TradeDoubler

Quarterly Report • Jul 21, 2022

QUARTERLY REPORT

January – June 2022

The second quarter, April – June 2022

• Total revenue amounted to SEK 383 M (333) an increase of 15% or 12% adjusted for changes in exchange rates compared to the same period last year.
• Gross profit was SEK 81 M (67) an increase of 21% or 18% adjusted for changes in exchange rates. Gross margin was 21.2% (20.2).
• Operating costs excluding depreciation and adjusted for change related items were SEK 64 M (51), an increase of 27% or 24% adjusted for changes in exchange rates.
• EBITDA amounted to SEK 16 M (16). Adjusted for change related items, EBITDA was SEK 17 M (17).
• Investments in immaterial assets, mainly related to product development, were SEK 7 M (7).
• Cash flow from operating activities was SEK 10 M (8).
• Earnings per share, before and after dilution were SEK 0.08 (0.34).

The interim period January – June 2022

• Total revenue amounted to SEK 787 M (690), which is an increase compared to the same period last year by 14% or 11% adjusted for changes in exchange rates.
• Gross profit was SEK 164 M (135) an increase of 21% and 18% adjusted for changes in exchange rates. Gross margin excluding change related items was 20.9% (19.6).
• Operating costs excluding depreciation and adjusted for change related items were SEK 125 M (103), an increase of 22% or 19% adjusted for changes in exchange rates.
• EBITDA amounted to SEK 38 M (30). Adjusted for change related items, EBITDA was SEK 39 M (32).
• Investments in intangible assets, mainly related to product development, were SEK 14 M (14).
• Cash flow from operating activities was SEK 18 M (-5) and the sum of cash and interestbearing financial assets was SEK 85 M (55) at the end of the period. Net cash in end of the year was SEK -6 M (-59).
• Earnings per share, before and after dilution were SEK 0.27 (0.33).
• In the first quarter, Tradedoubler acquired approximately 30% of the shares in the online video shopping company Onbaz, a Swedish startup technology company. The purchase and partnership agreement signed with Onbaz will give the group access to technologies that complement and extend its current offering and products within the growing market of influencer marketing.

SEK M	Apr-Jun 2022	Apr-Jun 2021	Jan-Jun 2022	Jan-Jun 2021
Total revenue	383	333	787	690
Gross profit	81	67	164	135
Gross margin	21,2%	20,2%	20,8%	19,6%
Operating costs excl. depreciation and change related costs	-64	-51	-125	-103
EBITDA adjusted for change related items	17	17	39	32
EBITDA-margin adjusted for change related items (%)	4,5%	5,0%	4,9%	4,6%
Change related items1	-1	-1	-1	-2
EBITDA	16	16	38	30
Operating profit (EBIT)	7	8	20	13
Net profit	3	15	12	15
Net investments in non-financial fixed assets	-8	-7	-16	-16
Cash flow from operating activities	10	8	18	-5
Liquid assets including financial investments, at period's end	85	55	85	55
Net cash2 , at period's end	-6	-59	-6	-59

¹ For more information regarding change related items see page 10

² Liquid assets less interest-bearing liabilities

PAGE | 02

Stockholm, 21 July 2022

Dear Shareholders,

Tradedoubler´s business continued to develop positively in the second quarter of 2022 and we were able to make another few steps forward in realizing results based on our amended market position and product portfolio.

Total revenue in Q2 grew by 12%, gross profit by 18% and EBITDA was SEK 16, all figures on currency adjusted comparison and without change related items.

Despite the macro-economic uncertainties we receive mainly positive signals from advertisers and partners. Our clients have ambitious growth targets and continue to invest significantly in performance marketing using our product portfolio of affiliate marketing, influencer marketing through the brand Metapic, app-install-business through the brand Appiness, and supporting display campaigns for brand awareness.

Our new products Metapic, Grow and Appiness continue to increase their share in our business and contribute now posivitively to the EBITDA result.

We see positive development in many industry verticals. Travel has the highest growth rates and is on pre covid levels now.

While there are some differences in the development of the regions due to different client portfolios and market environment, we have solid growth rates in all of them.

The increase of operational expenses compared to last year is directly linked to increased business activity as well as investments in our product platform and into the growth areas Metapic, Grow and Appiness.

In the coming quarters we will continue to further build on our market position and product portfolio. With these assets we will be able to continue our mission to grow the business of our clients and partners with meaningful results for all stakeholders. We enjoy a lot what we do and continue our mission with passion and courage. I look forward to your continued company on this journey.

