit 
Operating profit before depreciation and write -downs 
excluding items affecting comparability (adjusted EBITDA) 
amounted to SEK 534.4 (581.3) million. The adjusted EBITDA 
margin amounted to 41.0 (43.7) percent.  
 
Operating profit (EBIT) amounted to SEK 501.4 (561.8) million, 
corresponding to an operating margin of 38.4 (42.3) 
percent.  
 
Staff costs amounted to SEK  270.8 (216.9) million. Salary 
costs increased as an effect of increased number of 
employees and salary adjustments. The group's long-term 
incentive program entailed a salary cost for the period of 
SEK 34.1 (18.8) million with a corresponding increase in 
equity and social security contributions of SEK  3.8 (1.5) 
million reported as a provision in the balance sheet . 
Excluding costs for incentive programs, the EBITDA margin 
during the quarter would have increased by  2.9 (1.5) 
percentage points and been 43.9 (45.3) percent. For more 
info see note 5. 
 
Other external costs amounted to SEK 181.2 (229.2) million. 
The reduction in costs is primarily an effect of the fact that 
the investments in user acquisition and marketing have 
been focused on a smaller number of markets where the 
cost efficiency is high. The company continues to closely 
monitor demand trends with  the aim of adjusting costs 
during the ongoing macroeconomic slowdown, without 
renouncing the growth potential when demand picks up 
again.  
 
Costs excluding incentive costs decreased slightly 
compared to the comparison period as a result of a 
number of efficiency improvements during the end of 2022 
and beginning of 2023. 
 
Profit and earnings per share for the period 
Profit before tax amounted to SEK 555.1 (578.4) million. Profit 
after tax for the period was SEK 420.1 (449.7) million. Net 
financial income amounted to SEK 53.7 (16.6) million and 
comprises positive exchange rate differences of SEK  42.1 
(28.5) million, interest income of SEK 15.7 (-7.9) million and 
other financial expenses of SEK -4.2 (-3.9) million.  
 
The total tax amounted to SEK 135.0 (128.7) million, which 
corresponds to an effective tax rate of  24.3 (22.2) percent 
for the group. 
 
Basic earnings per share were SEK 1.16 (1.20) and diluted 
earnings per share were SEK 1.16 (1.20). 
 
Cash flow and financial position 
Net cash from operating activities amounted to SEK 411.4 
(564.3) million of which  0.7 (6.4) is due to changes in 
working capital and -154.9 (-31.3) is due to income taxes 
paid. Net cash used in investing activities amounted to SEK 
-586.0 (-34.7) million and included an investment in short 
term interest funds of SEK 500.0 (-) million, an investment in 
non-current financial assets of SEK -32.8 ( -) million, a 
payment of additional purchase price attributable to the 
acquisition of CallHero of SEK -5.3 (-) million and changes 
in non-current financial assets of SEK -30.5 (-1.1) million. Net 
India 76.5%
Africa and Middle East
11.8%
RoW 11.7%

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

11 
INTERIM REPORT JANUARY -SEPTEMBER  2023 TRUECALLER AB  
cash used in financing activities was SEK -462.2 ( -54.1) 
million and included purchase of treasury shares SEK -486.3 
(-19.8) million and a new share issue that added SEK 46.7 (-
) million. Net cash for the period was SEK -636.9 (475.4) 
million.  
 
Truecaller had cash and cash equivalents of SEK  694.0 
(1,718.9) million at the end of the period. The equity to assets 
ratio was 82.6 (80.1) percent. In excess to the cash and cash 
equivalents Truecaller had SEK 931.0 (149.0) million invested 
in short-term interest rate funds. 
 
Truecaller has a revolving credit facility of SEK 500.0 (500.0) 
million. None of the RCF had been drawn down as of the 
reporting date. 
 
Consolidated total assets amounted to SEK 2,211.5 (2,354.1) 
million at 30 September 2023. The carrying amounts of 
financial assets and financial liabilities are estimated to 
coincide with fair value in all material respects. 
 
Employees 
There were 406 (374) employees at the end of the period . 
The average number of employees during the period of 
January–September was 402 (343).  
 
Investments 
The Group began capitalizing development costs in 2021 
when certain initiated projects were assessed as meeting 
the criteria under IAS 38. Development costs for these 
projects have therefore been capitalized. During the period, 
SEK 1.7 (7.2) million were capitalized as internally developed 
intangible assets. 
 
Currency exposure 
The majority of Truecaller’s revenues are denominated in 
Swedish kronor (SEK) via partners including Google and 
Apple. Accordingly, there is little direct currency exposure. 
In turn, these partners bill users of Truecaller’s services 
partly in local curren cy, which entails indirect currency 
exposure. Truecaller does not, however, have complete 
information concerning currency exposure or how currency 
effects are managed by partners and thus cannot at 
present accurately quantify indirect currency exposure. A 
depreciation of SEK against currencies including USD and 
INR, however, has a positive impact on the company’s sales 
and profit, although it also increases the company’s costs. 
The largest currency exposures are against INR and USD. 
The company estimates that exchange rate changes had 
a limited positive effect on revenues compared to the 
corresponding period last year, but the operating margin 
has not been affected by exchange rate changes. 
 
Parent company 
Parent company income for the period amounted to SEK 6.2 
(4.8) million which refers to billing of subsidiaries for 
services rendered The profit before tax amounted to SEK 
405.4 (-19.6) million where the majority of the result is 
attributable to dividends from subsidiaries . The profit after 
tax amounted to SEK 404.2 (-15.6) million. Cash and cash 
equivalents on 30 September 2023 amounted to SEK 323.0 
(714.8) million. No investments have taken place in 
intangible or tangible assets. At the end of the period, 2 (2) 
people were employed in the parent company.

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

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INTERIM REPORT JANUARY -SEPTEMBER  2023 TRUECALLER AB  
Product update  
In the third quarter, Truecaller focused on enhancing the user experience and continuing to integrate advanced AI 
technology into its services. The goal was to provide immediate and practical benefits to users. This strategy led to the 
introduction of additional AI -driven features, improvements in the Premium user experience, and ne w app 
functionalities. Additionally, there was a significant enhancement in the ad server capabilities, leading to more 
dynamic and effective ad campaigns. 
 
