FULLTEXT DEL 1 AV 1

Kvartalsrapport Q3 2025

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

January-September 2025
INTERIM REPORT

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INTERIM REPORT JANUARY -SEPTEMBER 202 5 TRUECALLER AB
Truecaller Interim Report 2025
July-September 2025 (Q3)
Comparative figures refer to July-September 2024
• Net sales increased by 2 percent to SEK 467.9
million (457.3). Net sales in constant currencies
increased by approximately 14 percent.
• EBITDA excluding the costs of incentive programs
decreased by 1 percent to SEK 186.2 million (187.3)
equivalent to an EBITDA-margin of 39.8 (41.0)
percent. In constant currencies the EBITDA
increase was approximately 14 percent.
• EBITDA including the costs of incentive programs
decreased by 3 percent to 162.5 (167.4),
corresponding to an EBITDA-margin of 34.8 (36.6)
percent. In constant currencies the EBITDA
increase was approximately 14 percent.
• Profit after tax amounted to SEK 108.5 million
(117.8).
• Basic earnings per share were SEK 0.32 (0.34) an
diluted earnings per share were SEK 0.32 (0.34).
• The average number of active users excluding
iOS (MAU) increased by 56.3 million to 441.7 million
(385.4).
• Net sales decreased by 4 percent in India,
increased by 14 percent in the Middle East and
Africa and by 21 percent in the rest of the world.
January-September 2025
Comparative figures refer to January-September 2024
• Net sales increased by 9 percent to SEK 1,461.3
million (1,340.4). Net sales in constant currencies
increased by approximately 18 percent.
• EBITDA excluding the costs of incentive programs
increased by 13 percent to SEK 596.4 million (526.5)
equivalent to an EBITDA-margin of 40.8 (39.3)
percent. In constant currencies the EBITDA increase
was approximately 26 percent.
• EBITDA including the costs of incentive programs
was stable and amounted to 484.4 (483.1),
corresponding to an EBITDA-margin of 33.2 (36.0)
percent. In constant currencies the EBITDA increase
was approximately 14 percent.
• Profit after tax amounted to SEK 328.2 million
(373.9).
• Basic earnings per share were SEK 0.96 (1.08) and
diluted earnings per share were SEK 0.96 (1.08).
• The average number of active users excluding iOS
(MAU) increased by 54.8 million to 426.7 million
(371.9).
• Net sales increased by 5 percent in India, by 22
percent in the Middle East and Africa and by 19
percent in the rest of the world.

FINANCIAL KEY FIGURES
Group, SEKm (unless otherwise stated)

2025
Jul-Sep
2024
Jul-Sep
2025
Jan-Sep
2024
Jan-Sep
2024
Jan-Dec
Net sales 467.9 457.3 1,461.3 1,340.4 1,863.2
Gross profit 354.3 351.9 1,121.9 1,018.5 1,421.5
Gross margin (%) 75.7% 77.0% 76.8% 76.0% 76.3%
EBITDA, excluding incentive costs 186.2 187.3 596.4 526.5 758.0
EBITDA margin (%), excluding incentive costs 39.8% 41.0% 40.8 39.3% 40.7%
EBITDA 162.5 167.4 484.4 483.1 684.2
EBITDA margin (%) 34.7% 36.6% 33.1% 36.0% 36.7%
EBIT (operating profit) 145.9 154.7 436.5 444.3 632.1
EBIT margin (%) 31.2% 33.8% 29.9% 33.1% 33.9%
Profit or loss after net financial income or expense 148.4 158.2 455.3 496.3 698.9
Basic earnings per share (SEK) 0.32 0.34 0.96 1.08 1.51
Diluted earnings per share (SEK) 0.32 0.34 0.96 1.08 1.51
Equity 1,237.6 1,347.6 1,237.6 1,347.6 1,506.4
Total assets 1,703.1 1,737.6 1,703.1 1,737.6 1,955.5
Equity to assets ratio (%) 72.7% 77.6% 72.7% 77.6% 77.0%
Employees at the end of the period 454 410 454 410 418

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INTERIM REPORT JANUARY -SEPTEMBER 202 5 TRUECALLER AB
Significant events during the quarter
• Continued high user growth. During the quarter, the average number of monthly active users excluding
iOS (MAU) increased to 441.7 million, which is an increase of 15 percent compared to the third quarter of
2024. The average number of daily active users (DAU), excluding iOS, increased to 379.3 million, an
increase of 17 percent compared to the same period in 2024. Compared to the second quarter of 2025,
the number of MAU increased by approximately 15 million and DAU by over 12 million.
• Advertising revenue is estimated to have decreased by 1 percent in constant currencies and with 10
percent in SEK. In MEA (Middle East and Africa) and the rest of the world, sales increased in local
currency, while they decreased slightly in local currency in India. The period started relatively strong, but
after an unannounced algorithm change from our largest ad network partner, the number of ad views
on Truecaller decreased. Since then, intensive work has been underway to mitigate the effects of the
algorithm change. In parallel, Truecaller has continued to execute its long-term strategy of diversifying
ad revenues through collaborations with more ad networks, increased direct sales, and more diversified
geographical sales. Since 2022, the share of revenue from the two largest networks has successively
decreased from 70% of total revenue to 45% of total revenue due to Truecallers strategy to diversify ad
revenue sources with additional demand platforms and due to the strong growth in Truecallers recurring
revenues.
• Truecaller's growth in paying subscribers was a record high, and subscription revenues increased by
55 percent in local currency and by 43 percent in SEK. The average number of paying subscribers
increased by 310,000 during the quarter. This was an increase of 34% compared to the previous year and
10% compared to the previous quarter. Subscriber growth was strong on both iOS and Android. The
Family Plan continued to grow strongly. Revenues were driven by both a higher conversion rate, 0.69%
(0.59% during the corresponding quarter in 2024), to paying users — and an increase in average revenue
per paying user (ARPU) to SEK 10.04 per month (SEK 9.23). The number of paying users on iOS increased
by approximately 20 percent during the quarter. On iOS, the conversion rate is now 3.46% (2.58%) and
ARPU is SEK 13.57 (SEK 13.07). The relative growth of subscription revenue is higher on iOS than on Android.
iOS accounted for 47% (42%) of premium revenues, but revenues are increasing significantly from both
platforms. Subscription revenues increased in all regions, and the largest part of the growth came from
regions outside India and the Middle East/Africa.
• Revenue from Truecaller for Business (TfB) increased by approximately 39 percent in fixed currencies
and by 21 percent in SEK. All parts of the enterprise business—Verified Business, Business Messaging, and
risk products—showed good growth. Within Verified Business, ARR (Annual Recurring Revenue) in
constant currency was 43% higher compared to the third quarter last year and 13% higher than the end
of the second quarter. Growth continues to be driven by a combination of new sales and existing
customers utilizing more products and/or expanding agreements to more countries or a larger part of
their operations. Revenue churn remains very low. The strongest relative revenue growth is happening
outside India, but revenues continue to develop strongly in India as well. Growth within Truecaller's risk
product, Number Intelligence, continued to increase with several agreements signed with prominent
customers in banking and finance, as well as credit reporting agencies. Business Messaging continued to
show growth compared to the same period last year. However, growth has temporarily flattened out as a
result of our choice not to deliver large volumes of marketing messages.
• Truecaller launched the AI platform advantage that uses advanced machine learning and real-time
data to help companies deliver more accurate messages, create stronger engagement, and drive better
business results. The platform, which continuously learns from user interactions and refines results, has
been tested with very good results within Truecaller's advertising business and for business messages.
Events after the period
• On October 9, Truecaller surpassed 450 million monthly active users on Android. This corresponds to a
growth of just over 50 million users compared to the end of 2024.
• Verified Business (VB) is launched in Europe. As part of the geographical expansion of Truecaller's
enterprise products, VB was launched in Europe. The platform contains a multitude of features that help
companies build trust, increase answer rates, and improve engagement by turning previously unknown
business calls into verified, context-driven interactions.

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INTERIM REPORT JANUARY -SEPTEMBER 202 5 TRUECALLER AB

Strong growth in recurring revenue and users,
ads impacted by external challenges
During the third quarter, we continued to see very strong growth in both our recurring revenue streams.
Premium subscription revenues grew by 55% in constant currency, on the back of increasing
conversions of non-paying users on both Android and iOS. We achieved an all-time high growth in the
number of subscribers during the quarter, reflecting strong product engagement and continued
consumer demand.
We also saw continuing robust growth of Truecaller for Business, where revenues grew with 39% in
constant currency, supported by continued low churn, increasing enterprise adoption and geographical
diversification. Growing recurring revenues continues to be one of our most important strategic goals,
and we will intensify our efforts here even further going forward.
Our ads business experienced a challenging environment and revenues declined with 1% in constant
currency. The quarter started really well, with increasing demand in July to mid August. However,
factors outside of our control, namely, macro-economic uncertainty due to the ongoing trade tariff
discussions and the regulatory ban on Real Money Gaming (RMG) in India, then started to have a
negative impact on the overall demand in the Indian ads market. Effects from FX continued to be part of
the headwinds we faced as well. On top of this, our largest advertising network partner made a change
in their algorithm in relation to click through tracking, without prior notice or detailed clarification,
causing a downturn in revenues to us and several other large publishers. This, despite no change in user
behavior or ad delivery on our platform. This issue significantly contributed to weaker ad revenues
toward the second half of the quarter. Of course, we have been and will continue working tirelessly to
recover from this and will not rest until it is fully resolved.