Sincerely yours,

Matthias Stadelmeyer President and CEO

PAGE | 04

For advertisers and publishers, who want to grow their business, Tradedoubler offers performance marketing and technology solutions powering a unique network of connections. Combining over 20 years of digital marketing innovation and expertise, global presence, and a market leading technology platform we offer tailored performance solutions based on our clients' needs.

Industry-leading affiliate marketing network

Affiliate marketing is a risk-free solution for advertisers looking to increase sales or leads as they only pay for results.

Private-label partner management platform

Private-label partner management platform: Our award-winning technology platform allows advertisers, publishers, or agencies to manage partnerships directly themselves or setup and run their own private affiliate network.

Campaign management

We offer performance-based campaigns tailored to our client's needs and based on programmatic and non-programmatic inventory. From lead generation to display, native advertisement, video, and app install.

Marketing-leading business intelligence

Data driven insights including user journey reporting and analysis to optimize digital ad spend for the best return across all channels.

Building and growing relations is our lifeblood and our key expertise for more than 20 years. 281 employees based in 14 offices connect advertisers and publishers in more than 80 countries around the globe to grow their business.

With our performance marketing solutions and through our network of 180.000 publishers we generated over 3.7 billion Euro in revenue for our customers, more than 3.8 billion clicks and 91 million conversions for our clients last year.

If not explicitly stated, the disclosed financial information refers to reported numbers that are not adjusted for change related items nor changes in exchange rates. For more information regarding change related items see page 10.

Total revenue during the interim period amounted to SEK 787 M (690), which is an increase compared to the same period last year by 14% or 11% adjusted for changes in exchange rates.

Total revenue during the second quarter amounted to SEK 383 M (333) an increase of 15% or 12% adjusted for changes in exchange rates compared to the same period last year. The increase in revenue is mainly related by the travel sector which is now I similar levels as prior to covid 19.

Gross profit for during the interim period amounted to SEK 164 M (135) an increase of 21% or 18% adjusted for changes in exchange rates.

Gross profit during the second quarter was SEK 81 M (67) an increase of 21% or 18% adjusted for changes in exchange rates. Gross margin was 21.2% (20.2). Just like last quarter the higher gross margin is driven by increasing sales from campaigns, which has higher margins than the core business.

TOTAL REVENUE (SEK M) & GROSS MARGIN (%)

Operating costs excluding depreciation and change related items during the interim period amounted to SEK 125 M (103), an increase of 22% or 19% adjusted for changes in exchange rates.

Operating costs excluding depreciation and change related items during the second quarter was SEK 64 M (51), an increase of 27% or 24% adjusted for changes in exchange rates. The increased costs is mainly related to increased salary costs and investments into Metapic, Appiness and Grow.

Operating profit before depreciation and amortisation (EBITDA) during the interim period amounted to SEK 38 M (30). Adjusted for change related items, EBITDA was SEK 39 M (32). Depreciation and amortisation were SEK 17 M (17).

Operating profit thus amounted to SEK 20 (13) M during the interim period.

Operating profit before depreciation and amortisation (EBITDA) in the second quarter was SEK 16 M (16). Adjusted for change related items, EBITDA was SEK 17 M (17). Depreciation and amortisation were SEK 9 M (8). Operating profit thus amounted to SEK 7 (8) M in the second quarter.

Net financial items during the interim period were SEK -5 M (2) where of exchange rates effects were SEK -2 M (-2). Financial income and expenses amounted to SEK -3 M (4). In the comparison period the financial income was highly affected by the sale of the shares in Dynadmic. The sale of shares increased the financial income by SEK 9.3 M in the comparison period.

Net financial items in the second quarter were SEK -2 M (7) where of exchange rates effects were SEK 0 M (2). Financial income and expenses amounted to SEK -2 M (6), the comparison period was affected by the sale of Dynadmic as explained above.

Profit after tax during the interim period amounted to SEK 12 M (15), corporate income tax was SEK -3 M (-2).

Profit after tax during the second quarter amounted to SEK 3 M (15), corporate income tax was SEK -2 M (0).

If not explicitly stated, the disclosed financial information refers to reported numbers that are not adjusted for change related items nor changes in exchange rates. For more information regarding change related items see page 10.

Tradedoubler's operational segments are presented at a regional level where Tradedoubler's segments consists of DACH (Germany and Switzerland), France & Benelux (France and Netherlands), Nordics (Sweden, Norway, Denmark, Finland, and Poland), South (Italy and Spain) and UK & Ireland.