The results of these initiatives have been positive; user engagement has increased, the level of subscriptions has seen 
a noticeable increase, and the new AI-powered features have been well-received. The ad server's advanced features, 
like retargeting, custom targeting, and look -alike audiences, have positively impacted conversion rates for various 
business outcomes. Truecaller's efforts to combat fraud have also expanded, highlighting its commitment to user 
safety. The corporate rebranding has further reinforced user trust and emphasized Truecaller's commitment to 
privacy and security, underlining the continued focus on growth and innovation. 
 
Investments in AI technology  
Truecaller continues to make strategic investments in AI 
technology. In the third quarter, initiatives rolled out 
focused on applications improving support services, as 
well as delivering the most relevant information to users. 
 
Truecaller made significant improvements in its AI Identity 
technology which leverages artificial intelligence and 
machine learning models to provide an improved Caller ID 
and spam detection experience, that goes beyond names 
and spam reports. Enhancements made in this area 
increased AI Identity coverage by over 50 percent during 
the third quarter. Other important improvements to AI 
Identity include the new anti-impersonation features that 
indicate if someone is trying to impersonate another 
person or business using fake names. This new AI model 
protects consumers in a world where impersonation is 
rapidly growing.  
 
The company also built and introduced an internal AI-
powered knowledge system with the intention to be 
utilized for customer support reasons. The system is 
trained based on Truecaller's existing policies, content, 
and user inquiries, prepared to handle a wide range of 
customer support topics around the clock. One of the key 
features is its multilingual capability, removing language 
barriers in customer support interactions. The system is 
also tailored with internal data, enhancing its ability to 
address user-specific concerns accurately. The initial 
product based on this system is called “ZipZip” and is live 
on truecaller.com and soon ready to serve the company’s 
368 million active users 
 
Further demonstrating its investment in AI, Truecaller had 
previously introduced AI-based transcriptions as part of 
call recording in the second quarter. Though initially 
available in the US, Canada, South Africa, and Australia, 
this highlights Truecaller's dedication to using AI for 
practical enhancements in its service offerings. By 
providing transcriptions and call summaries  of call 
recordings, this feature adds a layer of convenience and  
 
 
 
efficiency for users, reaffirming Truecaller's position as an 
innovator in communication technology. 
 
Further investments to enhance user 
experience and combat fraud  
Truecaller's dedication to fraud protection was further 
emphasized through the enhancement of the Message ID 
(Caller ID for Messages) feature. The feature now includes 
an additional layer of protection, alerting users to the risks 
of sharing OTPs when they receive a message while 
engaged in a phone call. 
 
The company has also increased its efforts in proactive 
prevention to inform users about ongoing fraudulent 
activities, both globally and locally. By using Truecaller's 
own messaging platform, the company has sent over 1 
Billion messages to users, alerting them about relevant and 
local fraud issues that are trending. Users have appreciated 
this information which shows in the rate of 25%.

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

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INTERIM REPORT JANUARY -SEPTEMBER  2023 TRUECALLER AB  
During the third quarter, Truecaller underwent a corporate 
rebranding. The rebranding initiative, which includes a 
refreshed app icon, and an updated design language, aims 
to strengthen user trust and emphasize the company's 
commitment to privacy and security. The familiar 'True blue' 
color remains a key element of the brand identity, following 
the vision of making tomorrow’s communication smarter, 
safer and more efficient. 
 
While the rebranding reaffirms Truecaller’s dedication to 
user trust and safety, the company continues to innovate 
its core offering.  
 
The popular Video Caller ID feature initially rolled out in 2021 
has received several major updates including more 
themed videos and a more streamlined onboarding flow, 
which has been requested by the community to increase 
further engagement. This feature,  which is built for both 
consumers and verified businesses, allows users to share a 
brief video that automatically plays when they call 
contacts, providing a personalized touch to the calling 
experience. 
 
  
 
Important improvements to Premium 
offering and conversion  
The third quarter marked a pivotal period for Truecaller 
Premium, characterized by substantial product launches 
aimed at enhancing monetization and user retention. 
 
The adoption of Truecaller Assistant has seen 
considerable growth globally, with subscriber numbers 
surging significantly, marking more than a 5x  increase Q-
o-Q, driven by the launch in India, at the end of the second 
quarter.  
 
iOS has emerged as a key driver of growth in subscriptions 
and revenue this quarter, outpacing the growth in monthly 
active users (MAUs) with a 13% increase QoQ for both 
Revenue and Subscriptions. On Android, the focus on 
revenue generation yielded positive results, attributable to 
strategic reductions in promotions, improved targeting, 
and the multi-country rollout of the Assistant feature. 
 
Specifically, in India, the introduction of the Assistant plan, 
played a central role in revenue growth, as well as 
subscription growth which grew with 39% YoY in India. 
Preliminary tests indicate that higher pricing for such an 
advanced product as Assistant does not adversely impact 
conversion rates. This indicates that the company is 
advancing in the right direction in terms of delivering a 
higher value offering for communications services which 
renders the opportunity to charge a higher price. 
 
Call Recording - introduced in the second quarter, was 
launched in more countries during the third quarter. Plans 
are in progress for the introduction of new advanced 
features during the upcoming quarter as well as 
introducing new languages with the help of the new 
improvements made in voice transcription. 
 
A notable development in subscription conversion was the 
introduction of the User Monetization Engine (UME), a 
sophisticated system designed to personalize interstitial 
prompts throughout the app. The UME's versatility is 
evident in its support for various content types, including 
translations, animations, and videos, and its advanced 
targeting capabilities. This engine is not merely a tool for 
conversion; it's instrumental in bolstering user 
engagement and can be used throughout the app for 
other use cases. 
 
Attention was also directed towards refining the 
experience for Premium users. This was achieved through 
an overhaul of the Premium tab user interface, making it 
more intuitive and user-friendly, and emphasizing the 
user's Caller ID while granting easier access to premium 
features. This enhancement sets the stage for future 
initiatives focused on optimizing the paths to upgrades. 
 
Optimizing AdTech for platform ad 
impressions  
Truecaller has steadfastly focused on refining both the 
supply and demand aspects of its advertising platform, to 
drive revenue growth and demand side ROI. 
 
On the supply side this involves broadening user growth 
and deepening engagement in markets with promising 
medium-term growth. The aim is to enhance both the 
volume and quality of ad opportunities. Key to this is 
technological innovation, which bolsters in ventory 
optimization and enhances crucial supply-side metrics like 
request efficiency, viewability, and click -through rates 
(CTR).  
 