CEO WORD Q3 2025

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INTERIM REPORT JANUARY -SEPTEMBER 202 5 TRUECALLER AB
Albeit having a negative revenue effect now, these
developments strengthen the conviction in our strategy to
diversify our revenue streams and our revenue sources
within ads, and focus on a less volatile growth trajectory
that we are in full control of. Our ads business fundamentals
are healthy, but what got us this far will not take us to the
next phase of growth. We continue to execute towards our
long-term strategic targets; a material pivot towards more
direct ad sales, more ads traffic based on our own ads
platform and a more diversified geographical mix. We are
strengthening our capacity to execute on those targets,
and are signing up both more direct ads customers from a
wider range of verticals and new demand partners
continuously. Another important component in this
strategy was the launch in Q3 of adVantage, our proprietary
AI-powered recommendation engine which allows for
precise segmentation and targeting using AI. The platform
has been tested during the year and has consistently
delivered improve d ROI to both, our ads business and
Truecaller for Business, and is now being scaled up further.

During the last three years we have significantly reduced
our dependency on our two largest ad partners, from 71% of
total revenues in 2022 to approximately 45% in Q3 2025. We
will continue this diversification, which over time will
enhance our ability to navigate market fluctuations while
creating a more robust growth foundation for the future.

In terms of financials, total net sales grew by 2% during the
quarter (14% in constant currency). EBITDA decreased by 3%
(14% growth in constant currency) while maintaining an
EBITDA-margin of 34.7 % (36.6% in constant currency).

User engagement and adoption continue to be very strong,
highlighting the relevance and trust in our platform. We
have now surpassed 450 million active users globally on
Android, and subscription growth remains strong across
both iOS and Android, demonstrating widespread demand
for safer and more reliable communication.

Consequently, we continue to invest —
both in our advertising business and, even
more strategically, in our recurring revenue
streams, as well as product development for
our existing customers. We are confident
that this over time will translate into highe r
overall ARPU and revenue growth which will
benefit our shareholders.

We’re a t a stage where our long -term ambitions remain
fully attainable —but they demand sustained focus and
commitment. External headwinds, such as FX fluctuations
and advertising market fluctuations, mean that meeting
our financial target for 2025 has become more challenging
than initially expected. At the same time, our user base and
overall growth opportunities have expanded beyond what
we anticipated. Consequently, we continue to invest — both
in our advertising business and, even more strategically, in
our rec urring revenue streams, as well as product
development for our existing customers. We are confident
that this over time will translate into higher overall ARPU and
revenue growth which will benefit our shareholders.

Since I took over as CEO at the beginning of this year, we
have had our fair share of market volatility and external
challenges, and there is work to be done to overcome those
fully. But the team and I are laser focused on aspects of our
business that we c an control — global user growth,
premium subscriber growth, enterprise ARR, direct ad sales,
and partner diversification — all of which are progressing
well. This accelerates our strategic progress and positions
Truecaller for renewed ads momentum. Our rec urring
revenue streams continue to grow at a high and steady
rate, and disregarding the FX headwinds, we continue to
show good overall growth.

I am confident that our products and services will continue
to see increasing demand, and that we will continue to be
the best solution globally for safe and secure voice and
messaging communication.

Rishit Jhunjhunwala, CEO

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INTERIM REPORT JANUARY -SEPTEMBER 202 5 TRUECALLER AB
Truecaller at a glance
Quarterly review, financial data
FINANCIAL KEY FIGURES
Group, SEKm (unless otherwise stated)

2025
Jul-Sep
2024
Jul-Sep
2025
Jan-Sep
2024
Jan-Sep
2024
Jan-Dec
Net sales 467.9 457.3 1,461.3 1,340.4 1,863.2
Gross profit 354.3 351.9 1,121.9 1,018.5 1,421.5
Gross margin (%) 75.7% 77.0% 76.8% 76.0% 76.3%
EBITDA, excl. incentive costs 186.2 187.3 596.4 526.5 758.0
EBITDA margin (%), excl incentive costs 39.8% 41.0% 40.8% 39.3% 40.7%
EBITDA 162.5 167.4 484.4 483.1 684.2
EBITDA margin (%) 34.7% 36.6% 33.1% 36.0% 36.7%
EBIT (operating profit) 145.9 154.7 436.5 444.3 632.1
EBIT margin (%) 31.2% 33.8% 29.9% 33.1% 33.9%
Profit or loss after net financial income or expense 148.4 158.2 455.3 496.3 698.9
Basic earnings per share (SEK) 0.32 0.34 0.96 1.08 1.51
Diluted earnings per share (SEK) 0.32 0.34 0.96 1.08 1.51
Equity 1,237.6 1,347.6 1,237.6 1,347.6 1,506.4
Total assets 1,703.1 1,737.6 1,703.1 1,737.6 1,955.5
Equity to assets ratio (%) 72.7% 77.6% 72,7% 77.6% 77.0%
Employees at the end of the period 454 410 454 410 418

OPERATIONAL KEY FIGURES
July - September 2025 Total India
Middle East &
Africa
Rest of the
world
Monthly Active Users excl. iOS (MAU), quarterly average
(millions) 441.7 318.9 90.0 32.8
Daily Active Users excl. iOS (DAU), quarterly average
(millions) 379.3 281.1 72.2 26.0
Average ad sales revenue per non-iOS DAU (SEK) 0.77 0.75 0.71 1.13
Average monthly revenue per user (ARPU) for premium
subscriptions (SEK) 10.04 7.07 8.18 16.03
July - September 2024 Total India Middle East &
Africa
Rest of the
world
Monthly Active Users excl. iOS (MAU), quarterly average
(millions)
385.4 280.0 76.1 29.3
Daily Active Users excl. iOS (DAU), quarterly average
(millions)
325.5 243.2 60.9 21.5
Average ad sales revenue per non-iOS DAU (SEK) 0.99 0.99 0.82 1.44
Average monthly revenue per user (ARPU) for premium
subscriptions (SEK) 9.23 6.11 8.21 15.52

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INTERIM REPORT JANUARY -SEPTEMBER 202 5 TRUECALLER AB
January-September 2025 Total India
Middle East &
Africa
Rest of the
world
Monthly Active Users excl. iOS (MAU), quarterly average
(millions) 426.7 308.2 86.3 32.2
Daily Active Users excl. iOS (DAU), quarterly average
(millions) 367.2 272.5 69.6 25.1
Average ad sales revenue per non-iOS DAU (SEK) 2.60 2.62 2.21 3.49
Average monthly revenue per user (ARPU) for premium
subscriptions (SEK) 9.97 7.11 8.03 15.99
January-September 2024 Total India
Middle East &
Africa
Rest of the
world
Monthly Active Users excl. iOS (MAU), quarterly average
(millions) 371.9 271.0 72.8 28.1
Daily Active Users excl. iOS (DAU), quarterly average
(millions) 315.2 236.3 58.2 20.6
Average ad sales revenue per non-iOS DAU (SEK) 3.09 3.16 2.32 4.37
Average monthly revenue per user (ARPU) for premium
subscriptions (SEK) 9.05 5.82 8.64 15.33
January-December 2024 Total India
Middle East &
Africa
Rest of the
world
Monthly Active Users excl. iOS (MAU), quarterly average
(millions) 378.9 275.6 74.5 28.7
Daily Active Users excl. iOS (DAU), quarterly average
(millions) 321.8 240.8 59.8 21.2
Average ad sales revenue per non-iOS DAU (SEK) 4.18 4.24 3,25 6.04
Average monthly revenue per user (ARPU) for premium
subscriptions (SEK) 9.21 6.04 8.51 15.51

385 400 412 427 442
326 341 356 367 379
0
50
100
150
200
250
300
350
400
450
Q324 Q424 Q125 Q225 Q325
Users excl. iOS, in million
Monthly Active Users (MAU), avg Daily Active Users (DAU), avg
456 457
523 497 496
468
0
100
200
300
400
500
600
Q224 Q324 Q424 Q125 Q225 Q325
MSEK
Net sales

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INTERIM REPORT JANUARY -SEPTEMBER 202 5 TRUECALLER AB

344 352
403 394 383
354
70%
72%
74%
76%
78%
80%
0
50
100
150
200
250
300
350
400
450
Q224 Q324 Q424 Q125 Q225 Q325
MSEK
Gross profit Gross margin
177 187
231
199 212
186
0%
10%
20%
30%
40%
50%
0
50
100
150
200
250
300
Q224 Q324 Q424 Q125 Q225 Q325
MSEK
EBITDA excl. incentive costs
EBITDA EBITDA-margin
165 167
201
149
173 163
0%
10%
20%
30%
40%
50%
0
50
100
150
200
250
300
Q224 Q324 Q424 Q125 Q225 Q325
MSEK
EBITDA incl. incentive costs
EBITDA EBITDA-margin

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INTERIM REPORT JANUARY -SEPTEMBER 202 5 TRUECALLER AB
Financial performance
Third quarter 2025 (July-September)
Revenues
Total revenues during the third quarter increased by 4
percent compared to the corresponding quarter the
previous year and amounted to SEK 476.7 (458.9) million.
Currency effects had a substantial negative effect on
revenues during the quarter. The increase in constant
curencies is estimated to have been 15 percent. Other
income amounted to SEK 8.8 (1.5) million.