SEK M	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun
	2022	2021	2022	2021
Revenue
DACH	79	76	170	145
France & Benelux	83	74	174	144
Nordics	136	115	272	240
South	40	36	83	78
UK & Ireland	45	31	88	84
Total Revenue	383	333	787	690
EBITDA
DACH	6,7	5,6	15,3	10,7
France & Benelux	10,2	9,3	21,3	15,5
Nordics	8,9	7,4	18,5	16,6
South	3,9	3,9	9,0	8,0
UK & Ireland	2,1	1,9	4,7	5,1
Total	31,8	28,1	68,7	55,9
Group mgmt. & support functions	-15,5	-12,4	-31,2	-25,9
Total EBITDA	16,3	15,7	37,5	30,0
Depreciation and impairment	-9,0	-8,0	-17,3	-16,6
Operating profit as in consolidated
income statement	7,4	7,7	20,2	13,4
EBITDA/Total revenue, %
DACH	8,5	7,4	9,0	7,4
France & Benelux	12,3	12,5	12,3	10,8
Nordics	6,5	6,5	6,8	6,9
South	9,7	10,8	10,8	10,3
UK & Ireland	4,7	6,0	5,3	6,1
Total EBITDA Margin	4,3	4,7	4,8	4,3

Total revenue

Total revenue during the interim period amounted to SEK 787 M (690), which is an increase by 14% compared to last year. All regions increased their revenues compared to last year.

Total revenue during the second quarter amounted to SEK 383 M (333), which was an increase of 15 per cent or 12 per cent adjusted for changes in exchange rates. All regions increased their revenues compared to last year.

EBITDA

EBITDA during the quarter increased in all regions for the first time in a long time. Nordics increase their EBITDA the most due large revenue growth.

EBITDA-margin is lower than the same quarter last year and is mainly related to the higher costs within group management and support functions.

Costs for group management and support functions during the second quarter amounted to SEK 15 M (12).

Cash Flow

Cash flow from operating activities before changes in working capital, referring to EBITDA reduced by paid taxes, paid interest and non-cash items amounted to SEK 26 M (-16) during the interim period. Changes in working capital were SEK -8 M (-21).

Net investments in tangible and intangible assets during the interim period mainly related to product development amounted to SEK -16 M (-16). Cash flow amounted to SEK -14 M (-35).

Cash flow from operating activities before changes in working capital was SEK 7 M (8) in the second quarter. Changes in working capital were SEK 3 M (-1) and is as always very dependent on the payment patterns from customers.

Net investments in tangible and intangible assets during the second quarter mainly related to product development amounted to SEK -7 M (-7). Cash flow for the quarter amounted to SEK -7 M (-9).

Financial Position

Cash and cash equivalents at the end of the quarter amounted to SEK 85 M (55). Interestbearing liabilities amounted to SEK 91 M (114) and relates to the loan agreements with Reworld Media S.A. Net cash hence amounted to SEK -6 M (-59) at the end of the second quarter.

Consolidated shareholders' equity amounted to SEK 285 M (248) at the end of the quarter and the equity/asset ratio was 31.7 per cent (31.1). The return on equity during the rolling 12 months ending June 2022 was 7.9 per cent (31.1).

Change Related Items

For comparability reasons and to indicate the underlying performance, Tradedoubler adjusts for change related items. The following items affect the comparability in this report.

Change related items in 2022 amounted to SEK -1,1 M, where of -0,6 MSEK relates to costs linked to Reworld Media's share program to key management personnel which is described on page 8 in the Annual report 2021 and -0,6 that corresponds to a additional purchase price for the acquisition of the customer list that laid the foundation for the Appiness. Additional costs are because the revenue stream is higher than what could be assumed in connection with the agreement being concluded in 2020. The agreement expires in 2022 and it is estimated that costs of up to SEK 1 to 2 million may be added during the year.

Change related items in the interim period 2021 amounted to SEK -2,1 M and related to costs linked to Reworld Media's share program to key management personnel.

Seasonal Variations

Tradedoubler's operations particularly within Performance Marketing fluctuate with the development of e-commerce and online advertising. There are seasonal variations particularly within e-commerce. The highest level of activity is on "Black Friday" and before Christmas,

which implies that the first and the fourth quarter of a year are normally the strongest for Tradedoubler.

The Parent Company

The parent company's total revenue amounted to SEK 62 M (48) during the interim period and to SEK 30 M (28) during the second quarter. Revenue primarily consisted of internal licensing revenue to subsidiaries.