Despite broader market challenges in the third quarter, 
Truecaller has continued to diversify its access to demand 
by collaborating with a diverse set of partners, advertisers, 
and agencies, and pioneering new use cases and business 
models. The goal is mul tidimensional: increase demand -

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

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INTERIM REPORT JANUARY -SEPTEMBER  2023 TRUECALLER AB  
side availability to boost fill rates and intensify demand 
density per ad opportunity. 
 
Central to Truecaller's approach is the precise matching of 
demand and supply. With operations handling billions of ad 
opportunities daily, the team has invested in tech expertise, 
data, and operational insights to ensure appropriate 
demand-supply alignment, enhancin g advertiser ROI and 
improving yield and ad relevance. Investment in the 
proprietary tech stack continues to fine-tune this matching 
process. 
 
Truecaller continually invests in its adtech solutions to cater 
to diverse performance demands. The Demand -Side 
Platform (DSP) solution marks a significant enhancement in 
this direction. 
 
The AdServer capabilities have been substantially 
amplified to accommodate any campaign type through 
strategies like Retargeting, Re -engagement, and 
Remarketing. Additionally, Truecaller has launched new 
proprietary ad formats, enhancing the diversity and impact 
of ad placements. These include: 
- Post-click experiences: Innovations like Click -to-
Video offer engaging content for users post -
engagement.  
- The introduction of Sponsored Bubbles and 
Animated Ads on the after -call screen provides 
dynamic and visually appealing content for users. 
- Brand Sponsored Icons & Carousel ads offer a rich, 
interactive experience, further enhancing user 
engagement. 
 
In a recent initiative, Truecaller collaborated with Amazon 
Prime in India for the premiere of a major film. The 
campaign's objective was to increase awareness and 
foster user engagement through an innovative approach. 
 
The strategy involved a concentrated effort leading up to 
the film's release, using the "Click-to-experience" ad format. 
Insights from the agency and client led to the development 
of a custom audience segment, targeting OTT users with 
semi-premium and top -tier smartphones in India's Top 8 
Metros. 
 
Speaking about the campaign's significant outcomes Jinit 
Shah, Director Media, PivotRoots  said " “We constantly look 
to innovate our media solutions. With Truecaller's new 
format, we were able to break the clutter with a very eye -
catching solution that blended seamlessly with our creative 
strategy for Prime Video's latest campaign.” 
  
 
Truecaller aspires to be a full -spectrum ads solution 
provider across the entire advertising funnel. A recent 
campaign with Goibibo, India's premier online travel 
booking brand, illustrates the practical benefits of 
Truecaller Ad server's advanced capabilities. The 
campaign aimed to boost engagement and new u ser 
acquisitions across 40 cities in India, utilizing optimized ad 
delivery for efficiency and detailed analytics. By crafting a 
specialized audience segment of users interested in travel 
and employing re -targeting strategies, the initiative 
engaged over 4 6 million users , all while staying within the 
advertiser's Customer Acquisition Cost expectations. This 
case underscores the effectiveness of Truecaller's 
sophisticated ad features in driving substantial user 
engagement and conversions. 
 
Focused investments drive enterprise 
growth and expand business offerings 
Since its launch in 2020, Truecaller for Business has 
emerged as a pivotal solution in secure business 
communication, now serving customers across 36 
countries and standing as Truecaller's most rapidly 
expanding revenue source with a 55 % YoY growth. Notable 
new customers during the quarter were UNICEF India, Union 
Bank of India, Yes Bank, Bosch, Banque Misr, and SayHi South 
Africa.  
 
Business Messaging continues to redefine customer 
interaction, offering a secure messaging platform exclusive 
to verified businesses on Truecaller. During the third quarter, 
more than 2 billion messages were delivered from verified 
businesses to their cust omers on the Truecaller platform. 
This product stands out for its ability to support rich media 
content, extending beyond traditional text to include 
images, videos, and documents; enhancing customer 
engagement and experience. 
 
The platform is predominantly utilized for transmitting 
information like OTPs, service updates, and transaction 
summaries, necessitating an elevated layer of security that 
Business Messaging proficiently provides. This operational

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

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INTERIM REPORT JANUARY -SEPTEMBER  2023 TRUECALLER AB  
standard reinforces Truecaller's dedication to safeguarding 
user data and fostering a secure digital communication 
environment. 
 
 
 
In response to the rising incidences of fraud globally, the 
focus has been on developing a robust solution to 
safeguard businesses effectively as a part of the Truecaller 
for Business offering, the Risk Intelligence API is about to go 
public and is a scoring engine that provides enterprises 
with an assessment of risk associated with a mobile 
number, using proprietary machine learning models to 
analyze patterns and anomalies in aggregated data from 
a mobile number’s activity. The development and 
readiness we re done in the first half of the year with a 
commercial launch planned for quarter four, enhancing 
Truecaller’s dedication to continuous innovation within the 
enterprise space. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At the beginning of quarter four, Truecaller announced the 
acquisition of TrustCheckr - a SaaS platform, known for its 
efficacy in verifying customer information and assessing 
fraud risks. With the integration of TrustCheckr’s 
capabilities, Truecaller is set to offer unparalleled security 
insights, harnessing external and internal fraud signals, a 
leap forward in its commitment to enterprise safety. This 
development signifies an important continuatio n of 
Truecaller’s relentless effort to offer products to combat 
fraud and the company's mission of building trust in 
communication. 
 
Truecaller SDK -the technical solution that provides 
companies with the tools needed to facilitate user logins 
through quick and efficient user verification via Truecaller's 
platform continued to grow during quarter three. An 
impressive 6.3 million verification requests in one day were 
noted.

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

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INTERIM REPORT JANUARY -SEPTEMBER  2023 TRUECALLER AB  
Other disclosures
Change of number of shares and votes in 
Truecaller AB 
During September the number of shares and votes in 
Truecaller AB (publ) changed as a result of exercise of 
employee stock options of series 2021:3 and series 2021:6 in 
accordance with Truecaller's incentive programs. Through 
the exercise of the employee stock options, the number of 
shares has increased by 1,627,794 and the share capital 
has increased by SEK 3,255.588. As of 29 September 2023, 
the last trading day of September, the number of shares in 
Truecaller amounts to 381,187,504, of which 46,783,800 are 
ordinary shares of series A with 10 votes per share, 
328,803,704 are ordinary shares of series B with 1 vote per 
share and 5,600,000 are C-shares with one vote per share. 
The total share capital amounts to 762,375.008 SEK.  
Nomination Committe appointed 
The following members have been appointed to form a 
Nomination Committee ahead of the AGM in May 2024. 
• Kamjar Hajabdolahi, appointed by Nami Zarringhalam 
• Sven Törnkvist, appointed by Alan Mamedi 
• Piyush Gupta, appointed by Sequoia Capital 
• Bing Gordon, Member of the Board of Directors of 
Truecaller AB 
 
Proposals or comments to the Nomination Committee can be  
sent to: nominationcommittee@truecaller.com 
 
Risks and uncertainties 
Like all companies. Truecaller is exposed to various types of 
risk in the course of business. These include risks related to 
currency movements. dependence upon certain strategic 
partners. the general economic trend and developments in 
the financial market. technical progress. dependence on 
key individuals. legal risks and risks associated with 
personal privacy. as well as tax r isks 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 2022 annual 
report. 
 
