Kvartalsrapport Q3 2024

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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 2024 
INTERIM REPORT

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

2 
INTERIM  REPORT JANUARY -SEPTEMBER  202 4 TRUECALLER AB  
Truecaller Interim Report 2024 
 
 
July-September 2024 (Q3) 
Comparative figures refer to July-September 2023 
• Net sales increased by 15 percent to SEK 457.3m 
(398.7). 
• EBITDA increased by 15 percent to SEK 167.4m (145.8), 
corresponding to an EBITDA margin of 36.6 (36.6) 
percent. Excluding the costs of incentive programs, 
EBITDA would have been SEK 187.3m (161.5), equivalent 
to an EBITDA margin of 41.0(40.5) percent. 
• Profit after tax amounted to SEK 117.8m (105.0). 
• Basic earnings per share were SEK 0.34 (0.29) and 
diluted earnings per share were SEK 0.34 (0.29). 
• The average number of active users (MAU) 
increased by 45.5 million to 413.5 million (368.0). 
• Net sales increased by 12 percent in India, increased 
by 27 percent in the Middle East and Africa and 
increased by 18 percent in the rest of the world. 
 
 
January-September 2024 
Comparative figures refer to January-September 2023 
• Net sales increased by 3 percent to SEK 1,340.4m 
(1,304.2). 
• EBITDA amounted to SEK 483.1m (534.4), corresponding 
to an EBITDA margin of 36.0 (41.0) percent. Excluding the 
costs of incentive programs, EBITDA would have been 
SEK 526.5m (572.3), equivalent to an EBITDA margin of 
39.3 (43.9) percent. 
• Profit after tax amounted to SEK 373.9m (420.1). 
• Basic earnings per share were SEK 1.08 (1.16) and 
diluted earnings per share were SEK 1.08 (1.16). 
• The average number of active users (MAU) increased 
by 42.1 million to 398.1 million (356.0). 
• Net Sales increased by 16 percent in the Middle East 
and Africa and by 21 percent in the rest of the world 
while it decreased by 2 percent in India 
 
 
 
 
 
 
 
 
 
 
 
 
FINANCIAL KEY FIGURES 
       
Group, SEKm (unless otherwise stated) 
 
  
2024 
Jul-Sep 
2023  
Jul-Sep 
2024  
Jan-Sep 
2023  
Jan-Sep 
2023  
Jan-Dec 
Net sales    457.3 398.7 1,340.4 1,304.2 1,728.9 
Gross profit    351.9 298.4 1,018.5 984.7 1,307.7 
Gross margin (%)    77.0% 74.9% 76.0% 75.5% 75.6% 
EBITDA    167.4 145.8 483.1 534.4 702.9 
EBITDA margin (%)    36.6% 36.6% 36.0% 41.0% 40.7% 
EBIT (operating profit)    154.7 133.7 444.3 501.4 657.7 
EBIT margin (%)    33.8% 33.5% 33.1% 38.4% 38.0% 
Profit or loss after net financial income or expense    158.2 148.0 496.3 555.1 712.3 
Basic earnings per share (SEK)    0.34 0.29 1.08 1.16 1.49 
Diluted earnings per share (SEK)    0.34 0.29 1.08 1.16 1.49 
Equity    1,347.6 1,826.6 1,347.6 1,826.6 1,743.7 
Total assets    1,737.6 2,211.5 1,737.6 2,211.5 2,160.3 
Equity to assets ratio (%)    77.6% 82.6% 77.6% 82.6% 80.7% 
Employees at the end of the period    410 406 410 406 419

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

3 
INTERIM  REPORT JANUARY -SEPTEMBER  202 4 TRUECALLER AB  
Significant events during the quarter 
• All-time high user growth During the quarter, the average number of monthly active users (MAU) 
increased to 413.5 million, which is an increase of 45.2 million users compared to the third quarter of 
2023. The average number of daily active users (DAU) increased to 337.0 million, an increase of 39.0 
million compared to the third quarter of 2023. Growth was strong on both iOS and Android, with the 
average number of MAUs on Android reaching 385.5 (346.6) million and on iOS reaching 28.0 (21.4) 
million. Compared to the second quarter of 2024, MAU increased by over 16 million and DAU by over 12 
million, marking the highest absolute user growth in a single quarter ever for Truecaller. 
• Continued strong growth in selected growth markets User growth in Colombia and Nigeria was nearly 
40 percent compared to the same period last year. In the U.S., where the strategy focuses on attracting 
more paying users, subscription revenues increased by more than 60 percent compared to the third 
quarter of 2023. 
• Advertising revenue increased by 8 per cent After reporting lower or stable advertising revenues for 
several quarters compared to the same period the previous year, advertising revenues increased by 8 
percent compared to the third quarter in 2023. This positive development was driven by a larger user 
base, an increased number of interactions within the Truecaller app and higher direct sales. A positive 
price development in markets in Africa contributed positively while currency effects had a negative 
effect. 
● Recurring revenue increased by 35 percent, now accounting for 29 percent of total revenue Revenue 
from premium subscribers increased by 25 percent with a positive contribution from bith increased 
conversion and increased average income per subscriber. The fastest relative growth is on iOS. Revenue 
from Truecaller for Business increased by 48 percent, driven by strong performance both from the 
verified business offering and business messaging. For verified business, the price adjustments made 
during the second quarter of the year contributed positively to the growth as well as increased new 
sales in the MEA-region. Volumes within business messaging increased with more than 60 percent and  
amounted to almost 3.4bn during the quarter.  
 
Other significant events. 
• Improved ESG-rating On September 24, Institutional Shareholder Services (ISS) upgraded Truecaller's 
ESG rating by two steps, from D+ to C+, granting Truecaller "Prime" status. This status is awarded to 
companies with an ESG performance significantly above the sector average. Truecaller also received a 
Decile Rank of 1, placing it among the top performers in the software and diversified IT services sector 
according to the ISS ESG rating. 
• Share buybacks During the quarter, Truecaller continued its share buyback program and bought back 
approximately 2.3 mn shares. Read more on page 16. 
 
Events after the period 
• Truecaller Achieved ISO Certifications in Information Security, Business Continuity, and Quality 
Management In November, Truecaller achieved three ISO certifications: ISO 27001 for Information 
Security Management, ISO 22301 for Business Continuity Management, and ISO 9001 for Quality 
Management Systems. These certifications represent a significant milestone in Truecaller's efforts to 
meet the highest global standards for security, resilience, and quality in its operations. 
• Share buybacks Truecaller also repurchased shares in early October and have in total bought back 
shares corresponding to 2.8% of outstanding capital. Truecallers board has a mandate from the AGM to 
buy back up to 10% of the shares. Read more on page 16. 
• On the 21st of October Truecaller surpassed 350 million DAUs globally and 300 million MAU in India

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

4 
INTERIM  REPORT JANUARY -SEPTEMBER  202 4 TRUECALLER AB  
 
 
All-time high user growth and solid 
development of revenue and profits 
 
Net sales increased by 15% in the third quarter compared to the same quarter last year, reaching SEK 
457 million (SEK 399 million). All three of our revenue streams contributed to this growth. Our recurring 
revenues, including business and subscription income, grew by a combined 35% and now represents 
29% (25%) of our total revenue. For the first time since Q4 2022, our advertising revenues showed 
underlying growth, rising by 8% compared to Q3 2023. Currency effects had a negative impact on 
growth this quarter, but total revenue still exceeded the seasonally strong second quarter. 
EBITDA also increased by 15% to SEK 167 million (SEK 146 million), despite increased investments in user 
growth and the aforementioned negative currency effects. Profitability remained stable, with an EBITDA 
margin of 37% (37%). 
In Q3, we achieved an all time high user growth in absolute terms, adding 16 million new monthly users. 
The number of monthly active users averaged 413 million, an increase of 46 million year-on-year 
equivalent to a 12% growth. Growth is broad-based, occurring across multiple countries and regions. 
 
THIRD QUARTER 2024

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

5 
INTERIM  REPORT JANUARY -SEPTEMBER  202 4 TRUECALLER AB  
Advertising revenue, our largest income stream, bounced 
back to show underlying growth, increasing to SEK 323 
million (SEK 299 million), despite a subdued advertising 
market in India and negative currency effects. Our strategy 
focuses on increasing interactions with our users and 
offering advertisers more dynamic and innovative ad 
formats, which command a higher price and allow for more 
direct sales. During the quarter, we gradually began scaling 
up more video ads and other innovative formats, which 
have a higher income potential which will contribute to 
higher revenues in the future. During the quarter we also 
saw a stronger market development in sev eral Middle 
Eastern and African markets. With the improvements we 
are making to our ad platform and ad formats, we are 
optimistic about the long-term growth potential. 
 
Truecaller for Business, our business offering, increased 
revenues by 48% to SEK 65.8 million (SEK 44.4 million) and 
now represents nearly 15% of total revenue. Our focus is on 
both new sales and deeper integration with our existing 
customer base. We aim to have more customers utilize our 
full suite of services, building deeper relationships so that 
multiple parts of their customer communications are 
integrated through us. We see positive trends with larger 
contracts that expand into more departments or 
geographies, and promising opportunities in several 
markets we have yet to target. The Business Messaging 
product also contributed positively, with volume growth of 
over 60% year-on-year, and we see future opportunities to 
launch the product in more markets. 
 