Operating profit (EBIT) was SEK 9 M (9) during the interim period and SEK -1 M (7) during the second quarter.

Net financial items amounted to SEK -6 M (3) during the interim period and to SEK -5 M (8) during the second quarter. Dividends from group companies impacted the quarter with SEK 1 M (0). Changes in exchange rates impacted with SEK -5 M (-2).

Corporate taxes were SEK 0 M (0) during the interim period. Profit after tax was SEK 2 M (12).

The parent company's receivables from group companies amounted to SEK 162 M (129) at the end of the quarter, of which none (0) were non-current. The parent company's liabilities to group companies were SEK 94 M (71), of which none (0) were non-current. Cash and cash equivalents amounted to SEK 37 M (20) at the end of the first quarter.

Deferred tax assets amounted to SEK 0 M (0) at the end of the quarter.

No capitalisation of deferred tax on loss has been made since the assessment of the possibility of using deferred tax on loss carry forwards is unchanged compared to previous period.

Employees

On June 30, 2022, Tradedoubler's staff corresponded to 276 (251) full-time equivalents (FTE) and included permanent and temporary employees as well as consultants.

Risks and Uncertainty Factors

Tradedoubler divides risks into market-related risks, operational risks, financial risks and legal risks. These risks are described on page 7 in the 2021 Annual Report. No significant risks and uncertainty factors have arisen in addition to those described in the 2021 annual report.

Critical Estimates and Judgements

Tradedoubler divides risks into market-related risks, operational risks, financial risks and legal risks. These risks are described in note C2 in the 2021 Annual Report. Excluding Covid-19 no significant risks and uncertainty factors have arisen in addition to those described in the 2021 annual report. PAGE | 11

Transactions with Related Parties

Transactions with the company's principal owner

The company's principal owner, Reworld Media, has as a publisher in France received remuneration of EUR 1 K, EUR 24 K for provided HR-support and EUR 74 K in remuneration for rent, both related to Tradedoubler's French subsidiary. Reworld Media has during 2022 been invoiced for purchased services from Tradedoubler France of EUR 69 K in total. Other subsidiaries have invoiced Reworld Media EUR 13 K.

On the balance sheet day the loan from Reworld Media amounted to SEK 90 M (EUR 8.81 M). The loan has an amortization structure and matures in 2026. The loan is subscribed on market terms and the interest expense during the year has amounted to SEK 1.9 M. Amortizations of the loan has during the year amounted to SEK 6,4 M.

The arm's length principle has been applied on all these transactions.

Management in Tradedoubler has taken part in the main owner Reworld Media's share program. A total of 200,859 share options have been granted to senior executives. The conditions of the share program are that the senior executives are allotted half of the shares if the senior executive is still employed within Tradedoubler on 27 September 2021. Remaining shares are allotted to the senior executive if they are still employed within Tradedoubler on 27 September 2022. Reworld Media's share price was EUR 1.9 on the allotment date, which was approximately 20 SEK. The value of these shares on the grant date was EUR 381,632, which equals 4,022,425 SEK. This amount is reported as an expense on an ongoing basis during the share program´s earning period and a provision for social security contributions is imposed based on the prevailing share price on the balance sheet date. In 2022, the reported costs of the share program amounted to SEK 453 K, of which debt for social security contributions amounts to SEK 142 K.

Transactions with management and the board of directors

Aside from transactions in the normal course of business or to the board and senior executives, the following first-party transactions have occurred during 2022. Tradedoubler's CEO Matthias Stadelmeyer has during the year received payment of EUR 16 K related to other services through his partly owned companies tryforyou GmbH and MY5 GmbH.

Tradedoubler's CTO Francois Pacot has during the year received payment of EUR 105 K related to his monthly fee as consultant and EUR 103 K related to other services through his fully owned companies.

During Q4 2020 Tradedoubler´s German subsidiary signed a lease agreement regarding an office in Munich with a German company owned by multiple members of the board and group management. Rent is paid at market rates and the expenses during the year amounted to 120 KEUR. During 2021 a similar lease agreement for premises in Mougins has been signed. Contracting parties are Tradedoubler´s French subsidiary R-advertising and a French company owned by multiple members of the board and group management. Rent is paid at market rates and the expenses during the year amounted to 12 KEUR.

During 2022 a similar lease agreement for premises in Berlin has been signed. Contracting parties are Tradedoubler´s German subsidiary and a German company owned by multiple members of the board and group management. Rent is paid at market rates and the expenses during the year amounted to 191 KEUR.