Net sales amounted to SEK 467.9 (457.3) million during the
third quarter, a n inc rease by 2 percent compared to the
corresponding quarter the previous year. Net sales growth
in constant currencies is estimated to have been 14 percent,
see Currency exposure below.

Net sales distributed by region
Net sales increased by 15 percent in the Middle East & Africa
(MEA) to SEK 73.8 million (SEK 64.5 million) and by 21 percent
in the Rest of the World (RoW) to SEK 78.2 million (SEK 64.6
million), and decreased by 4 percent in India to SEK 315.9
million (SE K 328.2 million). Sales growth in all reported
regions was negatively affected by the strengthened
Swedish Krona (SEK).

Net sales distributed by service
Ad revenues decreased by 10 percent to SEK 290.2 million
(SEK 322.6 million). In fixed currencies, ad revenues are
estimated to have decreased by 1 percent.

Ad revenue per daily active user (DAU), excluding iOS,
decreased to SEK 0.77 (SEK 0.99) and decreased by 1 5
percent in fixed currencies. The decrease in ad revenue per
daily active user is a combination of a weaker advertising
market and user growth in markets, such as Africa, where
purchasing power is relatively low so far, but where
Truecaller sees significant long -term revenue
opportunities.

Ad revenues in fixed currencies increased in MEA (Middle
East & Africa) and RoW (Rest of the World) but decreased
in India. In Swedish Krona, ad revenues decreased in India,
increased slightly in MEA, and decreased slightly in RoW.
Average prices for Truecaller's advertising products (CPM)
decreased in SEK but increased slightly in fixed currencies
compared to the same period last year. The number of ad
impressions that generated revenue for Truecaller
decreased by approximately 10 p ercent. Ad impressions
and revenue from Truecaller's largest ad partner
decreased significantly in the middle of the quarter after an
unannounced algorithm change. Truecaller continues to
work on the long-term strategy of diversifying ad revenues
both in t erms of channels and geography. Ad revenues
from channels outside the two largest ad networks
continued to show growth.

Revenues from premium subscriptions increased by 43
percent to SEK 87.1 million (SEK 67.3 million). Revenue growth
in fixed currencies amounted to 56 percent. The strongest
relative revenue growth was noted on iOS. Premium
revenues are growing steadily as a result of an improved
offering, with more features launched in combination with
more targeted marketing of the premium service. The
average number of paying users increased by 34 percent
compared to the same quarter last year and amounted to
3.30 million (2.46 million). The conversion rate to paying
users continued to increase and averaged 0.69% (0.59)
during the quarter. The average revenue per user also
increased, amounting to SEK 10.04 (SEK 9.23). The growth in
average revenue per user was higher in lo cal currencies.
Revenue from iOS accounts for approximately 47% (42%) of
total premium revenue, and the average number of
subscribers on iOS increased by 59 percent compared to
the same period last year and by 20 percent compared to
the previous quarter. The conversion rate on iOS amounted
to 3.36% (2.58%) and the average monthly revenue per user
amounted to SEK 13.57 (SEK 13.07). Revenues grew steadily
in all regions, with the fastest growth in the Rest of the World,
which now accounts for almost half of t he revenue from
premium subscriptions.

Revenues from Truecaller for Business increased by 21
percent to SEK 79.9 million (SEK 65.8 million). In fixed
currencies, growth is estimated at 39 percent. Revenues
developed positively in all revenue areas: Verified Business,
Business Messaging, and risk products. For Verified
Business, Annual Recurring Revenue (ARR) increased by 25
percent to SEK 251 million (SEK 200 million). The growth in
ARR in fixed currencies amounted to approximately 43
percent compared to the same period last year. A growing
number of customers choose longer contracts and
packages that include more of the products Truecaller has
developed for businesses, which increases the revenue per
customer. Truecaller's business services are highly valued
by customers, resulting in a low numb er of cancellations.
India 67.5%
Africa and Middle East
15.8%
RoW 16.7%

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

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INTERIM REPORT JANUARY -SEPTEMBER 202 5 TRUECALLER AB
Revenue churn from such cancellations in relation to total
revenues averaged approximately 2.7 percent (4.0%)
during the quarter. Through a partnership with the CPaaS
company Tanla, Truecaller also sends B2C messages to its
users. The volume of business me ssages increased
compared to the previous year, and 3.9 billion (3.4 billion)
messages were sent during the quarter. Revenues from
Truecaller's risk products increased during the quarter, with
more agreements signed with customers in sectors such as
finance.

Other revenues within net sales amounted to SEK 8.8 million
(SEK 1.5 million).

Gross profit
Gross profit increased by 1 percent to SEK 354.3 million (SEK
351.9 million) compared to the same period last year. The
gross margin amounted to 75.7 percent (77.0 percent). The
lower gross margin is a combination of a slight increase in
the average commis sion paid to advertising partners and
slightly higher server and verification costs. The gross
margin is mainly affected by fees paid to partners such as
Google and Apple, as well as costs for the verification of
new users and for the servers used for the company's
services.

Operating profit
EBITDA excluding costs for incentive programs decreased
by 1 percent and amounted to SEK 186.2 million (SEK 187.3
million), with an EBITDA margin excluding incentive costs of
39.8 percent (41.0 percent). Growth in fixed currencies
amounted to approximately 14 percent.

EBITDA including costs for incentive programs decreased
by 3 percent to SEK 162.6 million (SEK 167.4 million), with an
EBITDA margin of 34.8 percent (36.6 percent). In fixed
currencies, EBITDA increased by approximately 1 4 percent
compared to the same period last year.

Operating profit (EBIT) decreased by 6 percent to SEK 145.9
million (SEK 154.7 million), corresponding to an operating
margin of 31.2 percent (33.8 percent).

Staff costs during the quarter increased by 8 percent to SEK
111.9 million (SEK 103.5 million). Salary costs primarily
increased as a result of the annual salary adjustment that
takes effect at the beginning of the second quarter, as well
as slightly increased costs for incentive programs. Staff
costs excluding incentive programs increased by 6 percent
and amounted to SEK 88.3 million (SEK 83.6 million).

The Group's long -term incentive program resulted in a
salary-related cost of SEK 38.0 million (SEK 16.7 million) with
a corresponding increase in equity, and social security
contributions of SEK -14.4 million (SEK 3.2 million) which is
reported as a provis ion in the balance sheet. The costs for
the incentive programs consist of provisions for estimated
social security contributions when employee stock options
or RSUs (Restricted Stock Units) are exercised by Swedish
employees, and an accounting cost for the potential
dilution that arises through stock options and RSUs. Only the
social security contributions affect cash flow —and only if
and when options or RSUs are redeemed. The salary -
related costs increased due to the launch of the annual
incentive program for 2025. Incentive costs related to salary
are valued at fair value and are amortized over the
program's term. The social security contributions are
affected by the share price at each reporting date and may
therefore amount to higher sums in the event of a positive
share price development, which can create volatility in the
income statement. See further information in note 5.

Other external costs increased by 7 percent to SEK 88.6
million (SEK 82.6 million) compared to the same period last
year.

Profit and earnings per share for the period
Profit before tax decreased by 8 percent to SEK 148.4 million
(SEK 158.2 million). Net profit for the period after tax
amounted to SEK 108.5 million (SEK 117.8 million). Net
financial income amounted to SEK 2.6 million (SEK 3.5
million).

The total tax expense amounted to SEK 39.9 million (SEK 40.3
million), corresponding to an effective tax rate of 26.9
percent (25.5 percent) for the Group. The effective tax rate
is a combination of the Swedish and Indian corporate tax
rates, and as an inc reasing share of the Group's profit is
allocated to India, the tax rate is expected to gradually
increase. However, there are also some variations between
the quarters.

Earnings per share before dilution amounted to SEK 0.32
(SEK 0.34) and after dilution to SEK 0.32 (SEK 0.34).