Impact of the war in Ukraine 
The war in Ukraine and its global economic repercussions 
have had minimal impact on Truecaller’s business.  
 
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 those presented here. In addition to that required 
under applicable law. forward -looking statements apply 
only on the date presented and Truecaller disclaims any 
obligation to update them in the light of new information or 
future events. 
 
Outlook 
Truecaller does not publish forecasts. 
 
Parent 
Truecaller AB. CRN 559278 -2774. is a Swedish public 
company whose registered office is in Stockholm. Sweden. 
 
Financial calendar 
Year-end Report 2023: 20 February 2024 
Interim report January-March 2024: 7 May 2024 
Interim report January-June 2024: 19 July 2024 
Interim report January-September 2024: 28 October 2024 
Contact details 
Alan Mamedi, CEO 
E-mail: alan.mamedi@truecaller.com 
 
Odd Bolin, CFO 
Tel: +46 70 428 31 73 
E-mail: odd.bolin@truecaller.com 
 
Andreas Frid, Head of IR & Communication 
Tel: +46 705 29 08 00 
E-mail: andreas.frid@truecaller.com 
 
 
Auditor’s review 
This interim report has been reviewed by the company’s 
auditor.  
 
This information constitutes insider information that 
Truecaller AB is required to disclose under the EU Market 
Abuse Regulation. The information was released for 
publication, through the agency of the contact persons above, 
on 27 October 2023 at 07.30 CET.

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

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INTERIM REPORT JANUARY -SEPTEMBER  2023 TRUECALLER AB  
Condensed consolidated statement of 
profit or loss 
Amounts in SEK 000s Note 
  
2023 
Jul-Sep 
 
2022 
Jul-Sep 
2023 
Jan-Sep 
2022 
Jan-Sep 
2022 
Jan-Dec 
         
Net sales 3   398,671 450,129 1,304,171 1,328,792 1,772,926 
Other income    14 20 62 43 7,506 
Work performed by the entity and capitalized    - 868 1,650 5,204 5,204 
Third party fees    -100,255 -113,369 -319,490 -306,596 -417,689 
Other external costs    -59,166 -76,579 -181,241 -229,200 -349,750 
Employee costs    -93,476 -79,586 -270,786 -216,933 -301,031 
Depreciation, amortization and impairments    -12,057 -8,053 -32,998 -19,535 -28,664 
EBIT (operating profit)    133,730 173,430 501,367 561,776 688,502 
 
        
Net financial income or expense    14,273 12,754 53,701 16,619 -381 
Profit or loss after net financial income or 
expense 
   
148,003 186,183 555,068 578,395 688,121 
 
        
Tax    -42,969 -42,836 -134,967 -128,651 -152,891 
Profit for the period 1)    105,035 143,348 420,101 449,744 535,230 
 
        
Earnings per share         
Basic earnings per share (SEK)    0.29 0.38 1.16 1.20 1.43 
Diluted earnings per share (SEK)    0.29 0.38 1.16 1.20 1.43 
 
        
Average number of shares before dilution     356,964,229 373,941,981 361,899,206 373,867,101 373,273,365 
Average number of shares after dilution    357,044,659 374,399,006 361,965,113 374,666,353 373,300,072 
 
1) The profit for the period is attributable entirely to shareholders in the parent company.

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

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INTERIM REPORT JANUARY -SEPTEMBER  2023 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  
2023 
Jul-Sep 
 
2022 
Jul-Sep 
2023 
Jan-Sep 
2022 
Jan-Sep 
2022 
Jan-Dec 
Profit or loss for the period   105,035 143,348 420,101 449,744 535,230 
        
Other comprehensive income for the period        
Items that will be reclassified to profit and loss in 
subsequent periods 
       
Foreign exchange translation differences   -1,964 3,917 1,476 4,512 -753 
Items that will not be reclassified to profit and loss 
in subsequent periods 
       
Remeasurements of defined-benefit pension plans   - - - - -1,891 
Other comprehensive income for the period   -1,964 3,917 1,476 4,512 -2,645 
        
Comprehensive income for the period 1)   103,071 147,265 421,577 454,256 532,586

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

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INTERIM REPORT JANUARY -SEPTEMBER  2023 TRUECALLER AB  
Condensed consolidated statement of 
financial position 
Amounts in SEK 000s Note  
2023  
30 Sep 
2022  
30 Sep 
2022  
31 Dec 
ASSETS      
      
Non-current assets      
Goodwill   33,554 36,541 34,530 
Other intangible assets   11,981 17,317 15,200 
Property. plant and equipment   19,746 2,752 8,118 
Right-of-use assets   126,771 110,580 139,777 
Non-current financial assets 4  32,812 - - 
Deferred tax assets   37,426 53,511 39,584 
Other non-current receivables 4  19,771 19,371 16,697 
Total non-current assets              282,062 240,073 253,906 
      
Current assets      
Current receivables 4  304,439 246,138 362,175 
Short-term placements 4  930,954 148,979 400,490 
Cash and cash equivalents 4  694,003 1,718,912 1,327,801 
Total current assets   1,929,396 2,114,030 2,090,466 
      
TOTAL ASSETS   2,211,458 2,354,102 2,344,372 
 
EQUITY AND LIABILITIES 
  
   
      
Equity      
Equity attributable to owners of the parent   1,826,578 1,885,238 1,804,093 
Total equity   1,826,578 1,885,238 1,804,093 
      
Non-current liabilities      
Liability arising from defined-benefit pension plans   7,747 5,815 7,653 
Lease liabilities   106,370 96,975 118,208 
Deferred tax liability   30,759 29,095 34,563 
Other non-current liabilities 4  8,902 8,776 8,395 
Total non-current liabilities   153,777 140,662 168,819 
      