Subscription revenue continues to grow steadily, reaching 
SEK 67.3 million (SEK 53.9 million) in the quarter, a 25% 
increase. Our strategy to strengthen and simplify our 
subscription offering is yielding good results, and we 
continue to roll out new featur es and improvements to 
existing premium products, which are appreciated by an 
increasingly large and loyal customer base. Our efforts to 
drive subscription revenue growth in the U.S. continue to 
show good results, but much remains to be done. 
 
In the fourth quarter, we will launch the largest product 
improvement so far for Truecaller on iOS. The key changes 
will enable us to offer the same type of caller identification 
and spam blocking on iOS as on Android. Our caller 
identification rate will improve significantly by utilizing all of 
Truecaller’s data and models for identifying different types 
of calls. Previously, we were limited at the OS level to a 
smaller local database on the phone to identify calls. 
 
Despite the more limited product on iOS to date, we have 
seen strong user growth in recent years, along with a high 
conversion rate to premium. Today, iOS users make up 7% 
of our user base but approximately 40% of subscription 
revenue. Our commercial strategy for the new product will 
primarily position it as a subscription product. This means 
functionality in the free version will be limited, and the 
number of iOS users may decrease, but revenue from iOS 
could increase significantly. The strategic rationale  is 
primarily that our ability to generate ad revenues is 
considerably more restricted on iOS than on Android, but 
we see an excellent opportunity to grow our subscriber 
base and create substantial added value for them on a 
platform where the willingness to pay is five times higher 
than on Android. 
 
 In the fourth quarter, we will launch the 
largest product improvement ever for 
Truecaller on iOS. The key changes will 
enable us to offer the same type of caller 
identification and spam blocking on iOS as 
on Android  
 
I am very pleased with our progress this quarter and what 
our employees have managed to accomplish during the 
year. Our growth is proof that our long -term strategy is 
successful, and it benefits users, employees as well as 
shareholders. 
 
We are a highly profitable growth company with a strong 
balance sheet, free of financial debt, with 1.1 billion in cash 
and interest -bearing securities. We use our strong cash 
flow to repurchase shares and distribute money to our 
shareholders, but above al l, we continue to invest in a 
product that makes a difference every day for more and 
more users and business customers. 
 
We are approaching half a billion users, and I am convinced 
we can reach one billion users within a few years. We are 
one of the very few companies globally whose product has 
managed to attract hundreds of millions of people. By 
doing that we have put Sweden on t he world map, that 
accomplishment is something my co -founder Nami and I 
are incredibly proud of. 
 
 
Alan Mamedi, CEO and Co-founder

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

6 
INTERIM  REPORT JANUARY -SEPTEMBER  202 4 TRUECALLER AB  
Truecaller at a glance 
Quarterly review, financial data  
 
 
FINANCIAL KEY FIGURES        
Group, SEKm (unless otherwise stated) 
 
  
2024 
Jul-Sep 
2023  
Jul-Sep 
2024  
Jan-Sep 
2023  
Jan-Sep 
2023  
Jan-Dec 
Net sales    457.3 398.7 1,340.4 1,304.2 1,728.9 
Gross profit    351.9 298.4 1,018.5 984.7 1,307.7 
Gross margin (%)    77.0% 74.9% 76.0% 75.5% 75.6% 
EBITDA    167.4 145.8 483.1 534.4 702.9 
EBITDA margin (%)    36.6% 36.6% 36.0% 41.0% 40.7% 
EBIT (operating profit)    154.7 133.7 444.3 501.4 657.7 
EBIT margin (%)    33.8% 33.5% 33.1% 38.4% 38.0% 
Profit or loss after net financial income or expense    158.2 148.0 496.3 555.1 712.3 
Basic earnings per share (SEK)    0.34 0.29 1.08 1.16 1.49 
Diluted earnings per share (SEK)    0.34 0.29 1.08 1.16 1.49 
Equity    1,347.6 1,826.6 1,347.6 1,826.6 1,743.7 
Total assets    1,737.6 2,211.5 1,737.6 2,211.5 2,160.3 
Equity to assets ratio (%)    77.6% 82.6% 77.6% 82.6% 80.7% 
Employees at the end of the period    410 406 410 406 419 
 
 
OPERATIONAL KEY FIGURES      
July-September 2024  Total India 
Middle East & 
Africa 
Rest of the 
world 
Monthly Active Users (MAU), quarterly average (millions)  413.5 291.8 85.3 36.3 
Daily Active Users (DAU), quarterly average (millions)  337.0 249.5 64.3 23.1 
Cost per mille impressions (CPM) for ad sales (SEK)  0.67 0.55 1.75 3.03 
Average monthly revenue per user (ARPU) for premium 
subscriptions (SEK)  9.81 6.66 8.55 16.01 
 
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 monthly revenue per user (ARPU) for premium  
subscriptions (SEK)  8.73 5.46 10.16 14.18 
 
 
January-September 2024 
 
Total India 
Middle East & 
Africa 
Rest of the 
world 
Monthly Active Users (MAU), quarterly average (millions)  398.1 282.2 81.4 34.6

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

7 
INTERIM  REPORT JANUARY -SEPTEMBER  202 4 TRUECALLER AB  
Daily Active Users (DAU), quarterly average (millions)  325.3 241.9 61.3 22.0 
Cost per mille impressions (CPM) for ad sales (SEK)  0.70 0.60 1.47 2.77 
Average monthly revenue per user (ARPU) for premium 
subscriptions (SEK)  9.68 6.42 9.01 15.83 
 
 
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 monthly revenue per user (ARPU) for premium 
subscriptions (SEK)  8.56 5.15 10.59 13.79 
 
January-December 2023  Total India 
Middle East & 
Africa 
Rest of the 
world 
Monthly Active Users (MAU). quarterly average (millions)  360.6 259.0 73.3 28.9 
Daily Active Users (DAU). quarterly average (millions)  292.6 218.6 55.2 18.7 
Cost per mille impressions (CPM) for ad sales (SEK)  1.00 0.89 1.38 3.35 
Average monthly revenue per user (ARPU) for premium 
subscriptions (SEK)  8.63 5.28 10.27 14.02 
 
 
 
 
 
  
  
356 368 374 383 397 413
289 298 305 314 325 337
0
50
100
150
200
250
300
350
400
450
Q223 Q323 Q423 Q124 Q224 Q324
Users, in million
Monthly Active Users (MAU), avg Daily Active Users (DAU), avg
518
399 425 427
456 457
0
100
200
300
400
500
600
Q223 Q323 Q423 Q124 Q224 Q324
MSEK
Net sales
395
298
323 323
344 352
70%
72%
74%
76%
78%
80%
0
50
100
150
200
250
300
350
400
450
Q223 Q323 Q423 Q124 Q224 Q324
MSEK
Gross profit Gross margin
239
146
169
151 165 167
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
0
50
100
150
200
250
300
Q223 Q323 Q423 Q124 Q224 Q324
MSEK
EBITDA EBITDA-margin

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

8 
INTERIM  REPORT JANUARY -SEPTEMBER  202 4 TRUECALLER AB  
  
 
Financial performance 
Third quarter 2024 (July-September) 
Revenues 
Total revenues during the third quarter increased by 1 5 
percent compared to the corresponding quarter last year 
and amounted to SEK 458.9 (398.7) million.  
 
Other income amounted to SEK 1.5 (0) million. 
 
Net sales amounted to SEK 457.3 (398.7) million during the 
third quarter, an increase by 1 5 percent compared to the 
corresponding quarter last year. Currency effects had a 
negative effect on revenues during the quarter, see 
Currency exposure below. 
 
Net sales distributed by region 
Net sales in India increased by 12 percent to SEK 3 28.2 
(293.4), increased by 27 percent to SEK 64.5 (50.6) million in 
the Africa and the Middle East and by 18 percent in the rest 
of the world to SEK 64.6 (54.6) million. Weaker currencies in 
some of Truecaller's largest markets in the Middle East and 
Africa region had a negative impact on net sales. 
 
 
 
Net sales distributed by service 
Ad revenues increased by 8 percent to SEK 3 22.6 (298.9) 
million.  
 
In addition to the impact from IPL a  lower demand in the 
wake of weak global macroeconomic development and a 
larger supply in the Indian market resulted in lower average 
pricing for Truecallers ads products (CPM) which 
decreased by approximately 30 percent. Truecaller 
continues to maximize revenue per user instead of CPM or 
fill rates. In the MEA -region the price development was 
positive. 
 
The number of impressions increased by 47 percent 
compared to the same period last year. Truecaller 
continues to enhance its ability to display ads more 
efficiently for users by improving the quality of ad requests 
and rendering capabilities (render rate). A contributing 
factor to number of impressions has also been increased 
engagement with the Truecaller-app from the user base. 
 
Ad income per daily active user (DAU) decreased  
somewhat to 0.96 (1.00) SEK. 
 
Revenue from premium subscriptions increased by 25 
percent to SEK 67.3 (53.9) million. The conversion rate to 
becoming a paid subscriber continued to improve.  
Truecaller has also added more advanced features to the 
premium offering in the past year, which has had a positive 
impact on both revenue per user and the growth of paying 
users. The growth has been particularly strong among iOS 
users.  
 