Cash flow and financial position
Cash flow from operating activities amounted to SEK 26.0
million (SEK 121.7 million), of which SEK -81,0 million (SEK -19.9
million) is attributable to changes in working capital and
SEK -70.4 million (SEK -44.6 million) is attributable to paid
income tax. The changes in working capital is mainly
attributable to the vesting of incentive programs that took
place in June but had cash flow effects between Q2 and Q3
and change in accounts pa yable. Paid tax is expected to
decrease in the fourth quarter as the estimated preliminary
tax in Sweden has been adjusted based on the year's actual
outcome. Cash flow from investing activities amounted to
SEK 16.9 million (SEK -201.9 million) and included
investments in short -term interest funds of SEK ( -) (SEK -
200 million). Cash flow from financing activities amounted
to SEK -77,4 million (SEK -88.7 million) and included
repurchases of own shares of SEK -73.3 million (SEK -80.4
million). Net cash flow for the period amounted to SEK -34,5
million (SEK -169.0 million).

At the end of the quarter, Truecaller had cash and cash
equivalents amounting to SEK 395.3 million (SEK 334.4
million) and SEK 595.1 million (SEK 771.6 million) placed in
short-term interest funds. The solvency ratio amounted to
72.7 percent (77.6 percent).

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

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INTERIM REPORT JANUARY -SEPTEMBER 202 5 TRUECALLER AB
Truecaller has a revolving corporate credit facility of SEK
500.0 million (SEK 500.0 million). As of the balance sheet
date, SEK - (-) million had been utilized. The revolving
corporate credit facility is available until 2028.

The Group's total assets as of September 30, 2025,
amounted to SEK 1,703.1 million (SEK 1,737.6 million). The
carrying amounts for financial assets and financial
liabilities are assessed to substantially correspond to their
fair value.

The Group's trade receivables amounted to SEK 127.4 million
(SEK 110.4 million) and receivables from advertising
networks and platform owners amounted to SEK 120.9
million (SEK 124.1 million). Compared to the previous quarter,
trade receivables decreased. The increase in trade
receivables compared to the previous year is primarily due
to the growth of Truecaller for Business, as well as increased
direct ad sales to end customers and via new ad network
partners. Payment terms for the company's customers are
normally 30–90 days. Truecaller closely monitors customer
payments to ensure that overdue payments are kept as low
as possible. Customers who do not pay according to
business agreements are terminated. Reported but not yet
realized customer credit losses i n the balance sheet
amounted to SEK 9.6 million (SEK 2.3 million) as of
September 30, 2025. Receivables from advertising networks
and platform owners are mainly linked to outstanding
receivables from platforms like Google.

Investments
During the third quarter of 202 5, SEK 8.7 (1.5) million were
capitalized as internally developed intangible assets.
Truecaller capitalizes certain R&D investments where future
financial benefits can be accurately forecasted. Most of the
Group’s R&D work is however taken as a direct cost, as the
future financial benefits of on-going R&D work is difficult to
forecast accurately.

Currency exposure
The majority of Truecaller's revenues are denominated in
Swedish Krona (SEK) through partners such as Google and
Apple. Therefore, there is limited direct currency risk
exposure. These partners, in turn, invoice users of
Truecaller's services partly in local currencies, which entails
an indirect currency risk exposure for Truecaller. However,
Truecaller does not have complete information on the
currency risk or how the currency impact is managed by
the partners and can therefore currently not quantify the
indirect currency risk with precision.

The largest currency risks are connected to INR (Indian
Rupee) and USD (US Dollar). A weakening of the SEK against
these currencies has a positive effect on the company's
sales and earnings, even though it simultaneously
increases the company's costs.

The company estimates that exchange rate changes had
a negative impact on net sales of approximately SEK 51
million during the third quarter of 2025 compared to the
corresponding quarter in 2024. This was due to a
strengthening of the SEK against most foreign currencies,
on average by 12% against the INR and 9% against the USD,
compared to the same period in 20 24. The company also
estimates that exchange rate changes had a negative
effect on EBITDA of approximately SEK 28 million,
corresponding to approximately 1.9 percentage points on
the EBITDA margin.

Parent company
Parent company income for the quarter amounted to SEK
2.5 (1.9) million which refers to billing of subsidiaries for
services rendered. The profit before tax amounted to SEK -
5.9 (-6.1) million. The profit after tax amounted to SEK -4.7 (-
4.9) million. Cash and cash equivalents on 30 September
2025 amounted to SEK 44.1 (29.8) million. In addition to the
cash and cash equivalents the parent company has SEK
173.7 (260.3) million invested in short -term interest rate
funds. No investments have taken place in intangible or
tangible assets. At the end of the period, 1 (2) person was
employed in the parent company.

0
100
200
300
Q224 Q324 Q424 Q125 Q225 Q325
MSEK
Trade receivables
Receivables ad networks and platforms

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

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INTERIM REPORT JANUARY -SEPTEMBER 202 5 TRUECALLER AB
Financial performance
January-September 2025
Revenues
Total revenues for the period increased by 11 percent
compared to the corresponding quarter last year and
amounted to SEK 1,489.4 million (SEK 1,347.8 million). The
increase in fixed currencies is estimated to be 19 percent.
Other revenues amounted to SEK 28.2 million (SEK 7.4
million).

Net sales amounted to SEK 1,461.3 million (SEK 1,340.4
million), an increase of 9 percent compared to the
corresponding period last year. Truecaller's estimate is that
net sales growth in fixed currencies was 18 percent, see the
section on Currency Exposure below.

Net sales distributed by region
Net sales in India increased by 5 percent to SEK 1,025.7
(978.7), by 21 percent to SEK 215.6 (177.5) million in Africa and
the Middle East and by 19 percent to SEK 219.9 (184.2) million
in the Rest of the world. The sales growth in in all reported
regions was negatively affected by the strengthened SEK.

Net sales distributed by service
Ad revenues in SEK decreased by approximately 2 percent
to SEK 955.2 million (SEK 972.6 million). Truecaller estimates
that ad revenues increased by 6 percent in fixed currencies.
Truecaller's direct sales increased and contributed
positively to the gross margin during the period.

Ad revenue per daily active user (DAU), excluding iOS,
decreased to SEK 2.60 (SEK 3.09). The decrease in fixed
currencies was approximately 9 percent.

All regions increased revenues in fixed currencies, and the
strongest growth was reported in MEA, where both the
increased number of users and higher average price per ad
impression contributed positively.

The average prices for Truecaller's advertising products
(CPM) decreased slightly in SEK but increased slightly in
fixed currencies compared to the same period last year.
The number of ad impressions that generated revenue for
Truecaller increased by approximately 2 percent
compared to the same period last year.

Revenues from premium subscriptions increased by 40
percent to SEK 265.5 million (SEK 190.1 million). Revenue
growth in fixed currencies was approximately 49 percent.
The strongest relative revenue growth occurred on iOS. All
regions showed strong growth.

Revenues from Truecaller for Business increased by 37
percent to SEK 236.7 million (SEK 173.0 million). Revenue
growth in fixed currencies was approximately 5 0 percent.
All parts of the business —Verified Business, Business
Messaging, and risk products—noted strong growth.

Other revenues within net sales amounted to SEK 28.2
million (SEK 7.4 million).

Gross profit
Gross profit increased by 10 percent to SEK 1,121.9 million (SEK
1,018.5 million) compared to the same period last year. The
gross margin amounted to 76.8 percent (76.0 percent). The
increased gross margin was primarily due to a growing
enterprise business and stable costs for servers and
verification. The gross margin is mainly affected by fees
paid to partners such as Google and Apple, as well as costs
for the verification of new users and for the servers used for
the company's services.

Operating profit :
EBITDA excluding costs for incentive programs increased by
13 percent and amounted to SEK 596.4 million (SEK 526.5
million), and the EBITDA margin excluding incentive costs
was 40.8 percent (39.3 percent). Growth in fixed currencies
was approximately 26 percent.

EBITDA including costs for incentive programs was stable
and reached SEK 484.4 million (SEK 483.1 million), with an
EBITDA margin of 33.1 percent (36.0 percent). In fixed
currencies, EBITDA increased by approximately 1 4 percent
compared to the same period last year.

Operating profit (EBIT) decreased by 2 percent and
amounted to SEK 436.5 million (SEK 444.3 million),
corresponding to an operating margin of 29.9 percent (33.1
percent).

Staff costs during the period increased to SEK 389.7 million
(SEK 299.7 million). Salary costs increased primarily due to
the annual salary adjustment that takes effect at the
beginning of the second quarter, as well as increased costs
for incentive programs. T he cost increase excluding
India 70.2%
Africa and Middle East
14.8%
RoW 15.0%

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

13
INTERIM REPORT JANUARY -SEPTEMBER 202 5 TRUECALLER AB
incentive costs was 8 percent to SEK 277.7 million (SEK 256.3
million).

The Group's long -term incentive program resulted in a
salary-related cost for the period of SEK 94.3 million (SEK
37.4 million) with a corresponding increase in equity, and
social security contributions of SEK 17.6 million (SEK 6.0
million) which are repor ted as a provision in the balance
sheet. The costs for the incentive programs consist of
provisions for estimated social security contributions when
employee stock options or RSUs are exercised by Swedish
employees, as well as an accounting cost for potent ial
dilution from options and RSUs. Only the social security
contributions affect cash flow, and only when the options or
RSUs are utilized. The salary-related costs increased due to
the introduction of a new program in 2025. Salary -related
incentive costs are valued at fair value and are amortized
over the program's term. The social security contributions
are affected by the share price at the end of each reporting
period and may therefore be higher with positive share
price development, which can create v olatility in the
income statement. More information can be found in Note
5.