Current liabilities      
Lease liability   22,397 15,559 23,307 
Other current liabilities 4  208,706 312,643 348,153 
Total current liabilities   231,104 328,203 371,460 
      
TOTAL EQUITY AND LIABILITIES   2,211,458 2,354,102 2,344,372

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

20 
INTERIM REPORT JANUARY -SEPTEMBER  2023 TRUECALLER AB  
Condensed consolidated statement of 
cash flows 
Amounts in SEK 000s   
2023 
Jul-Sep 
 
2022 
Jul-Sep 
2023 
Jan-Sep 
2022 
Jan-Sep 
2022 
Jan-Dec 
        
Operating activities        
Profit or loss after net financial income or expense   148,003 186,183 555,068 578,395 688,121 
Adjustments for non-cash items   10,880 1,486 10,600 10,918 47,094 
Income tax paid   -62,835 -17,482 -154,945 -31,340 -154,078 
Cash flow from operating activities before  
changes in working capital 
  
96,048 170,187 410,723 557,974 581,137 
        
Net cash from changes in working capital        
Change in operating receivables   8,571 2,000 -2,648 -24,069 -50,434 
Change in operating liabilities   21,165 -10,297 3,328 30,419 79,707 
Net cash from operating activities   125,785 161,891 411,403 564,324 610,410 
        
Investing activities        
Acquisitions of Group companies, net effect on cash and 
cash equivalents 
  
-5,286 -2 -5,286 -26,875 -32,158 
Purchases of property, plant and equipment   -3,537 -1,283 -15,827 -1,806 -7,594 
Disposals of property, plant and equipment   - - -1,650 - - 
Purchases of intangible assets   - -1,401 -500,000 -7,146 -7,146 
Purchases of short-term investments   -12,319 - -30,464 - -250,000 
Change in financial receivables   - -426 -32,812 1,087 -425 
Investment in non-current financial assets   -21,142 - -586,039 - - 
Net cash used in investing activities   -5,286 -3,110 -5,286 -34,741 -297,323 
        
Financing activities        
New share issue   46,718 - 46,718 - - 
Funds received for warrants   - 2,206 - 2,978 3,146 
Repurchase of warrants   -25 -99 -335 -818 -872 
Amortization of lease liability   -7,392 -3,728 -22,326 -13,411 -19,869 
Payout synthetic options   - - - -23,140 -23,140 
Buyback of treasury shares   -163,411 -19,755 -486,280 -19,755 -182,389 
Net cash from (-used in) financing activities   -124,111 -21,375 -462,224 -54,146 -223,124 
        
Net cash flow for the period   -19,468 137,405 -636,860 475,438 89,963 
Cash and cash equivalents at the beginning of the period   714,583 1,578,285 1,327,801 1,238,443 1,238,443 
Foreign exchange differences in cash and cash 
equivalents   -1,112 3,222 3,063 5,032 -605 
Cash and cash equivalents at the end of the period   694,003 1,718,912 694,003 1,718,912 1,327,801

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

21 
INTERIM REPORT JANUARY -SEPTEMBER  2023 TRUECALLER AB  
Condensed consolidated statement of 
changes in equity 
   Equity attributable to owners of the parent 
Amounts in SEK 000s 
 
Share 
capital 
Other  
capital  
contributions Reserves 
Retained profits  
including 
profit for 
the period 
Total equity  
attributable  
to owners 
of the parent 
Opening balance at 1 January 2022  747 1,707,864 3,153 -300,354 1,411,410 
       
Profit for the period  - - - 449,744 449,744 
Other comprehensive income for the period  - - 4,512 - 4,512 
Comprehensive income for the period  - - 4,512 449,744 454,256 
       
Transactions with owners of the Group       
Share issue   11 - - 18,152 18,163 
Treasury shares after transaction costs  - - - -19,755 -19,755 
Warrants  - 2,161 - - 2,161 
Share-based payment  - - - 19,003 19,003 
Total  11 2,161 - 17,399 19,571 
       
Closing balance at 30 September 2022  758 1,710,025 7,666 166,789 1,885,238 
  
     
 
Opening balance at 1 January 2023  758 1,710,139 2,400 90,797 1,804,093 
       
Profit for the period  - - - 420,101 420,101 
Other comprehensive income for the period  - - 1,476 - 1,476 
Comprehensive income for the period  - - 1,476 420,101 421,577 
       
Transactions with owners of the Group       
Share issue  4 46,714 - - 46,719 
Treasury shares after transaction costs  - - - -479,755 -479,755 
Warrants  - -335 - - -335 
Share-based payment  - - - 34,280 34,280 
Total  4 46,380 - -445,475 -399,092 
       
Closing balance at 30 September 2023  762 1,756,519 3,876 65,422 1,826,578

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

22 
INTERIM REPORT JANUARY -SEPTEMBER  2023 TRUECALLER AB  
Condensed parent company income 
statement 
  
 
Amounts in SEK 000s Note  
2023 
Jul-Sep 
 
2022 
Jul-Sep 
2023 
Jan-Sep 
2022 
Jan-Sep 
2022 
Jan-Dec 
        
Operating revenue   2,039 1,953 6,188 4,813 6,734 
Other external costs   -2,634 -2,908 -7,821 -9,659 -13,003 
Employee costs   -3,180 -5,189 -9,020 -9,784 -12,846 
EBIT (operating profit)   -3,775 -6,144 -10,653 -14,630 -19,116 
        
Net financial income or expense   6,158 -911 416,036 -4,996 -2,978 
Profit or loss after financial items   2,384 -7,055 405,382 -19,626 -22,094 
        
Appropriations   - - - - 102,600 
Profit or loss before tax   2,384 -7,055 405,382 -19,626 80,506 
        
Tax   -535 1,443 -1,150 4,031 -16,598 
Profit or loss for the period   1,849 -5,612 404,232 -15,595 63,908

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

23 
INTERIM REPORT JANUARY -SEPTEMBER  2023 TRUECALLER AB  
Condensed parent company balance 
sheet 
 
Amounts in SEK 000s Note  
2023  
30 Sep 
2022  
30 Sep 
2022  
31 Dec 
ASSETS      
      
Non-current assets      
Investments in Group companies   10,297,177 10,247,177 10,247,177 
Deferred tax assets   - 20,613 - 
Total non-current assets                10,297,177 10 267,791 10,247,177 
      