Revenue from Truecaller for Business (TfB) increased by 48 
percent to SEK 65.8 (44.4) million. Both verified business and 
business messaging contributed to the income growth. For 
verified business, both new partnerships and expanded 
collaborations with existing customers contributed 
positively to the revenue. Additionally, the new pricing 
structure introduced in the second quarter of the year also 
played a positive role in the revenue development . In 
collaboration with the CPAAS company Tanla , Truecaller 
also sends B2C messages to Truecaller's users. The 
volumess of business messages have gradually increased 
and during the quarter 3.4 (2.1) bn messages was sent. 
 
Other income in net sales amounted to SEK 1.5 (1.4) million.  
 
Gross profit 
The gross profit inreased by 18 percent to SEK 351.9 (298.4) 
million compared to the same period last year. The gross 
margin amounted to 77.0 (74.9) percent. The gross margin 
is mainly determined by fees to partners such as Google 
and Apple, and by costs for verification of new users and for 
servers used for the company's services. The main driver 
behind the improved margin is efficiency improvements for 
server- and verification costs. These vary slightly over time 
as a function of, for example, changing pr ices for SMS 
messages in different markets. Truecaller works 
continuously to optimize these costs. 
 
Operating profit 
EBITDA increased by 15 percent and amounted to SEK 167.4 
(145.8) million and the EBITDA margin amounted to 36.6 
(36.6) percent.  
 
India 71.8%
Africa and Middle East
14.1%
RoW 14.1%

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

9 
INTERIM  REPORT JANUARY -SEPTEMBER  202 4 TRUECALLER AB  
Operating profit (EBIT) increased by 16 per cent to SEK 154.7 
(133.7) million, corresponding to an operating margin of 
33.8 (33.5) percent. 
 
Staff costs during the quarter increased to SEK 103.5 (93.5) 
million. Salary costs increased primarily as a result of the 
annual salary adjustment that takes effect at the beginning 
of the second quarter of the year, as well as increased costs 
for incentive programs. The group's long -term incentive 
program entaile d a salary cost for the period of SEK 1 6.7 
(13.1) million with a corresponding increase in equity and 
social security contributions of SEK 3.2 (2.5) million reported 
as a provision in the balance sheet. Salary costs are valued 
at fair value and amortized over the term of the program. 
The social security contributions are affected by the share 
price at the end of each accounting period and may 
therefore amount to significantly higher amounts in the 
future and create volatility in the income statement. 
 
Excluding costs for incentive programs, the EBITDA margin 
during the quarter would have increased by 4.4 (3.9) 
percentage points and been 41.0 (40.5) percent. See more 
info in note 5. 
 
Other external costs increased to SEK 82.6 (59.2) million 
compared to the same period last year. The increase in 
costs is mainly due to increased growth investments in 
several growth regions, i e increased investments in user 
acquisition through digital marketing and increased 
expenses for agreements with phone manufacturers where 
the Truecaller app comes pre-installed. 
 
Profit and earnings per share for the period 
Profit before tax amounted to SEK 158.2 (148.0) million. Profit 
after tax for the period was SEK 1 17.8 (105.0) million. Net 
financial income amounted to SEK 3.5 (14.3) million.  
 
The total tax amounted to SEK 40.3 (43.0) million which 
corresponds to an effective tax rate of 2 5.5 (29.0) percent 
for the Group.  
 
Basic earnings per share were SEK 0. 34 (0.29) and diluted 
earnings per share were SEK 0.34 (0.29). 
 
Cash flow and financial position 
Net cash from operating activities amounted to SEK 1 21.7 
(125.8) million of which SEK -19.9 (29.7) million was 
attributable to changes in working capital and SEK -44.6 (-
62.8) million was attributable to income tax paid. Net cash 
from investing activities amounted to SEK -201.9 (-21.1) 
million and included investments in short-term interest rate 
funds of SEK -200.0 (-) million. Net cash used in financing 
activities was SEK -88.7 (-124.1) million and included 
purchase of treasury shares of SEK -80,4 (-163.4) million. Net 
cash flow for the period was SEK -169.0 (-19.5) million. 
 
Truecaller had cash and cash equivalents of SEK 334.4 
(694.0) million at the end of the quarter and SEK 771.6 (931.0) 
million invested in short-term interest rate funds. The equity 
to assets ratio was 77.6 (82.6) percent. 
  
 Truecaller have a revolving credit facility of SEK 500.0 
(500.0) million. SEK - (-) million had been utilized as of the 
reporting date. Consolidated total assets amounted to SEK 
1,737.6 (2,211.5) million at 3 0 September 2024. The carrying 
amounts of financial assets and financial liabilities are 
estimated to coincide with fair value in all material 
respects. 
 
Trade receivables for the Group amounted to SEK 110.4 
(97.2) million and claims on advertising networks and 
platform owners was SEK 124.1 (89.4) million. The increase in 
trade receivables is attributable mainly to the increase in 
direct sales in the advertising business and growth in 
Truecaller for Business. Payment terms for the company’s 
customers are normally 30 -60 days. Recognized but 
unrealized custome r credit losses in the balance sheet 
amounted to SEK 2.3 (0.3) million as of 30 September 2024. 
The claims on advertising networks and platform owners is 
mainly linked to outstanding claims against Google and 
Meta.  
 
Investments 
During the third quarter of 2024, SEK 1,5 (-) million were 
capitalized as internally developed intangible assets. 
 
Currency exposure 
The majority of Truecaller’s  revenues are denominated in 
Swedish kronor (SEK) via partners including Google and 
Apple. Accordingly, there is little direct currency exposure. 
In turn, these partners bill users of Truecaller’s services 
partly in local currency, which causes an indirect  currency 
exposure for Truecaller. Truecaller does not, however, have 
complete information concerning currency exposure or 
how currency effects are managed by partners and thus 
cannot at present accurately quantify indirect currency 
exposure. A depreciatio n of SEK against currencies 
including USD and INR, however, has a positive impact on 
the company’s sales and profit, although it also increases 
the company’s costs. The largest currency exposures are 
against INR and USD. The company estimates that 
exchange rate changes had a noticeable negative  impact 
on sales during the third quarter of 2024 compared to the 
corresponding quarter in 2023  mainly as an effect of a 
slightly weakened Indian rupee and as an effect of the 
sharp depreciations of the Egyptian poun d and the 
Nigerian naira. The company's estimate is that exchange 
rates also had a negative effect of about 1.5 percentage 
points on the EBITDA margin. 
 
Parent company 
Parent company income for the quarter amounted to SEK 
1.9 (2.0) million which refers to billing of subsidiaries for 
services rendered. The profit before tax amounted to SEK -
6.1 (2.4) million. The profit after tax amounted to SEK -4.9 
(1.9) million. Cash and cash equivalents on 30 September 
2024 amounted to SEK 29.8 (323.0) million. In excess to the 
cash and cash equivalents the parent company has SEK 
260.3 (416.2) 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 =====

10 
INTERIM  REPORT JANUARY -SEPTEMBER  202 4 TRUECALLER AB  
January-September 2024 
Revenues 
Total revenues for the period January -September 
increased by 3 percent compared to the corresponding 
period last year and amounted to SEK 1,347.8 (1,305.9) 
million. Other income, in addition to net sales amounted to 
SEK 7.4 (1.7) million. 
 
Net sales during the period January-September increased 
by 3 percent compared to the corresponding period last 
year and amounted to SEK 1,340.4 (1,304.2) million. All 
revenue streams contributed to the growth . Currency 
effects had a negative effect on revenues during the period, 
see Currency exposure below. 
 
Net sales distributed by region 
Net sales in India decreased by 2 percent to SEK 978.7 
(998.4), but increased with 16 percent to SEK 177.5 (153.5) 
million in the Africa and the Middle East and by 21 percent 
in the rest of the world to SEK 184.2 (152.3) million. Weaker 
currencies in some of Truecaller's largest markets in the 
Middle East and Africa region had a negative impact on net 
sales. 
 
 
 
Net sales distributed by service 
Ad revenues decreased by 5 percent to SEK 972.6 (,1028.0) 
million. The decrease in revenues is primarily due to lower 
advertising revenues related to the Indian cricket season 
(IPL) during the first half of the year.  Excluding this, 
advertising revenues decreased marginally. 
 
A lower demand in the wake of weak global 
macroeconomic development and a larger supply in the 
Indian market resulted in lower average pricing  for 
Truecallers ads products (CPM) which decreased by 
approximately 34 percent. Truecaller continues to 
maximize revenue per user instead of CPM or fill rates.  
 
The number of impressions increased by  39 percent 
compared to the same period last year. Truecaller 
continues to enhance its ability to display ads more 
efficiently for users by improving the quality of ad requests 
and rendering capabilities (render rate). A contributing 
factor to number of impressions has also been increased 
engagement with the Truecaller-app from the user base. 
 
Revenue from premium subscriptions increased by  26 
percent to SEK 190.1 (150.5) million . The conversion rate to 
becoming a paid subscriber continued to improve.  
Truecaller has also added more advanced features to the 
premium offering in the past year, which has had a positive 
impact on both revenue per user and the growth of paying 
users. The growth has been particularly strong among iOS 
users. 
 