Other external costs increased to SEK 276.0 million (SEK
243.0 million) compared to the same period last year. The
main drivers for the increase were investments in
marketing costs, including for the new iOS app during the
first quarter of 2025, and slight ly higher growth -related
costs.

Profit and earnings per share for the period
Profit before tax decreased to SEK 455.3 million (SEK 496.3
million). Net profit after tax for the period amounted to SEK
328.2 million (SEK 373.9 million).

Net financial income amounted to SEK 18.8 million (SEK 52.0
million). The lower net financial income is mainly due to less
favorable changes in the value of short -term interest -
bearing securities and less favorable currency movements.

The total tax expense amounted to SEK 127.0 million (SEK
122.4 million), corresponding to an effective tax rate of 27.9
percent (24.7 percent) for the Group. The effective tax rate
is a combination of the Swedish and Indian corporate tax
rates, and as an i ncreasing share of the Group's profit is
allocated to India, the tax rate is expected to gradually
increase. However, there are variations between the
quarters.

Cash flow and financial position
Cash flow from operating activities amounted to SEK 397.8
million (SEK 361.7 million), of which SEK 1. 7 million (SEK -70.9
million) is attributable to changes in working capital and
SEK -191.2 million (SEK -130.9 million) is attributable to paid
income tax. Paid tax is expected to decrease in the fourth
quarter of 2025 due to an adjustment of preliminary ta x
payments. Cash flow from investing activities amounted to
SEK 219,9 million (SEK 192.2 million) and included the sale of
short-term interest funds of S EK 350.0 million (SEK 400.0
million) as well as an investment in short -term interest
funds of SEK -100.0 million (SEK -200 million). Cash flow from
financing activities amounted to SEK -669.0 million (SEK -
850.1 million) and included repurchases of own shares of
SEK -90.1 million (SEK -217.8 million) and paid dividends
amounting to SEK -583.2 million (SEK -589.8 million). Net
cash flow for the period amounted to SEK -51.2 million (SEK
-296.2 million).

Truecaller has a revolving corporate credit facility of SEK
500.0 million (SEK 500.0 million). As of the balance sheet
date, SEK - (-) million had been utilized. The revolving
corporate credit facility is available until 2028.

The Group's trade receivables amounted to SEK 127.4 million
(SEK 110.4 million) and receivables from advertising
networks and platform owners amounted to SEK 120.9
million (SEK 124.1 million). The increase in trade receivables
is primarily due to the growt h of Truecaller for Business, as
well as increased direct ad sales to end customers and via
new ad network partners. Payment terms for the company's
customers are normally 30 –90 days. Truecaller closely
monitors customer payments to ensure that overdue
payments are kept as low as possible. Customers who do
not pay according to business agreements are terminated.
Reported but not yet realized customer credit losses in the
balance sheet amounted to SEK 9.6 million (SEK 2.3 million)
as of September 30, 2025. R eceivables from advertising
networks and platform owners are mainly linked to
outstanding receivables from Google and Meta.

Investments
During the period, SEK 27.0 (6.2) million were capitalized as
internally developed intangible assets. Truecaller
capitalizes certain R&D investments where future financial
benefits can be accurately forecasted. Most of the Group’s
R&D work is however taken as a direct cost, as the future
financial benefits of on -going R&D work is difficult to
forecast accurately.

Currency exposure
The majority of Truecaller's revenues are denominated in
Swedish Krona (SEK) via partners such as Google and
Apple. Consequently, the company has limited direct
currency exposure. However, these partners in turn invoice
users of Truecaller's services partly in local currencies,
which creates an indirect currency exposure for Truecaller.
The company does not have full information on the
currency exposure or how currency fluctuations are
managed by these partners, and therefore cannot

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

14
INTERIM REPORT JANUARY -SEPTEMBER 202 5 TRUECALLER AB
currently quantify the indirect currency exposure with
precision. The largest currency exposure is against the INR
and USD. A weakening of the SEK against these currencies
has a positive impact on the company's sales and earnings,
even though it simultaneo usly increases the company's
costs.

The company estimates that exchange rate changes had
a negative impact on net sales of approximately SEK 1 15
million during the 2025 reporting period compared to the
corresponding period in 2024, primarily as a result of a
significantly stronger SEK. The company also estimates that
exchange rate changes had a negative impact on EBITDA
of approximately SEK 65 million, corresponding to
approximately 1.8 percentage points on the EBITDA margin.

Parent company
Parent company income for the quarter amounted to SEK
21.6 (6.4) million which refers to billing of subsidiaries for
services rendered. The profit before tax amounted to SEK
450,0 (395.6) million. The profit after tax amounted to SEK
450.0 (396.4) million. Cash and cash equivalents on 30
September 2025 amounted to SEK 44.1 (29.8) million. In
addition to the cash and cash equivalents the parent
company has SEK 173.7 (260.3) million invested in short -
term interest rate funds. No investments have taken place
in intangible or tangible assets. At the end of the period, 1
(2) person was employed in the parent company.

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

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INTERIM REPORT JANUARY -SEPTEMBER 202 5 TRUECALLER AB
Product update
Truecaller is executing its strategic vision to transition
from being a caller ID application to a comprehensive
personal communication safety layer. The product
advancements during the third quarter reflect a deep
commitment to building a trust infrastruc ture that
proactively addresses the global surge in spam, fraud,
and anonymous communication.

By leveraging advanced AI and machine learning, the
company is moving beyond passive identification to
deliver proactive communication intelligence, helping
users determine not just who is calling, but why it
matters—a crucial Unique Selling Proposition (U SP) in
today’s digital landscape.

This quarter's innovations across AI, monetization, and
B2B services underscore the company's sustained focus
on building a robust, diversified platform for sustainable
long-term growth.

A layer of personal communication
safety: General product & AI updates
During the quarter, Truecaller substantially scaled its
proprietary AI -powered identity and messaging features,
reinforcing its position as the default trust engine for billions
of calls and messages across the globe.

The company's focus on identifying the intent behind a call,
not just the name, was evident in the expansion of its AI
Identity solution. This advanced capability, which can even
flag potential deception by identifying recently or
frequently changed names, as well as other types of fraud
and other signals using a color -coded system saw
significant adoption. AI Identity impressions grew from 158
billion in the second quarter to 189 billion in the third quarter,
demonstrating increased user reliance on these smarter
features.

Similarly, the volume of AI -powered Message IDs (MIDs),
which add crucial context to SMS, experienced massive
growth, soaring from over 7.4 billion impressions in the
second quarter to more than 14 billion in the third quarter —
an increase of nearly 90 percent quarter-over-quarter.

Truecaller's greatest strength is its community -driven
network, which continues to provide essential feedback
that fuels its intelligence systems. The number of user
surveys answered grew from 212 million to 242 million
quarter-over-quarter, demonstrating continued feedback
and engagement from Truecaller’s users. This collaborative
defense mechanism enabled a 68 percent increase in
Scam Feed users during the quarter, as the company
scaled awareness of current fraud trends to a new set of
users, with plans t o bring Scam Feed to audiences outside
India in Q4.

Significant strides were also made in bridging the product
parity gap between Android and iOS, a critical step for
future monetization. Improvements to the Live Lookup
service on iOS included more frequent data ingestion to
identify the latest spammers and enhanced caching of
frequently blocked numbers, which directly improves
blocking efficiency by reducing latency. Furthermore,
Premium users in India can now use Aadhaar verification to
confirm their identity and receive a blue tick within the app.
To prov ide better control, the ability to block custom
number series was extended to all Premium users, while this
feature was made available for free to all users in Chile as
a pilot.

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

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Strong momentum in Premium revenues
The quarter marked a significant milestone for Truecaller's
Premium subscriptions, demonstrating its increasing
success in generating recurring revenue streams beyond
its core advertising business.

In Q3, Premium revenues hit 96.4 million, representing a 11
percent quarter-over-quarter (QoQ) growth rate, a 43
percent year-over-year (YoY) increase, and a 56 percent
YoY increase in constant currencies. Total number of
subscriptions grew by 10 percent QoQ, with iOS leading the
relative platform growth at 19.5 percent QoQ.

International markets were key growth drivers. The Middle
East and Africa (MEA) and Rest of World (ROW) regions
demonstrated strong growth across both platforms. The
United States remains a key market, contributing 17
percent of total iOS revenue and 7 percent of total Android
revenue, with QoQ growth of 14 percent and 10 percent,
respectively. India also showed specific traction on iOS,
with 20 percent revenue, and 21 percent subscription
growth QoQ. Notably, several Premium-focused markets
experienced exceptional subscription growth, including
Nigeria (36 percent), Colombia (33 percent), and Brazil (21
percent). Encouragingly, the global iOS Premium renewal
rate remained strong with approximately 90% renewal
rate, signaling strong product satisfaction among paid
users.