The arm's length principle has been applied on all these transactions.

Foreign Exchange Risk

Foreign exchange risk refers to the risk that changes in exchange rates may affect the consolidated income statement, balance sheet and cash flow statement. Foreign exchange risk exists in the form of transaction risk and translation risk. Tradedoubler is exposed to foreign exchange risk in 14 countries involving eight different currencies, with Euro (EUR), Polish Zloty (PLN) and British pounds (GBP) representing the majority share. During interim period approximately 52 (51) per cent of group sales were made in EUR, approximately 20 (19) in PLN and approximately 11 (12) per cent in GBP. Approximately 43 (40) per cent of the group's operational costs were in EUR, approximately 10 (11) per cent in PLN, and approximately 10 (10) per cent in GBP. Net investments in foreign currency or transaction risks are not currently hedged. Exposure attributable to exchange rate fluctuation in client and supplier invoices is limited since invoicing to customers and from suppliers largely occurs in local currency for all companies in the group.

Tradedoubler renegotiated the current loan deal with Reworld Media S.A. during the fourth quarter 2019. This facility is denominated in EUR and currently not hedged.

PAGE | 13

Significant events after the balance sheet date

No significant events have occurred after the balance sheet date.

Accounting policies

Tradedoubler applies International Financial Reporting Standards (IFRS) as adopted by the European Union. Tradedoubler's report for the Group is prepared in accordance with IAS 34, Interim Financial reporting and the Annual Accounts Act. Parent company accounts are prepared in accordance with the Annual Accounts Act. For the group and the parent company the same accounting principles and calculation basis's have been applied as in the latest annual report.

For financial instruments reported at amortised cost; accounts receivables, other current receivables and cash and cash equivalents, accounts payables and other current liabilities are deemed to correspond to carrying amount. Long term loans are measured at amortized cost, where accrued cost is determined on the basis of the effective interest rate measured when the liability was carried. The fair value of other liabilities is not deemed to deviate materially from the carrying amount.

No new or amended standards have been applied in 2022. For information on the accounting policies applied, see the 2021 annual report.

The share

The total number of shares at the end of the interim period was 45,927,449 (45,927,449), of which 790,760 (790,760) were in own custody. The average number of outstanding shares during the year was 45,136,689 (45,136,689).

Earnings per share, before and after dilution, amounted to SEK 0.27 (0.33) during the interim period and to SEK 0.08 (0.34) during the second quarter. Equity per share amounted to SEK 6.20 (5.40) at the closing date.

The share price closed at SEK 5.10 on the final trading day of the quarter, which was lower than at year-end 2021 when the share price closed at SEK 7.36.

Long term financial targets

The company's long-term financial targets, adopted by the board of directors, are to grow net sales in excess of 5 per cent annually in local currency and deliver an EBITDA/Gross profit-ratio in excess of 20 per cent over a business cycle.

Annual report

The annual report 2021 is available on Tradedoubler's website. Shareholders who would like to receive the annual report by post are requested to contact Tradedoubler at ir@tradedoubler.com or by telephone +46 8 405 08 00

Contact information

Matthias Stadelmeyer, President and CEO, telephone +46 8 405 08 00 Viktor Wågström, CFO, telephone +46 8 405 08 00. E-mail: ir@tradedoubler.com

Financial information

Interim report Jan-Sep 2022 3 November 2022 Year-end report 2022 10 February 2023

English version

Both an English version and a Swedish version of this report have been prepared. In the event of a difference between the two reports, the Swedish version shall prevail.

Other

Tradedoubler discloses the information provided herein pursuant to the EU Market Abuse Regulation and the Swedish Securities Markets Act. The information was released for publication on 21 July 2022 at 08.00 a.m. CET. Numerical data in brackets refers to the corresponding periods in 2021 unless otherwise stated. Rounding off differences may arise.

The Board of Directors' declaration

The Board of Directors and the CEO declare that the interim report for the period January to June 2022 provides a true and fair overview of the Parent Company's and the Group's operations, financial position and results of operations as well as describing the material risks and uncertainties facing the Parent Company and other companies in the Group.