Revenue from Truecaller for Business (TfB) increased by 43 
percent to SEK 173.0 (120.6) million. Revenue showed positive 
growth for both verified business and business messaging. 
For verified business, both new partnerships and expanded 
collaborations with existing customers contributed 
positively to the revenue. Additionally, the new pricing 
structure introduced in the second quarter of the year also 
played a positive role in the revenue development.  In 
collaboration with CPAAS company Tanla, Truecaller al so 
sends B2C messages to Truecaller's users. The volumes of 
business messages have gradually increased. 
 
Other income in net sales amounted to SEK 4.7 (5.1) million.  
 
Gross profit 
The gross profit increased by 3 percent to SEK 1,018.5 (984.7) 
million compared to the same period last year. The gross 
margin amounted to 76.0 (75.5) percent. The gross margin 
is mainly determined by fees to partners such as Google 
and Apple, and by costs for verification of new users and for 
servers used for the company's services. Efficiency projects 
have led to lower costs for verifying new users, which 
positively contributed to the margin increase. 
 
Operating profit 
EBITDA amonted to SEK 483.1 (534.4) million and the EBITDA 
margin amounted to 36.0 (41.0) percent.  
 
Operating profit (EBIT) amounted to  SEK 444.3 (501.4) 
million, corresponding to an operating margin of 33.1 (38.4) 
percent. 
 
Staff costs during the period increased to SEK 299.7 (270.8) 
million. Salary costs increased primarily as a result of the 
annual salary adjustment that takes effect at the beginning 
of the second quarter of the year, as well as a slight 
increase in the number of employees. The group's long -
term incentive program entailed a salary cost for the period 
of SEK 37.4 (34.1) million with a corresponding increase in 
equity and social security contributions of SEK 6.0 (3.8) 
million reported as a provision in the balance sheet. Salary 
costs are valued at fair value and amortized over the term 
of the program. The social security contributions are 
affected by the share price at the end of each accounting 
period and may therefore amount to significantly higher 
amounts in the future and create volatility in the income 
statement.  
 
Excluding costs for incentive programs, the EBITDA margin 
during the period would have increased by 3.2 (2.9) 
percentage points and been 39.3 (43.9) percent. See more 
info in note 5. 
India 73.0%
Africa and Middle East
13.2%
RoW 13.8%

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

11 
INTERIM  REPORT JANUARY -SEPTEMBER  202 4 TRUECALLER AB  
Other external costs increased to SEK 243.0 (181.2) million 
compared to the same period last year.  The increase in 
costs is mainly due to growth investments in several growth 
regions. Costs have primarily increased due to more 
investments in user acquisition through digital marketing 
and increased expenses for agreements with phone 
manufacturers where the Truecaller app comes pre -
installed. 
 
Profit and earnings per share for the period 
Profit before tax amounted to SEK 496.3 (555.1) million. Profit 
after tax for the period was SEK 373.9 (420.1) million. Net 
financial income amounted to SEK 52.0 (53.7) million. 
 
The total tax amounted to SEK 122.4 (135.0) million which 
corresponds to an effective tax rate of 24.7 (24.3) percent 
for the Group.  
 
Basic earnings per share were SEK 1.08 (1.16) and diluted 
earnings per share were SEK 1.08 (1.16). 
 
Cash flow and financial position 
Net cash from operating activities amounted to SEK 361.7 
(411.4) million of which SEK -70.9 (0.7) million was 
attributable to changes in working capital and SEK -130.9 (-
154.9) million was attributable to income tax paid. Net cash 
from investing activities amounted to SEK 192.2 ( -586.0) 
million and included a sale of short-term interest rate funds 
SEK 400.0 ( -) million, investments in non -current financial 
assets of SEK - (-32.8) million and   investments in short -
term interest rate funds of SEK -200 (-500,0) million. Net 
cash used in financing activities was SEK -850.1 (-462.2) 
million and included purchase of treasury shares SEK -217.8 
(-486.3) million, repurchase of warrants of  SEK -18.3 (-) 
million and dividend paid to shareholders of SEK -589.8 (-) 
million. Net cash flow for the period was SEK -296.2 (-636.9) 
million. 
 
Truecaller had cash and cash equivalents of SEK 334.4 
(694.0) million at the end of the period and SEK 771.6 (931.0 
(million invested in short-term interest rate funds. . The 
equity to assets ratio was 77.6 (82.6) percent.  
  
Truecaller have a revolving credit facility of SEK 500.0 
(500.0) million. SEK - (-) million had been utilized as of the 
reporting date. Consolidated total assets amounted to SEK 
1,737.6 (2,211.5) million at 3 0 September 2024. The carrying 
amounts of financial assets and financial liabilities are 
estimated to coincide with fair value in all material 
respects. 
 
Trade receivables for the Group amounted to SEK 110.4 
(97.2) million and claims on advertising networks and 
platform owners was SEK 124.1 (89.4) million. The increase in 
trade receivables is attributable mainly to the increase in 
direct sales in the advertising business and growth in 
Truecaller for Business. Payment terms for the company’s 
customers are normally 30 -60 days. Recognized but 
unrealized customer credit losses in the balance sheet 
amounted to SEK 9.8 (4.3) million as of 30 September 2024. 
The claims on advertising networks and platform owners is 
mainly linked to outstanding claims against Google and 
Meta.  
 
Investments 
During the period SEK 6.2 (1.7) million were capitalized as 
internally developed intangible assets. 
 
Currency exposure 
The majority of Truecaller’s  revenues are denominated in 
Swedish kronor (SEK) via partners including Google and 
Apple. Accordingly, there is little direct currency exposure. 
In turn, these partners bill users of Truecaller’s services 
partly in local currency, which causes an indirect currency 
exposure for Truecaller. Truecaller does not, however, have 
complete information concerning currency exposure or 
how currency effects are managed by partners and thus 
cannot at present accurately quantify indirect currency 
exposure. A depreciatio n of SEK against currencies 
including USD and INR, however, has a positive impact on 
the company’s sales and profit, although it also increases 
the company’s costs. The largest currency exposures are 
against INR and USD. The company estimates that 
exchange rate changes had a noticeable negative impact 
on sales during January-September 2024 compared to the 
corresponding period in 202 3 mainly as an effect of a 
slightly weakened Indian rupee and as an effect of the 
sharp depreciations of the Egyptian pound and the 
Nigerian naira. The company's estimate is that exchange 
rates had a negative effect of a bit more than 1% -point on 
the EBITDA margin. 
 
Parent company 
Parent company income for the period amounted to SEK 6.4 
(6.2) million which refers to billing of subsidiaries for 
services rendered. The profit before tax amounted to SEK -
395.6 (405.4) million where the majority of the results are 
attributable to dividends from subsidiaries. The profit after tax 
amounted to SEK 396.4 (404.2) million. Cash and cash 
equivalents on 3 0 September 2024 amounted to SEK 29.8 
(323.0) million. In excess to the cash and cash equivalents 
the parent company has SEK 260.3 (416.2) million invested 
in short -term interest rate funds. No investments have 
taken place in intangible or tangible assets. At the end of 
the period, 2 (2) people were employed in the parent 
company.

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

12 
INTERIM  REPORT JANUARY -SEPTEMBER  202 4 TRUECALLER AB  
Product update  
Enhancements to core product driving 
retention and engagement  
Truecaller continues to enhance its offerings to deliver a 
smarter, safer, and more efficient communication 
experience. This quarter, the focus was on improving the 
core product and overall user experience, which in turn 
positively impacts retention and en gagement. Truecaller 
expanded its investments in artificial intelligence and 
machine learning to strengthen its caller ID, message ID, 
fraud and spam detection capabilities, especially in 
markets of strategic importance. Efforts to further develop 
Truecaller’s AI Identity technology resulted in substantially 
improved caller ID and spam detection results, most 
notably in the US, Nigeria, and Colombia. 
 
Additionally, Truecaller advanced the use of large language 
models (LLMs) in its messaging experience with AI -
generated Message ID , Enhancements released this 
quarter allow for more accurate identification and 
summarization of key messages beyond traditional 
categories like OTPs and transactions. Currently, over 290 
million SMS from businesses are identified and summarized 
as Message ID daily, a year on year increase of about 40%. 
The service has already been scaled to over 40 countries, 
with plans to expand to even more use cases, markets, and 
languages. LLM model training is based on voluntary user 
contributions, with processing done on users' devices, 
ensuring continuous improvement while safeguarding 
privacy. Looking ahead, Truecaller aims to extend this  use 
case to enterprise services, allowing business customers to 
customize how their messages appear on Message ID in 
real-time. This feature promises increased engagement 
and better visibility for businesses.  
 
During the quarter, Truecaller introduced upgrades to its 
core communication features, revamping both the Calling 
and Messaging screens. These improvements offer a 
cleaner, more intuitive design, enhanced accessibility, and 
upgraded technology for a faster, smoother experience. 
The impact of these changes has been sub stantial, with 
increased usage of Calling and Messaging features. 
Advertising monetization has also improved, with more 
efficient use of inventory within the communication screens 
driving a significant increase in click -through rates. The 
revamped Messagin g experience now leverages smart 
analysis and message categorization, offering more 
streamlined and intuitive navigation that has driven an 
increase in daily user engagement. 
 