To enhance retention and increase adoption, the
company continued to refine its Premium Monetization
Engine. New churn journeys were implemented, leveraging
the Monetization Engine to deliver customized
communication and offers before, during, and after
subscription expiration to reduce involuntary churn. Future
development will focus on integrating AI to scale content
creation, facilitating continuous delivery, and exploring
partnership opportunities for offer bundling.

Truecaller ads and adVantage
The third quarter was characterized by consolidation and
momentum within the advertising stack, focusing on
scaling high -impact experiences, deepening data
intelligence, and strategically expanding ad inventory.

The in -house ad server, TAS, made major strides in
improving branding products, including Truecaller
Masthead and Truecaller Play, making them more viewable
and measurable for advertisers. A new Prime-view solution
was introduced, allowing brands to own mu ltiple ad
touchpoints throughout the user journey. Furthermore, the
launch of contextual targeting on the post -call screen
allows for responsible and meaningful connections with
audiences based on call categories. On the performance
front, creative and placement-level optimization, alongside
retargeting high -value cohorts, drove significant
improvements in Return on Investment (ROI) for major
clients.

A major highlight of the quarter was the launch of
AdVantage, the fully automated, AI -driven
recommendation engine designed to deliver sharper
targeting, higher user engagement, and improved
advertiser outcomes. This initiative significantly deepens
the data and AI backbone of the ads ecosystem. The data
pipeline for facilitating continuous A/B testing on the ads
platform was completed, enabling evidence -based
product decisions.

In terms of supply and monetization, the team introduced
several new ad formats, including AppOpen Ads, Carousel
Ads on Details View, and Rewarded Ads, diversifying the
portfolio and unlocking high -yield monetization streams.
Geo-level supply optimization further ensured inventory
alignment with high-demand markets.

Driving adoption in key enterprise
solutions
Truecaller for Business (TfB) continued its strong growth
trajectory in the third quarter, validating the strategy of
establishing a Verified Business Caller solution as a
service—often described as a 'Stripe for verified
communication'—and a lightweight d igital identity
backbone.

The quarter was marked by high adoption rates for
customer experience (CX) features among TfBs enterprise
clients: Call Reason reached 75 percent, Call -Me-Back
(CMB) hit 40 percent, and Video Caller ID (VCID) achieved
31 percent adoption.

The offering was expanded with the launch of a new
carousel format for Verified Campaigns, providing
marketing teams with a better tool to engage customers
with multiple simultaneous campaigns and increase
customer Lifetime Value (LTV). A specialized product,
Verified Banners on SMS Message ID (MID), was introduced
specifically to target high transactional SMS volumes in the
Banking, Financial Services, and Insurance (BFSI) sector,
allowing clients to maximize their SMS investment.

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

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The Number Intelligence (NI) product maintained strong
performance, contributing to both revenue and new
customer acquisition, particularly through strategic partner
deals. New features were released to empower customers
to quickly test NI scores against t heir own models,
substantially reducing the sales cycle.

The company's partnership with Tanla continues to be a key
driver for transactional and promotional messaging
volumes for the Business Messaging offering. Encouraging
early results are also being observed from the testing of
adVantage, the new targeting platform designed to help
improve prom otional messaging targeting and enabling
other use-cases.

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

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Other disclosures
Truecaller's Data Processing
Truecaller's platform is designed with consideration for
privacy and data protection. It is built on consent,
transparency, and purpose limitation. Users have full
control over their personal data, while information about
non-users is processed restrictively and solely to promote
secure and informed communication.

Truecaller only processes data that users provide with
informed and explicit consent. When a user chooses to use
Truecaller, only minimal personal data, such as name and
phone number, is collected to enable caller identification
in accordance with applicable regulations. Any additional
information voluntarily provided by the user is completely
optional and governed by the user's own settings. Users
can remove their phone numbers from Truecaller's
platform at any time via a public website or by contacting
Truecaller's customer support.

Truecaller has implemented extensive and industry-
standard security measures to protect the integrity of
collected and processed personal data. This includes
secure servers, access controls, and cloud security
provided by reputable vendors. The technical architecture
is built on strict organizational separation, ensuring
compliance with applicable data protection regulations in
all jurisdictions. The absolute majority of data processed
concerns user data, business data (outside the scope of
data protection), and spam-related data. Some users
voluntarily choose to contribute data, such as name
suggestions.

For non-user data, processing is based on Truecaller's
legitimate interest in providing accurate caller ID services,
enabling informed decisions, and reducing exposure to
unwanted or malicious communication. All data
processing occurs with strong safeguards for personal
integrity. Data is limited to what is necessary, anonymized,
and pseudonymized. Storage time is strictly limited to
what is required to provide the services.

Users can block, report, or unmark numbers themselves
and are clearly informed in the app about how their
contributions and data are used to protect the
community. Non-users have access to clear information
via Truecaller's privacy policy and can request that their
number be removed from the search database at any
time.

Indian tax survey
During the fourth quarter 2024, Truecaller was subject to a
tax survey in India. Such surveys are commonplace for
multinational companies, and often focuses on transfer
pricing arrangements. Truecaller has a well balanced and
well documented transfer pricing policy in place since 2018.
At this point in time the company sees no reason to assume
that this recent Indian survey will result in any material
increased tax payments in India for revenues recognised
during previous financial periods, once the process reaches
its final conclusion. This assessment may change during
the course of the process. As Truecaller's business
operations and revenue streams develop, the company
continuously assesses the existing model, in co -operation
with relevant tax authorities, in order to stay compliant with
local tax regulations. It is conceivable that this may lead to
adaptions to the present model that may increase future
tax payments in one jurisdiction, whi le reducing them in
others.

Risks and uncertainties
Like all companies. Truecaller is exposed to various types of
risk in the course of business. These include risks related to
currency movements. dependence upon certain strategic
partners. the general economic trend and developments in
the financial market. technical progress. dependence on
key individuals. legal risks and risks associat ed with
personal privacy. as well as tax risks and political risks. Risk
management is an integrated component of the
management of Truecaller. The risks described for the
Group could also have indirect impact on the parent
company. A complete description of risks and uncertainties
associated with Truecaller is provided in the 202 4 annual
report.

Forward-looking statements
The report presents statements pertaining to matters
including Truecaller’s financial position and performance
as well as statements on market conditions that may be
forward-looking. Truecaller believes the expectations
reflected in these forward -looking s tatements are based
on reasonable assumptions. Forward -looking statements
are. however. associated with risks and uncertainties and
actual outcomes or consequences may differ materially
from those presented here. In addition to that required
under applicab le law. forward -looking statements apply
only on the date presented and Truecaller disclaims any
obligation to update them in the light of new information or
future events.

Outlook
Truecaller does not publish forecasts.

Parent company
Truecaller AB, corporate registration number 559278-2774,
is a Swedish public company whose registered office is in
Stockholm. Sweden.

Financial calendar
Year-end report 2025: 17 February 2026

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

19
DELÅRSRAPPORT JANUARI-SEPTEMBER 2022 TRUECALLER AB
Interim report Q1 2026: 7 May 2025
Interim report Q2 2026: 17 July 2026
Interim report Q3 2026: 3 November 2026
Contact details
Rishit Jhunjhunwala CEO
E-mail: rishit.jhunjhunwala@truecaller.com

Odd Bolin, CFO
Ph: +46 70 428 31 73 E-mail: odd.bolin@truecaller.com

Andreas Frid, Head of IR & Communication
Ph: +46 705 29 08 00 E-mail: andreas.frid@truecaller.com

Auditor’s review
This interim report has 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 20 =====

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Condensed consolidated statement of
profit or loss
Amounts in SEK 000s Note
2025
Jul-Sep
2024
Jul-Sep
2025
Jan-Sep
2024
Jan-Sep
2024
Jan-Dec

Net sales 3 467,941 457,306 1,461.257 1,340,442 1,863,218
Other income 71 27 1,221 1,182 1,236
Work performed by the entity and capitalized 8,681 1,522 26,959 6,196 11,881
Third party fees -113,598 -105,372 -339,360 -321,981 -441,728
Other external costs -88,626 -82,572 -275,967 -242,999 -330,501
Employee costs -111,925 -103,497 -389,738 -299,728 -419,898
Depreciation, amortization and impairments -16,681 -12,716 -47,914 -38,856 -52,067
EBIT (operating profit) 145,863 154,698 436,458 444,256 632,140

Net financial income or expense 2,583 3,480 18,799 52,049 66,724
Profit or loss after net financial income or
expense

148,446 158,178 455,257 496,305 698,864

Tax -39,935 -40,348 -127,026 -122,412 -174,541
Profit for the period 1) 108,510 117,830 328,232 373,893 524,323

Earnings per share
Basic earnings per share (SEK) 0.32 0.34 0.96 1.08 1.51
Diluted earnings per share (SEK) 0.32 0.34 0.96 1.08 1.51

Average number of shares before dilution 343,820,038 344,875,897 343,454,642 347,013,520 346,995,706
Average number of shares after dilution 343,820,038 344,875,897 343,454,642 347,013,520 346,995,706

1) The profit for the period is attributable entirely to shareholders in the parent company.