Stockholm, 20 July 2022

Pascal Chevalier Chairman

Gautier Normand Board member

Erik Siekmann Board Member

Jérémy Parola Board member

Matthias Stadelmeyer President and CEO

Review report

Tradedoubler AB (publ), corporate identity number 556575-7423

Introduction

We have reviewed the condensed interim report for Tradedoubler AB as at June 30, 2022 and for the six 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 responsibility 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 responsible 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 auditing 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, July 20, 2022

Ernst & Young AB

Jennifer Rock-Baley Authorized Public Accountant

FINANCIAL REPORTING

Consolidated income statement

SEK 000's	Apr-Jun 2022	Apr-Jun 2021	Jan-Jun 2022	Jan-Jun 2021
Net Sales	382 563	332 558	786 260	689 687
Other revenue	688	336	983	738
Total revenue	383 252	332 895	787 243	690 425
Cost of goods sold	-301 883	-265 808	-623 289	-555 337
Gross profit	81 369	67 087	163 954	135 087
Selling expenses	-51 435	-40 812	-99 052	-82 885
Administrative expenses	-15 757	-12 355	-31 318	-26 153
Development expenses	-6 823	-6 205	-13 374	-12 670
Results from associated companies	-	-	-	-
Operating profit	7 354	7 716	20 210	13 380
Net financial items	-2 003	7 450	-4 862	2 130
Profit before tax	5 351	15 166	15 348	15 510
Tax	-1 830	101	-3 065	-468
Net Profit	3 521	15 267	12 284	15 042

Consolidated statement of comprehensive income

SEK 000's	Apr-Jun 2022	Apr-Jun 2021	Jan-Jun 2022	Jan-Jun 2021
Profit for the period, after tax	3 521	15 267	12 284	15 042
Other comprehensive income
Items that subsequently will be reversed in the
income statement
Translation difference, net after tax	8 617	-2 567	10 840	5 031
Total comprehensive income for the period,
after tax	12 138	12 701	23 124	20 073
Comprehensive income attributable to: Parent company shareholders	12 138	12 701	23 124	20 073

SEK	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun
	2022	2021	2022	2021
Earnings per share, before and after dilution	0,08	0,34	0,27	0,33
Number of Shares - Weighted average	45 136 689	45 136 689	45 136 689	45 136 689

Key ratios Group

SEK M	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun
	2022	2021	2022	2021
Gross profit (GP) / revenue (%)	21,2	20,2	20,8	19,6
EBITDA / revenue (%)	4,3	4,7	4,8	4,3
EBITDA / gross profit (GP) (%)	20,1	23,4	22,9	22,2
Equity/assets ratio (%)	31,7	31,1	31,7	31,1
Return on equity (12 months) (%)	7,9	9,0	7,9	9,0
Average number of employees	276	251	276	248
Return on Capital Employed
(12 months) (%)	9,4	10,0	9,4	10,0
Working Capital end of period (SEK M)	-119,4	-90,4	-119,4	-90,4
Cash flow from operating activities per share, SEK	0,23	0,17	0,40	-0,12
Equity per share, SEK	6,20	5,40	6,20	5,40
Stock price at the end of the period, SEK	5,10	4,74	5,10	4,74

Consolidated statement of changes in equity

SEK 000's	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun
	2022	2021	2022	2021
Opening balance	272 584	234 468	261 313	226 468
Total comprehensive income for the period	12 138	12 701	23 124	20 073
Equity-settled share-based compensation	191	617	476	1 243
Closing balance	284 913	247 785	284 913	247 785

Consolidated statement of financial position

SEK 000's	30 Jun	30 Jun	31 Dec
	2022	2021	2021
ASSETS
Goodwill	302 723	290 627	293 888
Intangible fixed assets	62 428	53 297	57 424
Tangible fixed assets	4 289	3 541	3 566
Right-of-use assets	46 104	40 995	42 466
Other non-current receivables	9 587	6 794	8 464
Shares and participation in associated companies	3 000	-	-
Shares and participation in other companies	-	18 831	-
Deferred tax assets	25 819	22 808	25 222
Total non-current assets	453 949	436 893	431 030
Accounts receivable	304 870	264 924	353 139
Tax assets	9 375	6 208	9 123
Other current receivables	44 918	33 120	35 354
Cash & cash equivalents	84 856	55 105	94 007
Total current assets	444 018	359 357	491 622
Total assets	897 968	796 250	922 652
EQUITY AND LIABILITIES
Shareholders' equity	284 913	247 785	261 313
Deferred tax liabilities	1 574	1 524	1 574
Other provisions	-309	357	305
Lease liabilities long-term	31 294	30 330	28 036
Other interest-bearing debts	78 251	101 376	80 229
Other non-current liabilities	-	502	-
Total non-current liabilities	110 811	134 089	110 145
Current interest-bearing debts	12 436	12 312	12 436
Accounts payable	21 209	17 833	15 071
Current liabilities to publishers	319 591	263 426	361 518
Tax liabilities	6 631	4 341	9 882
Lease liabilities short-term	13 965	9 254	14 218
Other current liabilities	128 411	107 210	138 069
Total current liabilities	502 244	414 376	551 194
Total shareholder´s equity and liabilities	897 968	796 250	922 652