Truecaller introduced a Rewards Program to test the 
effectiveness of gamification in encouraging specific user 
behaviors and enhancing engagement within the app. The 
program allows users to earn points for completing various 
actions, such as updating their profile, answering a survey, 
or suggesting name improvements. Additionally, the 
Rewards Program promotes feature discovery by 
encouraging users to try tools like the inbox cleaner or 
explore the block settings. Accumulated points unlock 
rewards at different levels, each offering a Premium benefit, 
such as a temporary ad-free experience or access to "Who 
Viewed My Profile" insights. Designed to improve user 
retention, drive feature adoption, and showcase the value 
of Truecaller Premium, the program currentl y operates on 
Android and is available globally. Early results from this 
initiative indicate that participating users demonstrate a 
significant increase in daily engagement and retention, 
alongside a rise in default dialer and messaging adoption, 
contributing positively to user stickiness and satisfaction. 
 
  
 
Truecaller has also expanded its ecosystem beyond mobile 
with the full production launch of the app for Android 
smartwatches running Wear OS. This integration allows 
users to identify unknown numbers, detect spam, and make 
calls directly from their wrist, with Truecaller's distinctive 
color-coded halos enhancing call identification at a 
glance. User feedback has been positive, with strong 
reviews highlighting the convenience and seamless 
experience this extension brings to managing calls on the 
go. 
 
Expansion of Premium offerings across 
platforms 
In the first half of the year, Truecaller launched a 
streamlined pricing strategy, including the global rollout of 
a single Premium plan and increased pricing in select 
markets. This strategy drove strong growth in consumer 
subscriptions across both Android and iOS during the third 
quarter, with notable year-on-year increases in revenue 
and subscriber base.

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

13 
INTERIM  REPORT JANUARY -SEPTEMBER  202 4 TRUECALLER AB  
Truecaller continues to enhance its paid offering across 
platforms. For Android users, one of the most requested 
features in India, being Verified on Truecaller, is now 
available for Premium users through government ID 
verification, driving adoption as many users seek verified 
status.  
 
  
 
Following Apple’s announcement of changes in iOS 18 that 
will enhance Truecaller’s capabilities on iPhones, Truecaller 
is fully committed to maximizing iOS functionality to boost 
Premium conversion. Truecaller’s spam auto-blocking 
feature, which blocks calls from known spammers, 
fraudsters, and telemarketers automatically, has been a 
significant conversion driver on Android. Now introduced 
for iPhone users as a paid feature, this feature is starting to 
gain momentum. With the enhanced capabilities of iOS 18, 
further marketing efforts are planned to maximize its 
impact.  
 
  
 
Truecaller’s development for the product on iPhone 
remains a top priority, particularly as iOS 18 will support live 
server lookups, enabling Truecaller to identify all calls for 
iPhone users as it does on Android. Internal testing has 
started, with a rollout expected during the fourth quarter. 
Truecaller ultimately aims to make the iPhone product 
primarily a paid experience, eventually testing various 
pricing options to optimize conversion and retention. 
 
The premium product Truecaller Assistant also continues 
to develop well, demonstrating healthy KPIs in adoption 
and retention while expanding to even more markets. 
Truecaller Assistant saw a significant update this quarter, 
incorporating the latest LLM technology to create a more 
natural and conversational experience. The enhanced 
version, featuring instant interactions and real-time visual 
enhancements such as live transcripts, went live for user 
testing late in the third quarter and launched in the US in 
early Q4. It will gradually roll out to more markets in the 
coming months. Recent enhancements, such as Hindi 
support in cloned voices, have seen high engagement in 
India.  
 
Continued improvements fueling 
advertising performance 
During the quarter, Truecaller continued to execute around 
improving supply quality and quantity, widening access to 
demand, and enhancing the ability to effectively match 
demand with supply to drive revenue goals and deliver 
better ROI for demand partners. 
  
On the inventory side, the strategy of increasing 
impressions per ad opportunity continued to yield positive 
results compared to last year. The number of ad 
impressions per user was driven primarily by integrating 
new demand and optimizing ad opportunities  per 
engagement, which improved both fill and render rates. The 
impact of these efforts is expected to be amplified once the 
macroeconomic situation improves. 
 
During the first half of the year, Truecaller developed the 
capability to integrate the protocol VAST (Video Ad Serving 
Template) for programmatic partners into its ad server to 
enhance video ad availability. In the quarter, this capability 
was expanded to  include VAST/video demand from over 
ten partners with global coverage, with plans to onboard 
additional partners in the pipeline. As engagement and 
time spent in the core app increase, this is expected to open 
up more video -friendly ad opportunities, tapp ing into the 
growing demand for video content. 
 
Last quarter, a high CPM interstitial ad format was 
introduced to strike a balance between monetizing user 
attention and maintaining a positive user experience. 
During the third quarter, this format was tested across 
various in-app opportunities on a small  sample of users, 
yielding valuable insights for scaling this high -
engagement, high-CPM ad format. Initial results have been 
promising, and further execution of this format will be 
scaled gradually over time. Similar to video opportunities, 
this format is expected to scale with longer dwell times 
around in-app engagement.

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

14 
INTERIM  REPORT JANUARY -SEPTEMBER  202 4 TRUECALLER AB  
Additionally, experiments with rewarded ads were 
launched during the quarter, introducing an innovative and 
increasingly popular way to create a value exchange 
between ad engagement and access to core app features. 
One of the key tests involved the "Who Vi ewed My Profile" 
feature, which is typically locked behind a Premium 
paywall. By implementing this ad format, Truecaller was 
able to monetize this feature for a segment of users with a 
lower propensity to upgrade to Premium. Initial results have 
been promising, with high engagement and strong CPMs. 
As Truecaller continues to open more features through this 
reward-based approach, there is potential to further scale 
ad revenues using this engaging and effective format. 
 
In line with the growing share of performance -based use 
cases, Truecaller has focused on leveraging its inventory, 
ad formats, data, and in-house ad tech to capitalize on this 
opportunity. This approach has attracted performance ad 
spending through both di rect and programmatic 
partnerships, helping to drive revenue amid declining 
brand demand due to weaker macroeconomic sentiments. 
 
Significant progress has also been made in monetizing 
caller ID real estate, both in terms of product capabilities 
and go -to-market efforts. This untapped area presents  
substantial opportunity, given the scale at which Truecaller 
operates. Caller ID real estate provides a unique and highly 
visible platform for strategic advertising and promotional 
content, which can be leveraged to deliver relevant and 
timely brand messages directly during calls. Innovations in 
this space have enabled more precise ad targe ting and 
seamless integration into the user experience, making it a 
valuable asset for advertisers looking to reach audiences 
at key moments of communication. 
 
Continued development of Enterprise 
offering  
Truecaller for Business (TfB) continues to develop at a very 
healthy pace, with another record quarter in terms of 
revenue booked and new logos acquired for the Verified 
Business product line. Strategic pricing and packaging 
adjustments made in the first half of the year for the Verified 
Business product, combined with seasonal factors, have 
driven a substantial increase in monthly recurring revenue 
bookings from both upgrades and new business deals. 
Bookings from new logos also saw impressive year -on-
year growth, doubling in key regions such as the Middle East 
and Africa (MEA), with notable contributions from markets 
like Egypt and South Africa, as well as from Malaysia in 
Southeast Asia. These deals include marquee clients, 
characterized by a healthy avera ge revenue per account 
(ARPA), longer subscription tenures, and, in some cases, 
coverage across multiple operating countries, highlighting 
the broad and impactful reach of these partnerships.  
 
Adding more customer experience features to Verified 
Business services has also fueled strong adoption of 
engagement-driven functionalities. Such customer 
experience features include tools like Call Me Back and Call 
Reason, which provide high -intent signal s from users to 
enterprises. Adoption of such  value -added features has 
grown significantly compared to the same period last year, 
with over 33% of the account portfolio taking advantage of 
these services.  
 
The focus remains on expanding successful product lines, 
most notably the flagship Verified Business services. The 
introduction of the Verified Campaign product, a new paid 
offering, was made widely available to the market in the 
third quarter. Verified Ca mpaign enables businesses to 
engage their customers with hyper -personalized and 
actionable display units during calling and messaging 
interactions. This new feature is designed to increase 
customer engagement through targeted and relevant 
campaigns driving retention and growth.  
 
 
  
 
Business messaging, offered in partnership with Tanla, 
continues to demonstrate robust growth.  The partnership 
has delivered growth in volumes by over 60% year on year, 
contributing to significant revenue increases. Rich media 
and transactional -promotional messages continue to 
scale effectively, driving further revenue growth.

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

15 
INTERIM  REPORT JANUARY -SEPTEMBER  202 4 TRUECALLER AB  
Other disclosures
Repurchase of own shares 
During the quarter, 2,295,000 Class B shares were repurchased 
for just over SEK 80.4 million. By the end of the quarter, 
Truecaller had repurchased a total of 3,377,832 Class B shares 
and 6,100,000 Class C shares. Read more in note 6. 
 