Current assets      
Current receivables   11,128 13,497 12,357 
Receivables from Group companies   24,111 10,746 106,248 
Short-term placements   416,177 148,979 400,490 
Cash and cash equivalents   322,980 714,749 305,935 
Total current assets   774,396 887,971 825,030 
      
TOTAL ASSETS   11,071,573 11,155,761 11,072,207 
 
EQUITY AND LIABILITIES 
  
   
      
Equity and liabilities      
Equity   11,064,640 11,139,471 11,059,499 
Current liabilities   6,933 16,290 12,708 
TOTAL EQUITY AND LIABILITIES   11,071,573 11,155,761 11,072,207

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

24 
INTERIM REPORT JANUARY -SEPTEMBER  2023 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). Disclosures 
according to IAS 34 are provided  in other parts of the 
interim report. in addition to the financial statements. The 
interim report for the parent company was prepared in 
accordance with the Annual Accounts Act. Chapter 9 
Interim Financial Reporting. and recommendation RFR 2 
Accounting of Legal Entities issued by the Swedish Financial 
Accounting Standards Council. The accounting principles , 
basis for measurement and estimates and judgements 
applied on the interim report for the Group and the parent 
are identical to those applied in Truecaller’s annual report. 
Accordingly, refer to the most recently published annual 
report for a description of applied accounting policies. 
 
Equity  
Shares issued by the company are classified as equity. 
Additional costs arising directly from the issue of common 
shares and stock options are recognized as a debit item in 
equity after deducting tax effects , if any. When Truecaller’s 
shares classified as equity are repurchased. the amount of 
consideration paid is recognized as a reduction in equity. 
after deducting tax effects. if any. Repurchased shares are 
classified as treasury shares and recognized as a d ebit 
item under equity. When treasury shares are subsequently 
sold or reissued. the amount received is recognized as an 
increase in equity and the surplus or deficit resulting from 
the transaction is transferred to or from other capital 
contributions. 
 
Financial instruments at fair value 
The group has non-current financial assets consisting of 
the investment in Mayhem Studios. The non-current 
financial assets are valued at fair value through the income 
statement. As no market quotation exists for the 
investment, its fair value is determined through other 
observable data (level 2).
kapital.
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  
  
2023 
Jul-Sep 
 
2022 
Jul-Sep 
2023 
Jan-Sep 
2022 
Jan-Sep 
2022 
Jan-Dec 
Geographical region         
India    293,430 333,563 998,390 1,008,991 1,324,080 
Middle East and Africa    50,638 62,123 153,517 174,327 237,096 
Rest of the world    54,603 54,443 152,264 145,475 211,750

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

25 
INTERIM REPORT JANUARY -SEPTEMBER  2023 TRUECALLER AB  
Revenue from contracts with customers    398,671 450,129 1,304,171 1,328,792 1,772,926 
 
The geographical distribution is based on where the customer has their mobile subscription. 
 
 
 
Amounts in SEK 000s  
  
2023 
Jul-Sep 
 
2022 
Jul-Sep 
2023 
Jan-Sep 
2022 
Jan-Sep 
2022 
Jan-Dec 
Type of service         
Advertising revenues    298,917 373,072 1,028,032 1,126,274 1,488,558 
User revenues    53,928 45,129 150,531 125,403 170,507 
Truecaller for Business    44,423 28,593 120,564 70,521 105,473 
Other revenues    1,403 3,335 5,044 6,594 8,388 
Revenue from contracts with customers    398,671 450,129 1,304,171 1,328,792 1,772,926 
 
Note 4.  Financial instruments 
 
Measurement of financial assets and liabilities at 30 September 2023 
 
 
FINANCIAL ASSETS 
 
Financial assets 
measured at fair value 
through profit and loss  
Financial assets 
measured at amortized 
cost  Total carrying amount 
Other non-current receivables  -  19 771  19 771 
Non-current financial assets  32,812  -  32,812 
Claims on advertising networks and platform 
owners 
 -  89,418  89,418 
Trade receivables  -  97,207  97,207 
Short-term placements  930,954  -  930,954 
Cash and cash equivalents  -  694,003  694,003 
Total  963,767  900,399  1,864,166 
 
FINANCIAL LIABILITIES       
Trade payables  -  48,823  48,823 
Conditional consideration (earnout)  8,902  -  8,902 
Total  8,902  48,823  57,725 
 
 
Measurement of financial assets and liabilities at 30 September 2022 
 
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  -  19,371  19,371

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

26 
INTERIM REPORT JANUARY -SEPTEMBER  2023 TRUECALLER AB  
Claims on advertising networks and platform 
owners 
 
-  124,296  124,296 
Trade receivables  -  48,744  48,744 
Short-term placements  148,979  -  148,979 
Cash and cash equivalents  -  1,718,912  1,718,912 
Total  148,979  1,911,324  2,060,303 
 
FINANCIAL LIABILITIES       
Trade payables  -  21,897  21,897 
Conditional consideration (earnout)  19,447  -  19,447 
Total  19,447  21,897  41,344 
 
 
Measurement of financial assets and liabilities at 31 December 2022 
 
 
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  -  16,697  16,697 
Claims on advertising networks and platform 
owners 
 -  91,158  91,158 
Trade receivables  -  60,704  60,704 
Short-term placements  400,490  -  400,490 
Cash and cash equivalents  -  1,327,801  1,327,801 
Total  400,490  1,496,360  1,896,851 
 
FINANCIAL LIABILITIES       
Trade payables  -  69,835  69,835 
Conditional consideration (earnout)  13,301  -  13,301 
Total  13,301  69,835  83,136 
 
The carrying amount is considered a good estimate of the 
fair value of current receivables and liabilities. such as 
claims on advertising networks and platform owners. trade 
receivables and trade payables. The maximum credit risk 
of the assets comprises th e 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 SEK 900 million 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.

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

27 
INTERIM REPORT JANUARY -SEPTEMBER  2023 TRUECALLER AB  
Short-term 
placements, SEK 000s 
  2023 
Jan-Sep 
2022 
Jan-Sep 
2022 
Jan-Dec 
Balance at 1 January   400,490 150,066 150,066 
Investment in short-
term placements 
  500,000 - 250,000 
Change in value 
recognized in profit 
and loss 
  30,464 -1,087 424 
Closing balance   930,954 148,979 400,490 
 
Conditional consideration (earnout) 
Conditional consideration is categorized at level 3 of the fair 
value hierarchy. The fair value of conditional consideration 
is calculated by discounting future cash flows by a risk -
adjusted discount rate. The conditional consideration for 
CallHero has been classified as a current and non -current 
liability. 
 