Consolidated statement of cash flows

SEK 000's Apr-Jun Apr-Jun Jan-Jun Jan-Jun 2022 2021 2022 2021 Operating activities Profit before tax 5 351 15 166 15 348 15 510 Adjustments for items not included in cashflow 7 390 -5 189 17 670 3 000 Income taxes paid/received -5 213 -1 586 -6 364 -2 483 Cashflow from operating activities before changes in working capital 7 528 8 391 26 654 16 026 Changes in working capital 3 083 -624 -7 993 -21 418 Cashflow from operating activities 10 612 7 767 18 660 -5 392 Investing activities Investments in intangible assets -6 958 -7 065 -14 257 -13 632 Investments in tangible assets -683 -227 -1 270 -2 064 Investments in financial assets -1 252 -81 -3 908 -439 Cashflow from investing activities -8 893 -7 373 -19 435 -16 135 Financing activities Repayment of external loans -5 980 -6 181 -6 452 -6 202 Payment of finance lease liability -2 725 -3 098 -6 556 -7 487 Cashflow from financing activities -8 705 -9 278 -13 007 -13 689 Cashflow for the period -6 986 -8 884 -13 782 -35 216 Cash and cash equivalents On the opening date 87 322 64 190 94 007 88 715 Translation difference in cash and cash equivalents 4 519 -201 4 632 1 605 Cash and cash equivalents on the closing date 84 856 55 105 84 856 55 105 Adjustments for non-cash items Depreciation and impairment 8 962 7 990 17 291 16 576 Unrealized profit from divestures of shares in Dynadmic -7 703 -7 703 - - Other -1 572 -5 476 379 -5 873 Total non-cash items 7 390 -5 189 17 670 3 000

Income statement Parent company

SEK 000's	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun
	2022	2021	2022	2021
Net Sales	29 651	28 166	62 345	47 720
Other revenue	20	144	41	325
Total revenue	29 671	28 310	62 386	48 045
Cost of goods sold	-5 418	-2 410	-9 811	-3 980
Gross profit	24 253	25 900	52 575	44 066
Selling expenses	-1 494	-714	-2 048	-854
Administrative expenses -	-18 125	-12 593	-30 917	-23 849
Development expenses	-5 448	-5 344	-10 748	-10 709
Operating profit	-814	7 250	8 861	8 654
Net financial items	-4 559	7 793	-6 375	2 962
Profit before tax	-5 374	15 043	2 486	11 616
Tax	-	-115	-	-115
Net profit	-5 374	14 927	2 486	11 500

Balance sheet Parent company

SEK 000's	31 Jun	31 Jun	31 Dec
	2022	2021	2021
Assets
Intangible assets	61 390	51 596	56 084
Equipment, tools, fixtures and fittings	283	60	313
Participation in group companies	181 423	195 584	178 089
Deferred tax assets	70	102	70
Total non-current assets	243 166	247 342	234 556
Accounts receivable	3 738	848	3 929
Receivables from Group companies	162 028	124 650	177 742
Tax assets	1 567	1 567	1 014
Other current receivables	3 079	4 528	4 644
Cash & cash equivalents	36 962	20 091	45 217
Total current assets	207 374	151 683	232 546
Total assets	450 540	399 025	467 102
Shareholders' equity and liabilities
Shareholders' equity	101 541	90 048	98 658
Other interest-bearing debts	77 799	100 832	79 727
Total non-current liabilities	77 799	100 832	79 727
Current interest-bearing debts	12 436	12 312	12 436
Accounts payable	7 097	5 168	5 618
Liabilities to Group companies	94 132	71 460	98 195
Other current liabilities	157 535	119 205	172 469
Total current liabilities	271 200	208 145	288 717
Total shareholder´s equity and liabilities	450 540	399 025	467 102