Repurchase of own shares after the period 
end 
After the end of the period, an additional 260,000 shares 
were repurchased, bringing Truecaller's total holdings to 
3,637,832 Class B shares and 6,100,000 million Class C 
shares, corresponding to 2.76% of the outstanding capital. 
In total, repurchases have been made for SEK 129.5 million, 
meaning the average price for the repurchases have been 
SEK 35.59 per share. Truecaller's board has an 
authorization from the annual general meeting to 
repurchase up to 10% of the outstanding capital until the 
annual general meeting on May 23, 2025. The buybacks 
are updated on a weekly basis on Truecallers website 
https://corporate.truecaller.com/investors/the-share.  
 
Risks and uncertainties 
Like all companies. Truecaller is exposed to various types of 
risk in the course of business. These include risks related to 
currency movements. dependence upon certain strategic 
partners. the general economic trend and developments in 
the financial market . technical progress. dependence on 
key individuals. legal risks and risks associated with 
personal privacy. as well as tax risks and political risks. Risk 
management is an integrated component of the 
management of Truecaller. The risks described for the 
Group could also have indirect impact on the parent 
company. A complete description of risks and uncertainties 
associated with Truecaller is provided in the 202 3 annual 
report. 
 
Forward-looking statements 
The report presents statements pertaining to matters 
including Truecaller’s financial position and performance 
as well as statements on market conditions that may be 
forward-looking. Truecaller believes the expectations 
reflected in these forward -looking statements are based 
on reasonable assumptions. Forward -looking statements 
are. however. associated with risks and uncertainties and 
actual outcomes or consequences ma y 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 January-December 2024: 18 February 2025 
Interim Report Q1: 8 May 2025 
Annual General Meeting: 23 May 2025 
Interim Report Q2: 18 July 2025 
Interim Report Q3: 7 November 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 interim report constitutes insider information that 
Truecaller AB is required to disclose under the EU Market 
Abuse Regulation 596/2014. The information was submitted 
for publication, through the agency of the contact persons set 
out above, at the time stated by the Company’s news 
distributor, Cision, at the publication of this press release.

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

16 
INTERIM  REPORT JANUARY -SEPTEMBER  202 4 TRUECALLER AB  
Condensed consolidated statement of 
profit or loss 
Amounts in SEK 000s Note 
  2024 
Jul-Sep 
2023 
Jul-Sep 
2024 
Jan-Sep 
2023 
Jan-Sep 
2023 
Jan-Dec 
         
Net sales 3   457,306 398,671 1,340,442 1,304,171 1,728,895 
Other income    27 14 1,182 62 2,598 
Work performed by the entity and capitalized    1,522 - 6,196 1,650 8,930 
Third party fees    -105,372 -100,255 -321,981 -319,490 -421,203 
Other external costs    -82,572 -59,166 -242,999 -181,241 -255,209 
Employee costs    -103,497 -93,476 -299,728 -270,786 -361,127 
Depreciation, amortization and impairments    -12,716 -12,057 -38,856 -32,998 -45,207 
EBIT (operating profit)    154,698 133,730 444,256 501,367 657,677 
 
        
Net financial income or expense    3,480 14,273 52,049 53,701 54,616 
Profit or loss after net financial income or 
expense 
   
158,178 148,003 496,305 555,068 712,293 
 
        
Tax    -40.348 -42,969 -122,412 -134,967 -175,960 
Profit for the period 1)    117,830 105,035 373,893 420,101 536,333 
 
        
Earnings per share         
Basic earnings per share (SEK)    0.34 0.29 1.08 1.16 1.49 
Diluted earnings per share (SEK)    0.34 0.29 1.08 1.16 1.49 
 
        
Average number of shares before dilution     344,875,897 356,964,229 347,013,520 361,899,206 359,728,698 
Average number of shares after dilution    344,875,897 357,044,659 347,013,520 361,965,113 359,728,698 
 
1) The profit for the period is attributable entirely to shareholders in the parent company.

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

17 
INTERIM  REPORT JANUARY -SEPTEMBER  202 4 TRUECALLER AB  
Consolidated statement of 
comprehensive income 
 
 
1) The profit for the period is attributable entirely to shareholders in the parent company. 
 
 
 
  
 
 
 
Amounts in SEK 000s Note  
2024 
Jul-Sep 
2023 
Jul-Sep 
2024 
Jan-Sep 
2023 
Jan-Sep 
2023 
Jan-Dec 
Profit or loss for the period   117,830 105,035 373,893 420,101 536,333 
        
Other comprehensive income for the period        
Items that will be reclassified to profit and loss in 
subsequent periods 
       
Foreign exchange translation differences   -10,142 -1,964 393 1,476 -10,533 
Items that will not be reclassified to profit and loss 
in subsequent periods 
       
Remeasurements of defined-benefit pension plans   - - - - 3,140 
Other comprehensive income for the period   -10,142 -1,964 393 1,476 -7,393 
        
Comprehensive income for the period 1)   107,688 103,071 374,286 421,577 528,941

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

18 
INTERIM  REPORT JANUARY -SEPTEMBER  202 4 TRUECALLER AB  
Condensed consolidated statement of 
financial position 
Amounts in SEK 000s Note  
2024  
30 Sep 
2023  
30 Sep 
2023  
31 Dec 
ASSETS      
      
Non-current assets      
Goodwill   44,807 33,554 45,432 
Other intangible assets   23,194 11,981 24,993 
Property. plant and equipment   14,774 19,746 18,352 
Right-of-use assets   103,462 126,771 118,805 
Non-current financial assets 4  32,698 32,812 32,698 
Deferred tax assets   35,615 37,426 34,878 
Other non-current receivables 4  13,795 19,771 26,584 
Total non-current assets              268 346 282 062 301,742 
      
Current assets      
Current receivables 4  363,241 304,439 285,995 
Short-term placements 4  771,616 930,954 941,256 
Cash and cash equivalents 4  334,361 694,003 631,347 
Total current assets   1,469,218 1,929,396 1,858,599 
      
TOTAL ASSETS   1,737,564 2,211,458 2,160,340 
 
EQUITY AND LIABILITIES 
  
   
      
Equity      
Equity attributable to owners of the parent   1,347,600 1,826,578 1,743,703 
Total equity   1,347,600 1,826,578 1,743,703 
      
Non-current liabilities      
Liability arising from defined-benefit pension plans   7,716 7,747 6,608 
Lease liabilities   73,109 106,370 98,176 
Deferred tax liability   36,115 30,759 38,731 
Other non-current liabilities 4  12,082 8,902 9,150 
Total non-current liabilities   129,022 153,777 152,665 
      
Current liabilities      
Lease liability   33,676 22,397 22,763 
Other current liabilities 4  227,265 208,706 241,208 
Total current liabilities   260,942 231,104 263,972 
      
TOTAL EQUITY AND LIABILITIES   1,737,564 2,211,458 2,160,340

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

19 
INTERIM  REPORT JANUARY -SEPTEMBER  202 4 TRUECALLER AB  
Condensed consolidated statement of 
cash flows 
Amounts in SEK 000s   
2024 
Jul-Sep 
2023 
Jul-Sep 
2024 
Jan-Sep 
2023 
Jan-Sep 
2023 
Jan-Dec 
        
Operating activities        
Profit or loss after net financial income or expense   158,178 148,003 496,305 555,068 712,293 
Adjustments for non-cash items   28,013 10,880 67,160 10,600 26,047 
Income tax paid   -44,632 -62,835 -130,890 -154,945 -213,822 
Cash flow from operating activities before  
changes in working capital 
  
141,559 96,048 432,575 410,723  524,519 
        
Net cash from changes in working capital        
Change in operating receivables   -25,457 8,571 -76,885 -2,648 19,066 
Change in operating liabilities   5,565 21,165 6,001 3,328 38,377 
Net cash from operating activities   121,667 125,785 361,691 411,403 581,962 
        
Investing activities        
Acquisitions of Group companies, net effect on cash and 
cash equivalents 
  
- -5,286 - -5,286 -27,422 
Purchases of property, plant and equipment   -468 -3,537 -1,578 -15,827 -17,070 
Purchases of intangible assets   -1,522 - -6,196 -1,650 -8,930 
Purchases of short-term investments   -200,000 - -200,000 -500,000 -500,000 
Sale of short-term investments   - - 400,000 - - 
Change in financial receivables   - -12,319 - -30,464 -40,766 
Investment in non-current financial assets   - - - -32,812 -32,679 
Net cash used in investing activities   -201,990 -21,142 192,226 -586,039 -626,868 
        
Financing activities        
New share issue   - 46,718 - 46,718 66 
Funds received for warrants   - - - - 46,718 
Repurchase of warrants   - -25 -18,287 -335 -450 
Amortization of lease liability   -8,127 -7,392 -24,275 -22,326 -29,869 
Buyback of treasury shares   -80,468 -163,411 -217,775 -486,280 -659,548 
Dividend   - - -589,799 - - 
Net cash from (-used in) financing activities   -88,684 -124,111 -850,136 -462,224 -643,082 
        
Net cash flow for the period   -169,008 -19,468 -296,219 -636,860 -687,988 
Cash and cash equivalents at the beginning of the period   512,617 714,583 631,347 1,327,801 1,327,801 
Foreign exchange differences in cash and cash 
equivalents   -9, 248 -1,112 -768 3,063 -8,466 
Cash and cash equivalents at the end of the period   334,361 694,003 334,361 694,003 631,347