Conditional 
consideration 
(earnout), SEK 000s 
  2023 
Jan-Sep 
2022 
Jan-Sep 
2022 
Jan-Dec 
Balance at 1 January   13,301 - - 
Acquisition value   - 16,785 16,785 
Payout   -5,286 - -5,228 
Change in value 
recognized in profit 
and loss 
  887 2,662 1,744 
Closing balance   8,902 19,447 13,301 
 
 Non-current financial assets 
The group’s non -current financial assets consist of the 
investment in Mayhem Studios that was made during the 
second quarter. The non-current financial assets belong to 
level 2 in the valuation hierarchy. 
Note 5. Incentive programs 
The Annual General Meeting on 26 May 2023 approved the 
Board of Directors’ proposal on an employee stock option 
program and share program (together “LTIP 2023”) for 
senior executives, key individuals and employees of the 
Truecaller Group. LTIP 2023 consist s of a maximum of 
2,800,000 employee stock options and a maximum of 
500,000 performance-based share rights.  
   The Group applies IFRS 2 Share -based Payment to 
employee stock options and performance -based share 
rights, where the cost is measured at fair value and 
allocated over the term of the program and recognized in 
equity. The Group recognizes a reserve for a ccrued social 
insurance costs for the program based on the estimated 
benefit value for participants.  
   The Group has two previously implemented incentive 
programs, LTIP 2021 and LTIP 2022. Refer to the 2022 annual 
report for detailed information about the programs.  
 
Costs of incentive 
programs, SEKm   
2023      
Jul-
Sep 
 2022 
Jul-
Sep 
2023  
Jan-
Sep 
2022      
Jan-
Sep 
2022 
Jan-
Dec 
Cost of vested 
warrants per IFRS 2 
  -13.1 -9.5 -34.1 -18.8 -28.4 
Social insurance 
contributions 
  -2.5 -0.4 -3.8 -1.5 -1.8 
Costs of incentive 
programs 
  -15.7 -10.0 -37.9 -20.3 -30.2 
 
Note 6. Treasury shares 
The Annual General Meeting on 26 May 2023 authorized 
the Board of Directors to again repurchase class B shares. 
The new authorization permits the Board of Directors to 
resolve to repurchase a maximum number of shares such 
that the company’s shareholding does not exceed ten (10) 
percent of the total number of outstanding shares in the 
company as of the date of the Annual General Meeting. 
Share repurchases may be executed on one or more 
occasions prior to the next Annual General Meeting.  
   The repurchases based on the authorization from the 
Annual General Meeting 2022 have now been completed. 
   Through the end of the reporting period, a total of 
19,391,533 class B shares had been repurchased for SEK 
668.5 million including transaction costs. 
    
Truecaller also issued and repurchased 5 ,600,000 class C 
shares for a cost of SEK 0. 2 million. The transactions were 
executed in accordance with the mandate issued by the 
Annual General Meeting 202 2 and 2023  to secure the 
commitments under share program 2022 and 2023, which 
is part of the Group’s long-term incentive program s. The 
class C shares will be converted to class B common shares 
in connection with the delivery of class B common shares in 
accordance with share program 2022 and 2023. 
 
Distribution of shares at the end of the reporting period:  
Share class  Shares 
Class A 
Class B 
Class C 
 
46,783,800 
328,803,704 
5,600,000 
Total number of shares outstanding  381,187,504  
- of which Class B shares held by Truecaller  
- of which Class C shares held by Truecaller  19,391,533 
5,600,000 
Total number of shares outstanding. net after 
shares held by Truecaller 
 356,195,971

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

28 
INTERIM REPORT JANUARY -SEPTEMBER  2023 TRUECALLER AB  
Note 7. Contingent liabilities 
The Group’s contingent liabilities consist of a tax matter in 
the previously acquired subsidiary Backwater Technologies 
related to determination of income for FY 2016 -17. The 
ongoing matter refers to a period prior to the acquisition 
date. The Group has determined that it is lik ely that the 
outcome will be in its favor and has therefore not 
recognized a provision in relation to this matter. 
 
Note 8. Acquisitions 
On April 10, 2023, Truecaller acquired 4+ percent of the 
shares in the Singapore -based game development 
company Mayhem Studios Private Ltd. for SEK 32. 8 million. 
The investment was financed through existing cash. Other 
investors include Sequoia and Mobile Premier League. 
Mayhem Studios Private Ltd. focuses on developing mobile 
games for the Indian market. 
 
During the third quarter, a conditional additional purchase 
price of SEK 5.3 million has been paid regarding the 
acquisition of CallHero. The additional purchase price is 
paid according to the agreement and has no impact on the 
group's results. 
 
Note 9. Related party 
transactions 
No transactions with related parties have been made 
during the period. 
 
Note 10. Events after the 
reporting date 
On October 6 Truecaller closed the acquisition of the India-
based company Unoideo Technologies Pvt Ltd  
(“TrustCheckr”). The company provides the service 
TrustCheckr that through a SaaS platform helps businesses 
verify customer information and detect risk of fraud based 
on phone numbers and digital signals. TrustCheckrs current 
offering has attracted interest from companies in different 
industries with the most noticeable interest coming from 
banks, fintech, and other financial institutions. The 
acquisition will strengthen Truecaller’s risk intelligence tool 
for enterprises, which was launched in Q3, and with 
improved tech it will speed up the roll-out of that offering. 
 
The consideration amounts to INR 161m/SEK 21. 3m paid in 
cash from existing reserves. The acquisition is primarily an 
acquisition of technology and skills and is not expected to 
have significant impact on profit or loss under 2023. 
 
According to the preliminary acquisition analysis, surplus 
value of SEK 8.9 million arose attributable to proprietary 
software, as well as non-tax-deductible goodwill of SEK 14.2 
million, primarily attributable to the skills added to the 
company by the employees of TrustCheckr. The useful life 
of proprietary software has been estimated at five years. 
 