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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
2025
Jul-Sep
2024
Jul-Sep
2025
Jan-Sep
2024
Jan-Sep
2024
Jan-Dec
Profit or loss for the period 108,510 117,830 328,232 373,893 524,323

Other comprehensive income for the period
Items that will be reclassified to profit and loss in
subsequent periods

Foreign exchange translation differences -13,100 -10,142 -43,247 393 14,403
Changes in cashflow hedges 4,238 - -4,163 - -1,416
Items that will not be reclassified to profit and loss
in subsequent periods

Remeasurements of defined -benefit pension
plans
- - - - 68
Other comprehensive income for the period -8,862 -10,142 -47,410 393 13,056

Comprehensive income for the period 1) 99,648 107,688 380,822 374,286 537,378

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Condensed consolidated statement of
financial position
Amounts in SEK 000s Note
2025
30 Sep
2024
30 Sep
2024
31 Dec
ASSETS

Non-current assets
Goodwill 44,757 44,807 49,083
Other intangible assets 43,224 23,194 27,589
Property. plant and equipment 10,807 14,774 14,455
Right-of-use assets 70,883 103,462 95,744
Non-current financial assets 4 32,698 32,698 32,698
Deferred tax assets 34,489 35,615 36,229
Other non-current receivables 4 11,692 13,795 22,664
Total non-current assets 248,550 268 346 278,461

Current assets
Current receivables 4 464,133 363,241 353,020
Short-term placements 4 595,084 771,616 827,950
Cash and cash equivalents 4 395,337 334,361 496,047
Total current assets 1,454,555 1,469,218 1,677,017

TOTAL ASSETS 1,703,105 1,737,564 1,955,479

EQUITY AND LIABILITIES

Equity
Equity attributable to owners of the parent 1,237,597 1,347,600 1,506,439
Total equity 1,237,597 1,347,600 1,506,439

Non-current liabilities
Liability arising from defined-benefit pension plans 9,308 7,716 9,386
Lease liabilities 56,305 73,109 74,331
Deferred tax liability 27,106 36,115 35,399
Other non-current liabilities 4 14,918 12,082 13,779
Total non-current liabilities 107,638 129,022 132,893

Current liabilities
Lease liability 37,780 33,676 25,798
Other current liabilities 4 320,091 227,265 290,347
Total current liabilities 357,870 260,942 316,146

TOTAL EQUITY AND LIABILITIES 1,703,105 1,737,564 1,955,479

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Condensed consolidated statement of
cash flows
Amounts in SEK 000s
2025
Jul-Sep
2024
Jul-Sep
2025
Jan-Sep
2024
Jan-Sep
2024
Jan-Dec

Operating activities
Profit or loss after net financial income or expense 148,446 158,178 455,257 496,305 698,864
Adjustments for non-cash items 28,925 28,013 132,024 67,160 101,090
Income tax paid -70,380 -44,632 -191,188 -130,890 -177,128
Cash flow from operating activities before
changes in working capital

106 991 141,559 396 093 432,575 622,826

Net cash from changes in working capital
Change in operating receivables -25,398 -25,457 -36,813 -76,885 -68,657
Change in operating liabilities -55 583 5,565 38 562 6,001 49,916
Net cash from operating activities 26,010 121,667 397,842 361,691 604,086

Investing activities
Acquisitions of Group companies, net effect on cash and
cash equivalents

- - - - -
Purchases of property, plant and equipment -968 -468 -3,084 -1,578 -2,298
Purchases of intangible assets -8,681 -1,522 -26,959 -6,196 -11,881
Purchases of short-term investments - -200,000 -100,000 -200,000 -250,000
Sale of short-term investments - - 350,000 400,000 400,000
Change in financial receivables 26,549 - - - -5,665
Investment in non-current financial assets - - - - -
Net cash used in investing activities 16,900 -201,990 219,957 192,226 130,157

Financing activities
New share issue -1 - -1 - -
Funds received for warrants 2,024 - 30,846 - 1,126
Repurchase of warrants - - -76 -18,287 -18,361
Amortization of lease liability -6,120 -8,127 -26,540 -24,275 -33,272
Buyback of treasury shares -73,308 -80,468 -90,077 -217,775 -241,797
Dividend - - -583,158 -589,799 -589,799
Net cash from (-used in) financing activities -77 405 -88,684 -669 007 -850,136 -882,104

Net cash flow for the period -34 494 -169,008 -51 209 -296,219 -147,861
Cash and cash equivalents at the beginning of the period 446,880 512,617 496,047 631,347 631,347
Foreign exchange differences in cash and cash
equivalents -17 049 -9, 248 -49 502 -768 12,560
Cash and cash equivalents at the end of the period 395,337 334,361 395,337 334,361 496,046

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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 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
Share 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

Opening balance at 1 January 2025 764 1,738,172 4,854 -237,350 1,506,440
Profit for the period - - - 328,232 328,232
Other comprehensive income for the period - - -43,247 - -43,247
Changes in cashflow hedges - - -4,163 - -4,163
Comprehensive income for the period - - -47,410 328,232 280,822

Transactions with owners of the Group
Share issue 1 - - - 1
Cancellation of treasury shares - - - - -
Treasury shares after transaction costs - - - -90,077 .-90,077
Warrants - 30,770 - - 30,770
Share-based payment - - - 92,799 92,799
Dividend 1) - - - -583,158 -583,158
Total 1 30,770 - -580,435 -549,664
Closing balance at 30 September 2025 765 1,768,943 -42,555 -489,553 1,237,598

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.

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Condensed parent company income
statement

Amounts in SEK 000s Note
2025
Jul-Sep
2024
Jul-Sep
2025
Jan-Sep
2024
Jan-Sep
2024
Jan-Dec

Operating revenue 2,478 1,904 21,573 6,383 10,405
Other external costs -5,529 -3,010 -16,380 -8,833 -10,919
Employee costs -1,885 -3,686 -15,233 -10,058 -14,937
EBIT (operating profit) -4,936 -4,792 -10,040 -12,507 -15,451

Net financial income or expense 998 -1 333 460,063 408 125 556,974
Profit or loss after financial items -5,934 -6,125 450,022 395,618 541,523

Appropriations - - - - 8,500
Profit or loss before tax -5,934 -6,125 450,022 395,618 550,023

Tax 1,221 1,245 -71 794 -129
Profit or loss for the period -4,713 -4,880 449,951 396,412 549,893

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Condensed parent company balance
sheet

Amounts in SEK 000s Note
2025
30 Sep
2024
30 Sep
2024
31 Dec
ASSETS

Non-current assets
Investments in Group companies 10,297,177 10,297,177 10,297,177
Deferred tax receivable - - -
Total non-current assets 10,297,177 10,297,177 10,297,177

Current assets
Current receivables 5,446 6,839 3,604
Receivables from Group companies 36,945 13,539 24,306
Short-term placements 173,678 260,311 260,311
Cash and cash equivalents 44,090 29,829 68,414
Total current assets 260,159 310,518 356,635

TOTAL ASSETS 10,557,336 10,607,695 10,653,812

EQUITY AND LIABILITIES

Equity and liabilities
Equity 10,554,802 10,496,188 10,645,516
Receivables to Group companies 1,180 105,000 -
Current liabilities 10,353 6,507 8,296
TOTAL EQUITY AND LIABILITIES 10,557,336 10,607,695 10,635,812

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Notes
Note 1. Significant accounts policies
This interim report covers the Swedish parent company
Truecaller AB (“Truecaller”) , company registration number
559278-2774, and its subsidiaries. The principal business of
the Group is to develop and publish software. primarily
mobile Caller ID applications , under the Truecaller brand.
The parent is a limited liability company registered and
domiciled in Stockholm , Sweden. The address of the head
office is Mäster Samuelsgatan 56, 111 21 Stockholm. Sweden.

Truecaller applies International Financial Reporting
Standards (IFRS). as adopted by the EU. The interim report
for the Group was prepared in compliance with IAS 34
Interim Financial Reporting and applicable sections of the
Swedish Annual Accounts Act (199 5:1554). Disclosures
according to IAS 34 are provided in other parts of the
interim report. in addition to the financial statements. The
interim report for the parent company was prepared in
accordance with the Annual Accounts Act. Chapter 9
Interim Financ ial Reporting. and recommendation RFR 2
Accounting of Legal Entities issued by the Swedish Financial
Accounting Standards Council. The accounting principles ,
basis for measurement and estimates and judgements
applied on the interim report for the Group and the parent
are identical to those applied in Truecaller’s annual report.
Accordingly, refer to the most recently published annual
report for a description of applied accounting policies.

Equity
Shares issued by the company are classified as equity.
Additional costs arising directly from the issue of common
shares and stock options are recognized as a debit item in
equity after deducting tax effects , if any. When Truecaller’s
shares classified as equity are repurchased. the amount of
consideration paid is recognized as a reduction in equity.
after deducting tax effects. if any. Repurchased shares are
classified as treasury shares and recognized as a d ebit
item under equity. When treasury shares are subsequently
sold or reissued. the amount received is recognized as an
increase in equity and the surplus or deficit resulting from
the transaction is transferred to or from other capital
contributions.