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

20 
INTERIM  REPORT JANUARY -SEPTEMBER  202 4 TRUECALLER AB  
Condensed consolidated statement of 
changes in equity 
   Equity attributable to owners of the parent 
Amounts in SEK 000s 
 
Share 
capital 
Other  
capital  
contributions Reserves 
Retained profits  
including 
profit for 
the period 
Total equity  
attributable  
to owners 
of the parent 
Opening balance at 1 January 2023  758 1,710,139 2,400 90,797 1,804,093 
       
Profit for the period  - - - 420,101 420,101 
Other comprehensive income for the period  - - 1,476 - 1,476 
Comprehensive income for the period  - - 1,476 420,201 421,577 
       
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 
  
     
 
Opening balance at 1 January 2024  762 1,738,298 -8,133 12,776 1,743,703 
       
Profit for the period  - - - 373,893 373,893 
Other comprehensive income for the period  - - 393 - 393 
Comprehensive income for the period  - - 393 373,893 374,286 
       
Transactions with owners of the Group       
Bonus issue  58 - - -57 1 
Cancellation of treasury shares  -57 - - 57 - 
Treasury shares after transaction costs  - - - -217,775 -217,775 
Warrants  - -52 - - -52 
Share-based payment  - - - 37,236 37,236 
Dividend 1)  - - - -589,799 -589,799 
Total  1 -52 - -770,338 -770,388 
       
Closing balance at 30 September 2024  763 1,738,246 -7,740 -383,770 1,347,600 
 
1) Dividend amounted to SEK 1.70 per share (ordinary dividend SEK 0.40, extra dividend SEK 1.30) and refers to the parent company's 
owners.

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

21 
INTERIM  REPORT JANUARY -SEPTEMBER  202 4 TRUECALLER AB  
Condensed parent company income 
statement 
  
 
Amounts in SEK 000s Note  
2024 
Jul-Sep 
2023 
Jul-Sep 
2024 
Jan-Sep 
2023 
Jan-Sep 
2023 
Jan-Dec 
        
Operating revenue   1,904 2,039 6,383 6,188 8,191 
Other external costs   -3,010 -2,634 -8,833 -7,821 -9,918 
Employee costs   -3,686 -3,180 -10,058 -9,020 -11,675 
EBIT (operating profit)   -4,792 -3,775 -12,507 -10,653 -13,403 
        
Net financial income or expense   -1 333 6 158 408 125 416 036 400,695 
Profit or loss after financial items   -6,125 2,384 395,618 405,382 387,292 
        
Appropriations   - - - - 13,000 
Profit or loss before tax   -6,125 2,384 395,618 405,382 400,292 
        
Tax   1,245 -535 794 -1,150 -131 
Profit or loss for the period   -4,880 1,849 396,412 404,232 400,162

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

22 
INTERIM  REPORT JANUARY -SEPTEMBER  202 4 TRUECALLER AB  
Condensed parent company balance 
sheet 
 
Amounts in SEK 000s Note  
2024  
30 Sep 
2023  
30 Sep 
2023  
31 Dec 
ASSETS      
      
Non-current assets      
Investments in Group companies   10,297,177 10,297,177 10 297 177 
Total non-current assets                10,297,177 10,297,177 10 297 177 
      
Current assets      
Current receivables   6,839 11,128 6,124 
Receivables from Group companies   13,539 24,111 13,688 
Short-term placements   260,311 416,177 400,000 
Cash and cash equivalents   29,829 322,980 176,479 
Total current assets   310,518 774,396 596,291 
      
TOTAL ASSETS   10,607,695 11,071,573 10,893,468 
 
EQUITY AND LIABILITIES 
     
      
Equity and liabilities      
Equity   10,496,188 11,064,640 10,870,265 
Receivables to Group companies   105,000 - - 
Current liabilities   6,507 6,933 23,203 
TOTAL EQUITY AND LIABILITIES   10,607,695 11,071,573 10,893,468

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

23 
INTERIM  REPORT JANUARY -SEPTEMBER  202 4 TRUECALLER AB  
Notes 
Note 1. Significant accounts policies
This interim report covers the Swedish parent company 
Truecaller AB (“Truecaller”) , company registration number 
559278-2774, and its subsidiaries. The principal business of 
the Group is to develop and publish software. primarily 
mobile Caller ID applications , under the Truecaller brand. 
The parent is a limited liability company registered and 
domiciled in Stockholm, Sweden. The address of the head 
office is Mäster Samuelsgatan 56, 111 21 Stockholm. Sweden.  
 
Truecaller applies International Financial Reporting 
Standards (IFRS). as adopted by the EU. The interim report 
for the Group was prepared in compliance with IAS 34 
Interim Financial Reporting and applicable sections of the 
Swedish Annual Accounts Act (199 5:1554). Disclosures 
according to IAS 34 are provided in other parts of the 
interim report. in addition to the financial statements. The 
interim report for the parent company was prepared in 
accordance with the Annual Accounts Act. Chapter 9 
Interim Financ ial Reporting. and recommendation RFR 2 
Accounting of Legal Entities issued by the Swedish Financial 
Accounting Standards Council. The accounting principles , 
basis for measurement and estimates and judgements 
applied on the interim report for the Group and the parent 
are identical to those applied in Truecaller’s annual report. 
Accordingly, refer to the most recently published annual 
report for a description of applied accounting policies. 
 
Equity  
Shares issued by the company are classified as equity. 
Additional costs arising directly from the issue of common 
shares and stock options are recognized as a debit item in 
equity after deducting tax effects, if any. When Truecaller’s 
shares classified as equity are repurchased. the amount of 
consideration paid is recognized as a reduction in equity. 
after deducting tax effects. if any. Repurchased shares are 
classified as treasury shares and recognized as a d ebit 
item under equity. When treasury shares are subsequently 
sold or reissued. the amount received is recognized as an 
increase in equity and the surplus or deficit resulting from 
the transa ction is transferred to or from other capital 
contributions. 
 
Financial instruments at fair value 
The group has non -current financial assets consisting of 
the investment in Mayhem Studios. The non -current 
financial assets are valued at fair value through the income 
statement. As no market quotation exists for the 
investment, its fair value is determine d through other 
observable data (level 2)
Note 2. Key judgements and estimates
Preparation of the interim report requires management to 
make judgements. estimates and assumptions that affect 
the application of the accounting policies and the 
recognized amounts of assets , liabilities, revenues and 
costs. Actual outcomes may differ from these judgements 
and estimates. The key judgements and sources of 
estimation uncertainty are unchanged from those 
described in the most recently published annual report.
Note 3. Revenue from contracts with customers 
DISTRIBUTION OF REVENUE FROM CONTRACTS WITH CUSTOMERS  
 
   
 
Amounts in SEK 000s  
  2024 
Jul-Sep 
2023 
Jul-Sep 
2024 
Jan-Sep 
2023 
Jan-Sep 
2023 
Jan-Dec 
Geographical region         
India    328,248 293,430 978,686 998,390 1,309,882 
Middle East and Africa    64,458 50,638 177,504 153,517 206,366 
Rest of the world    64,600 54,603 184,252 152,264 212,647 
Revenue from contracts with customers    457,306 398,671 1,340,442 1,304,171 1,728,895

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

24 
INTERIM  REPORT JANUARY -SEPTEMBER  202 4 TRUECALLER AB  
 
The geographical distribution is based on where the customer has their mobile subscription. 
 
 
 
Amounts in SEK 000s  
  2024 
Jul-Sep 
2023 
Jul-Sep 
2024 
Jan-Sep 
2023 
Jan-Sep 
2023 
Jan-Dec 
Type of service         
Advertising revenues    322,644 298,917            972,618 1,028,032 1,346,114 
User revenues    67,342 53,928 190,126 150,531 206,219 
Truecaller for Business    65,843 44,423 173,084 120,564 170,198 
Other revenues    1,477 1,403 4,614 5,044 6,363 
Revenue from contracts with customers    457,306 398,671 1,340,442 1,304,171 1,728,895 
 
Note 4.  Financial instruments 
 
Measurement of financial assets and liabilities at 30 September 2024 
 
FINANCIAL ASSETS 
 
Financial assets 
measured at fair value 
through profit and loss  
Financial assets 
measured at amortized 
cost  Total carrying amount 
Other non-current receivables  -  13,795  13,795 
Non-current financial assets  32,698  -  32,698 
Claims on advertising networks and platform 
owners 
 -  124,076  124,076 
Trade receivables  -  110,437  110,437 
Short-term placements  771,616  -  771,616 
Cash and cash equivalents  -  334,361  334,361 
Total  804,314  582,669  1,386,983 
 
FINANCIAL LIABILITIES       
Trade payables  -  35.134  35,134 
Conditional consideration (earnout)  9,108  -  9,108 
Total  9,108  35,134  44,242 
 
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

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

25 
INTERIM  REPORT JANUARY -SEPTEMBER  202 4 TRUECALLER AB  
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 31 December 2023 
 
FINANCIAL ASSETS 
 
Financial assets 
measured at fair value 
through profit and loss  
Financial assets 
measured at amortized 
cost  Total carrying amount 
Other non-current receivables  -  26,584  26,584 
Non-current financial assets  32,698  -  32,698 
Claims on advertising networks and platform 
owners 
 -  86,020  86,020 
Trade receivables  -  75,965  75,965 
Short-term placements  941,256  -  941,256 
Cash and cash equivalents  -  631,347  631,347 
Total  973,954  819,916  1,793,870 
 
FINANCIAL LIABILITIES       
Trade payables  -  46,149  46,149 
Conditional consideration (earnout)  8,404  -  8,404 
Total  8,404  46,149  54,553 
The carrying amount is considered a good estimate of the 
fair value of current receivables and liabilities . The 
maximum credit risk of the assets comprises the net 
amounts of the carrying amounts shown in the table above.  
 