Fair value of acquired net 
assets, TrustCheckr  
(SEK 000s) 
     
Proprietary software     8,910 
Property, plant and equipment     35 
Other current assets     223 
Trade receivables and other 
receivables 
    243 
Cash and cash equivalents     834 
Deferred tax liability     -3,113 
Trade payables and other 
current liabilities 
    -13 
Total acquired net assets             7,118 
 
 
Purchase consideration  
(SEK 000s) 
     
Consideration, cash     21,282 
Total consideration     21,282 
Fair value of acquired net 
assets 
    -7,118 
Goodwill            14,164 
 
 
Group,  
Investing activities (SEK 000s) 
     
Consideration paid     -21,282 
Cash and cash equivalents in 
acquired entities 
    834 
Costs directly related to 
acquisitions 
    -1,422 
Net effect of acquisitions on 
consolidated cash and cash 
equivalents 
    -21,870

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

29 
INTERIM REPORT JANUARY -SEPTEMBER  2023 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, 2023-10-27 
 
 
 
Nami Zarringhalam 
Board Chair  
Alan Mamedi 
Director and CEO 
   
Annika Poutiainen 
Director  
Helena Svancar 
Director 
 
 
 
 
 
 
 
 
 
 
  
Bing Gordon 
Director 
 
Shailesh Lakhani 
Director

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

30 
INTERIM REPORT JANUARY -SEPTEMBER  2023 TRUECALLER AB  
Auditor’s review report 
Truecaller AB (publ) org. no 559278-2774 
Introduction 
We have reviewed the condensed interim financial information (the interim report) for Truecaller AB as of 30 September  
2023 and the nine-month period then ended. The directors and management are responsible for the preparation and fair 
presentation of this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to 
express a conclusion on this interim report based on our review. 
Focus and scope of the review 
We conducted our review in accordance with International Standard on Review Engagements ISRE 2410 Review of Interim 
Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists 
of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and 
other review procedures. A review differs from and is substantially less in scope than an audit conducted in accordance 
with International Standards on  Auditing and generally accepted auditing practices otherwise, and consequently does 
not enable us to obtain assurance that we  would become aware of all significant matters that might be identified in an 
audit. The conclusion expressed based on a review  therefore does not provide the same level of assurance as an audit 
opinion. 
Conclusion 
Based on our review, nothing has come to our attention that causes us to believe that the interim report was not, in all 
material respects, prepared with regard to the Group in accordance with IAS 34 and the Annual Accounts Act and with 
regard to the parent company in accordance with the Annual Accounts Act. 
 
 
Stockholm, 27 October 2023 
Ernst & Young AB 
 
 
 
Jennifer Rock-Baley 
Authorised Public Accountant

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

31 
INTERIM REPORT JANUARY -SEPTEMBER  2023 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. 
Adjusted EBITDA EBIT before interest. taxes. depreciation 
and amortization (EBITDA) and adjusted 
for items affecting comparability. Items 
affecting comparability consist of costs 
related to the IPO and synthetic options 
from the acquisition of Backwater 
Technologies. 
Adjusted EBITDA is a measurement Truecaller uses to 
show how current operations develop over time.  
Adjusted EBITDA margin Adjusted EBITDA as a percentage of net 
sales. 
Adjusted EBIT 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.  
Adjusted EBIT Operating profit (earnings) before 
interest and taxes (EBIT) and adjusted for 
items affecting comparability. Items 
affecting comparability consist of costs 
related to the IPO and synthetic options 
from the acquisition of Backwater 
Technologies. 
Adjusted EBIT is used to analyze the profit generated by 
the operating entity. adjusted for items affecting 
comparability. 
Adjusted EBIT margin Adjusted EBIT as a percentage of net 
sales. 
The adjusted EBIT margin is used to illustrate the 
profitability of current operations adjusted for items 
affecting comparability. 
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.

===== SIDA 32 =====

32 
INTERIM REPORT JANUARY -SEPTEMBER  2023 TRUECALLER AB  
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. 
 
 
 
 
RECONCILIATION OF SELECTED KEY FIGURES THAT ARE NOT DEFINED UNDER IFRS 
 
 
Group, SEKm  
  2023 
Jul-Sep 
2022 
Jul-Sep 
2023 
Jan-Sep 
2022 
Jan-Sep 
2022 
Jan-Dec 
Gross profit and gross margin         
Net sales    398.7 450.1 1,304.2 1,328.8 1,772.9 
   Minus brokerage costs    -100.3 -113.4 -319.5 -306.6 -417.7 
Gross profit     298.4 336.8 984.7 1,022.2 1,355.2 
   Divided by Net sales    398.7 450.1 1,304.2 1,328.8 1,772.9 
Gross margin    74.9% 74.8% 75.5% 76.9% 76.4% 
 
Adjusted EBITDA and Adjusted EBITDA margin         
Profit before tax    148.0 186.2 555.1 578.4 688.1 
   Excluding net financial income or expense    -14.3 -12.8 -53.7 -16.6 0.4 
   Excluding depreciation. amortization and 
impairments 
   
12.1 8.1 33.0 19.5 28.7 
EBITDA    145.8 181.5 534.4 581.3 717.2 
   Excluding items affecting comparability    - - - - - 
Adjusted EBITDA    145.8 181.5 534.4 581.3 717.2 
   Divided by Net sales    398.7 450.1 1,304.2 1,328.8 1,772.9 
Adjusted EBITDA margin    36.6% 40.3% 41.0% 43.7% 40.5% 
 
 
EBIT (operating profit) and EBIT margin         
Profit before tax    148.0 186.2 555.1 578.4 688.1 
   Excluding net financial income or expense    -14.3 -12.8 -53.7 -16.6 0.4 
EBIT (operating profit)    133.7 173.4 501.4 561.8 688.5 
   Divided by Net sales    398.7 450.1 1,304.2 1,328.8 1,772.9 
EBIT margin    33.5% 38.5% 38.4% 42.3% 38.8% 
 
 
Adjusted EBIT and Adjusted EBIT margin

===== SIDA 33 =====

33 
INTERIM REPORT JANUARY -SEPTEMBER  2023 TRUECALLER AB  
EBIT (operating profit)    133.7 173.4 501.4 561.8 688.5 
   Excluding items affecting comparability    - - - - - 
Adjusted EBIT    133.7 173.4 501.4 561.8 688.5 
   Divided by Net sales    398.7 450.1 1,304.2 1,328.8 1,772.9 
Adjusted EBIT margin    33.5% 38.5% 38.4% 42.3% 38.8% 
 
 
Equity to assets ratio         
Total equity    1,826.6 1,885.2 1,826.6 1,885.2 1,804.1 
   Divided by Total assets    2,211.5 2,354.1 2,211.5 2,354.1 2,344.4 
Equity to assets ratio    82.6% 80.1% 82.6% 80.1% 77.0%