Financial instruments at fair value
The group has non -current financial assets consisting of
the investment in Mayhem Studios. The non -current
financial assets are valued at fair value through the income
statement. As no market quotation exists for the
investment, its fair value is determine d through other
observable data (level 3)
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
2025
Jul-Sep
2024
Jul-Sep
2025
Jan-Sep
2024
Jan-Sep
2024
Jan-Dec
Geographical region
India 315,857 328,248 1,025,727 978,686 1,350,600
Middle East and Africa 73,777 64,458 215,627 177,504 253,512
Rest of the world 78,306 64,600 219,903 184,252 259,106
Revenue from contracts with customers 467,941 457,306 1,461,257 1,340,442 1,863,218

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The geographical distribution is based on where the customer has their mobile subscription.

Amounts in SEK 000s
2025
Jul-Sep
2024
Jul-Sep
2025
Jan-Sep
2024
Jan-Sep
2024
Jan-Dec
Type of service
Advertising revenues 290,189 322,644 955,140 972,618 1,344,598
User revenues 96,444 67,342 265,528 190,126 267,821
Truecaller for Business 79,914 65,843 236,730 173,084 244,943
Other revenues 1,394 1,477 3,859 4,614 5,856
Revenue from contracts with customers 467,941 457,306 1,461,257 1,340,442 1,863,218

Note 4. Financial instruments

Measurement of financial assets and liabilities at 30 September 2025

FINANCIAL ASSETS

Financial assets
measured at fair value
through profit and loss
Financial assets
measured at amortized
cost Total carrying amount
Other non-current receivables - 11,692 11,692
Non-current financial assets 32,698 - 32,698
Claims on advertising networks and platform
owners
- 120,886 120,886
Trade receivables - 127,392 127,392
Short-term placements 595,084 - 595,084
Cash and cash equivalents - 395,337 395,337
Total 627,782 655,307 1,283,089

FINANCIAL LIABILITIES
Trade payables - 39,509 39,509
Conditional consideration (earnout) 9,073 - 9,073
Total 9,073 39,509 48,582

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

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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 December 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 - 22,664 22,664
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 827,950 - 827,950
Cash and cash equivalents - 496,046 496,046
Total 860,648 753,224 1,613,871

FINANCIAL LIABILITIES
Trade payables - 32,476 32,476
Conditional consideration (earnout) 10,307 - 10,307
Total 10,307 32,476 42,783

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

2025
Jan-Sep

2024
Jan-Sep

2024
Jan-Dec
Balance at 1 January 827,950 941,256 941,256
Investment in short-
term placements
100,000 200 ,000 250,000

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Sale of short-term
placements
-350 000 -400,000 -400,000
Change in value
recognized in profit and
loss
17,134 30,360 36,694
Closing balance 594 084 771,616 827,950

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
2025
Jan-Sep
2024
Jan-Sep
2024
Jan-Dec
Balance at 1 January 10,307 8,404 8,404
Acquisition value - - -
Payout - - -
Change in value
recognized in profit
and loss
-1,234 704 1,903
Closing balance 9,073 9,108 10,307

Non-current financial assets
The group’s non -current financial assets consist of the
investment in Mayhem Studios that was made in 2023. The
non-current financial assets belong to level 3 in the
valuation hierarchy.
Note 5. Incentive programs
The Group applies IFRS 2 Share -based Payment to
employee stock options and performance -based share
rights, where the cost is measured at 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 pro gram based on the estimated
benefit value for participants.
The salary -related costs increased due to the
introduction of a new program in 2025. Salary -related
incentive costs are valued at fair value and are amortized
over the program's term. The social security contributions
are affected by the share price at the end of each reporting
period and may therefore be higher with positive share
price development, which can create volatility in the
income statement
For detailed historical information about the incentive
programs, refer to the 2024 annual report.

Costs of incentive
programs, SEKm 2025
Jul-
Sep
2024
Jul-
Sep
2025
Jan-
Sep
2024
Jan-
Sep
2024
Jan-
dec
Cost of vested
warrants per IFRS 2
-38,0 -16.5 -94,3 -37.2 -55,9
Social insurance
contributions
14,4 -3.21 -17,6 -6.0 -17,8
Costs of incentive
programs
-23,6 -19.7 -112,0 -43.3 -73,8

Note 6. Treasury shares
During 2025 Truecaller bought back 1,822,500 B shares for
SEK 90,1 million including transaction costs. Truecaller's
total holding of own shares per 2025-09-30 amounts to
5,767,832 B shares and 5,013,786 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
Apart from the usual events, no significant events to report.

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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, 2025-10-27

Nami Zarringhalam
Board Chair
Alan Mamedi
Director

Annika Poutiainen
Director

Aruna Sundararajan
Director

Helena Svancar
Director

Shailesh Lakhani
Director

Rishit Jhunjhunwala
CEO

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Alternative performance measurements
In accordance with ESMA (European Securities and Markets Authority) Guidelines on Alternative
Performance Measures. the definition and reconciliation of alternative performance measures used by
Truecaller are presented here. The guidelines entail additional disclosures regarding financial measures
not defined under IFRS. The performance measures shown below are presented in the interim report.
They are used for the purposes of internal control and monitoring. As all companies do not calculate
financial measures in the same way. these measures are not always comparable to measures used by
other companies. The following measures are measures used by Truecaller to clarify the company’s
performance and simplify evaluation for users of the company’s financial reports.

Key performance
measurements Definition Purpose
Gross profit Net sales minus brokerage costs. Gross profit is used to analyze profit minus direct costs
(costs related directly to brokerage of ad space and
the costs to onboard new premium users).
Gross margin Gross profit as a percentage of net sales. Gross margin is a measure of profitability minus direct
costs.
EBITDA EBIT before interest, taxes, depreciation
and amortization.
EBITDA is a measurement Truecaller uses to show how
current operations develop over time.
EBITDA margin EBITDA as a percentage of net sales. EBITDA margin is used to illustrate the profitability of
current operations excluding items affecting
comparability and before amortization.
EBIT (operating profit) Operating profit (earnings) before
interest and taxes
EBIT is used to analyze the profit generated by the
operating entity.
EBIT margin EBIT as a percentage of net sales. The EBIT margin is used to illustrate the profitability of
current operations.
Equity to assets ratio Equity divided by total assets. A measure to illustrate financial risk. expressed as the
percentage of total assets financed by shareholders’
equity.
Monthly Active Users
(MAU)
The number of users that have a
Truecaller profile and are active on the
platform on a monthly basis. Calculated
as an average of all days in the period.
Used to illustrate the volume of active users of
Truecaller’s services.
Daily Active Users (DAU) The number of users that have a
Truecaller profile and are active on the
platform on a daily basis. Calculated as
an average of all days in the period.
Used to illustrate the volume of active users of
Truecaller’s services.
Cost per thousand
impressions (CPM)
CPM illustrates the cost of displaying one
ad one thousand times.
Used to illustrate the effectiveness of the ad platform.
Average revenue
per user (ARPU)
The average revenue for one recurring
paying user (Truecaller Premium)
Used to illustrate how revenues per user develop over
time.

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RECONCILIATION OF SELECTED KEY FIGURES THAT ARE NOT DEFINED UNDER IFRS

Group, SEKm
2025
Jul-Sep
2024
Jul-Sep
2025
Jan-Sep
2024
Jan-Sep
2024
Jan-Dec
Gross profit and gross margin
Net sales 467.9 457.3 1,461.3 1,340.4 1,863.2
Minus third party fees -113.6 -105.4 -339.4 -322.0 -441.7
Gross profit 354.3 351.9 1,121.9 1,018.5 1,421.5
Divided by Net sales 467.9 457.3 1,461.3 1,340.5 1,863.2
Gross margin 75.7% 77.0% 76.8% 76.0% 76.3%

EBITDA and EBITDA-margin
EBIT (operating profit) 145.9 154.7 436.5 444.3 632.1
Excluding depreciation and amortization -16.7 12.7 47.9 38.9 52.1
EBITDA 162.5 167.4 484.4 483.1 684.2
Divided by Net sales 467.9 457.3 1,461.3 1,304.4 1,863.2
Adjusted EBITDA margin 34.7% 36.6% 33.1% 36.0% 36.7%

EBIT (operating profit) and EBIT margin
EBIT (operating profit) 145.9 154.7 436.5 444.3 632.1
Divided by Net sales 467.9 457.3 1,461.3 1,304.2 1,863.2
EBIT margin 31.2% 33.8% 29.9% 33.1% 33.9%

Equity to assets ratio
Total equity 1,237.6 1,347.6 1,237.6 1,347.6 1,506.4
Divided by Total assets 1,703.1 1,737.6 1,703.1 1,737.6 1.955.5
Equity to assets ratio 72.7% 77.6% 72.7% 77.6% 77.0%