The Group has short -term placements , conditional 
consideration (earnouts) and non-current financial assets 
that are measured at fair value through profit or loss. Fair 
value is the price that would be received to sell an asset or 
paid to transfer a liability in an orderly transaction between 
market participants at the measurement date. The 
measurement methods are classified in a hierarchy 
consisting of three levels defined as follows: 
• Level 1 Quoted prices in active markets 
• Level 2 Inputs other than quoted prices that are 
observable directly (prices) or indirectly (derived 
from prices) 
• Level 3 Non-observable market data 
There were no transfers between the levels during the 
period. The Group has no financial assets or liabilities that 
have been offset in the accounts or which are covered by a 
legally binding netting agreement. 
 
Short-term placements 
Truecaller has investments placed in short-term fixed 
income funds. The fair value of the holding is determined 
by using market prices on the reporting date according to 
Level 1. The effect of the measurement at fair value is 
recognized in profit or loss. The adjustment to the fair 
value of these instruments is reflected directly in “Short-
term placements” in the statement of financial position. 
 
Short-term 
placements, SEK 000s 
  2024 
Jan-Sep 
2023 
Jan-Sep 
2023 
Jan-Dec 
Balance at 1 January   941,256 400,490 400,490 
Investment in short-
term placements 
  200,000 500,000 500,000 
Sale of short-term 
placements 
  -400,000 - - 
Change in value 
recognized in profit 
and loss 
  30,360 30,464 40,766

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

26 
INTERIM  REPORT JANUARY -SEPTEMBER  202 4 TRUECALLER AB  
Closing balance   771,616 930,954 941,256 
 
Conditional consideration (earnout) 
Conditional consideration is categorized at level 3 of the fair 
value hierarchy. The fair value of conditional consideration 
is calculated by discounting future cash flows by a risk -
adjusted discount rate. The conditional consideration for 
CallHero is classified as a non-current liability. 
 
Conditional 
consideration 
(earnout), SEK 000s 
  2024 
Jan-Sep 
2023 
Jan-Sep 
2023 
Jan-Dec 
Balance at 1 January   8,404 13,301 13,301 
Acquisition value   - - - 
Payout   - -5,286 -5,550 
Change in value 
recognized in profit 
and loss 
  704 887 653 
Closing balance   9,108 8,902 8,404 
 
 Non-current financial assets 
The group’s non -current financial assets consist of the 
investment in Mayhem Studios that was made in 2023. The 
non-current financial assets belong to level 2 in the 
valuation hierarchy. 
Note 5. Incentive programs 
LTIP 2024 was approved on The Annual General Meeting on 
23 May 2024 and refers to an employee stock option 
program and share program for senior executives, key 
individuals and employees of the Truecaller Group. LTIP 
2024 consists of a maximum of 7,400,000 employee stock 
options and a maximum of 500,000 performance -based 
share rights.  
   The Group applies IFRS 2 Share -based Payment to 
employee stock options and performance -based share 
rights, where the cost is measured at fair value and 
.allocated over the term of the program and recognized in 
equity. The Group recognizes a reserve for accrued social 
insurance costs for the program based on the estimated 
benefit value for participants.  
For detailed information about the incentive programs, 
refer to the 2023 annual report.  
    
Costs of incentive 
programs, SEKm 
  2024  
Jul-Sep 
2023  
Jul-Sep 
2024  
Jan-Sep 
2023        
Jan-Sep 
2023 
Jan-Dec 
Cost of vested 
warrants per IFRS 2 
  -16.5 -13.1 -37.2 -34.1 -35.1 
Social insurance 
contributions 
  -3.21 -2.5 -6.0 -3.8  -4.8 
Costs of incentive 
programs 
  -19.7 -15.7 -43.3 -37.9 -39.9 
 
Note 6. Treasury shares 
In accordance with the resolution of the Annual General 
Meeting on 23 May 2024, Truecaller AB has during June 
2024 cancelled 28,647,115 series B shares repurchased 
under the company’s buyback program. Truecaller has 
also bought back 3,377,832 B shares for SEK 119.5 million 
including transaction costs. Truecaller's total holding of 
own shares per 2024-09-30 amounts to 3,377,832 B shares 
and 6,100,000 C shares.  
 
Note 7. Related party 
transactions 
No transactions with related parties have been made 
during the period. 
 
Note 8. Events after the 
reporting period 
After the end of the reporting period, Truecaller has 
repurchased 260,000 B shares for SEK 9.9 million including 
transaction costs. Truecaller's total holding of own B shares 
amounts to 3,637,832.

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

27 
INTERIM  REPORT JANUARY -SEPTEMBER  202 4 TRUECALLER AB  
Assurance 
The CEO and the Board of Directors hereby certify that the interim report provides a true and 
fair view of the operations. position and earnings of the parent company and the Group and 
describes the material risks and uncertainties faced by the parent comp any and the 
companies included in the Group. 
 
  
 
 
 
 
 
Stockholm, 2024-11-06 
 
 
 
Nami Zarringhalam 
Board Chair  
Alan Mamedi 
Director and CEO 
   
Annika Poutiainen 
Director  
Helena Svancar 
Director 
 
 
 
 
 
 
 
 
 
 
  
Shailesh Lakhani 
Director

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

28 
INTERIM  REPORT JANUARY -SEPTEMBER  202 4 TRUECALLER AB  
THIS IS A TRANSLATION FROM THE SWEDISH ORIGINAL  
 
Auditor’s Review report 
Truecaller AB (publ), corporate identity number 559278-2774 
 
 
Introduction 
We have reviewed the condensed interim report for Truecaller AB (publ) as at September 30, 2024 and for the nine months 
period then ended. The Board of Directors and the Managing Director are responsible for the preparation and presentation 
of this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our r esponsibility is to express a 
conclusion on this interim report based on our review. 
 
Scope of review 
We conducted our review in accordance with the International Standard on Review Engagements, ISRE 2410 Review of 
Interim Financial Statements Performed by the Independent Auditor of the Entity. A review consists of making inquiries, 
primarily of persons re sponsible for financial and accounting matters, and applying analytical and other review 
procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards 
on Auditing and other generally accepted auditin g standards in Sweden. The procedures performed in a review do not 
enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. 
Accordingly, we do not express an audit opinion. 
 
Conclusion 
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, 
in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act regarding the Group, and in 
accordance with the Swedish Annual Accounts Act regarding the Parent Company. 
 
Stockholm, November 06, 2024 
Ernst & Young AB 
 
 
Jennifer Rock-Baley 
Authorized Public Accountant

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

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

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

30 
INTERIM  REPORT JANUARY -SEPTEMBER  202 4 TRUECALLER AB  
RECONCILIATION OF SELECTED KEY FIGURES THAT ARE NOT DEFINED UNDER IFRS 
 
 
Group, SEKm  
  2024 
Jul-Sep 
2023 
Jul-Sep 
2024 
Jan-Sep 
2023 
Jan-Sep 
2023 
Jan-Dec 
Gross profit and gross margin         
Net sales    457.3 398.7 1,340,4 1,304.2 1,728.9 
   Minus third party fees    -105.4 -100.3 -322.0 -319.5 -421.2 
Gross profit     351.9 298.4 1,018.5 984.7 1,307.7 
   Divided by Net sales    457.3 398.7 1,340.5 1,304.2 1,728.9 
Gross margin    77.0% 74.9% 76.0% 75.5% 75.6% 
 
EBITDA and EBITDA margin        
EBIT (operating profit)   154.7 133.7 444.3 501.4 657.7 
   Excluding depreciation and amortization   12.77 12,1 38.9 33.0 45.2 
EBITDA   167.4 145.8 483,1 534.4 702.9 
   Divided by Net sales   457,3 398,7 1,340.2 1 304,4 1,728.9 
Adjusted EBITDA margin   36,6% 36,6% 36,0% 41.0% 40.7% 
 
 
EBIT (operating profit) and EBIT margin         
EBIT (operating profit)    154.7 133.7 444.3 501.4 657.7 
   Divided by Net sales    457.3 398.7 1,340.4 1,304.2 1,728.9 
EBIT margin    33.8% 33.5% 33.1% 38.4% 38.0% 
501.4v 
 
Equity to assets ratio         
Total equity    1,347.6 1,826.6 1,347.6 1,826.6 1,743.7 
   Divided by Total assets    1,737.6 2,211.5 1,737.6 2,211.5 2,160.3 
Equity to assets ratio    77.6% 82.6% 77.6% 82.6% 80.7%