Consolidated income statement

SEK 000's	Apr-Jun	Jan-Mar	Oct-Dec	Jul-Sep	Apr-Jun	Jan-Mar	Oct-Dec	Jul-Sep
	2022	2022	2021	2021	2021	2021	2020	2020
Net Sales	382 563	403 697	415 682	316 452	332 558	357 128	358 384	283 411
Other revenue	688	295	-1 433	355	336	402	491	1 904
Total revenue	383 252	403 991	414 249	316 807	332 895	357 530	358 874	285 315
Cost of goods sold	-301 883	-321 406	-339 258	-250 184	-265 808	-289 529	-290 878	-226 173
Gross profit	81 369	82 585	74 990	66 623	67 087	68 000	67 997	59 143
Total costs	-74 014	-69 730	-64 588	-62 012	-59 371	-62 337	-59 779	-50 902
Results from
associated comp.	-	-	-	-	-	-	-17	-61
Operating profit	7 354	12 855	10 402	4 611	7 716	5 664	8 201	8 179
Net financial items	-2 003	-2 859	-570	-2 531	7 450	-5 320	1 877	-3 721
Profit before tax	5 351	9 997	9 832	2 079	15 166	343	10 078	4 458
Tax	-1 830	-1 234	-1 080	-1 964	101	-569	-515	-7 442
Net Profit	3 521	8 762	8 752	116	15 267	-225	9 563	-2 984

Consolidated statement of financial position

SEK 000's	30 Jun	31 Mar	31 Dec	30 Sep	30 Jun	31 Mar	31 Dec	30 Sep
	2022	2022	2021	2021	2021	2021	2020	2020
Assets
Intangible fixed
assets	365 151	355 798	351 312	347 030	343 925	343 706	334 744	342 558
Other fixed assets	88 798	79 603	79 717	72 226	92 969	89 076	82 505	67 877
Current receivables	359 163	336 991	397 616	303 817	304 252	333 797	333 410	287 306
Cash & cash	84 856	87 610	94 007	78 210	55 105	64 190	88 715	56 182
equivalents
Total assets	897 968	860 002	922 652	801 283	796 250	830 769	839 373	753 923
Shareholders'
equity
and liabilities
Shareholders'
equity	284 913	272 584	261 313	249 708	247 785	234 468	226 468	228 853
Long-term non
interest-bearing	32 560	28 750	29 916	31 533	32 713	34 364	30 240	15 096
debt
Long-term interest	78 251	81 000	80 229	102 434	101 376	108 513	106 198	117 080
bearing debt
Current non
interest-bearing	489 808	465 232	538 759	405 296	402 064	440 975	464 261	380 077
debt
Current interest	12 436	12 436	12 436	12 312	12 312	12 449	12 206	12 818
bearing debt
Total	897 968	860 002	922 652	801 283	796 250	830 769	839 373	753 923

Consolidated cash flow statement

SEK 000's	Apr	Jan	Oct	Jul	Apr	Jan	Oct	Jul
	Jun	Mar	Dec	Sep	Jun	Mar	Dec	Sep
	2022	2022	2021	2021	2021	2021	2020	2020
Operating activities
Profit before tax	5 351	9 997	9 832	2 079	15 166	343	10 078	4 458
Adjustments for items not included in cash flow	7 390	10 280	4 250	10 224	-5 189	8 189	-5 687	5 730
Tax paid	-5 213	-1 151	-358	-2 271	-1 586	-897	6 960	-1 737
Cash flow from changes in
working capital	3 083	-11 077	33 739	5 043	-624	-20 794	37 209	6 090
Cash flow from operating	10 612	8 048	47 464	15 075	7 767	-13 159	48 559	14 542
activities
Cash flow from investing	-8 893	-10 542	-8 823	10 964	-7 373	-8 763	-9 919	-7 090
activities
Cash flow from financing	-8 705	-4 302	-24 206	-3 173	-9 278	-4 410	-8 903	-3 975
activities
Cash flow for the period	-6 986	-6 796	14 435	22 866	-8 884	-26 332	29 737	3 476
Cash and cash equivalents
On the opening date	87 322	94 007	78 210	55 105	64 190	88 715	55 998	49 010
Translation difference	4 519	111	1 362	239	-201	1 807	2 980	3 511
Cash and cash equivalents on the closing date	84 856	87 322	94 007	78 210	55 105	64 190	88 715	55 998

Key ratios Group

	Apr	Jan	Oct	Jul	Apr	Jan	Oct	Jul
	Jun	Mar	Dec	Sep	Jun	Mar	Dec	Sep
	2022	2022	2021	2021	2021	2021	2020	2020
Gross profit (GP) / revenue
(%)	21,2	20,4	18,1	21,0	20,2	19,0	18,9	20,7
EBITDA / revenue (%)	4,3	5,2	4,4	4,0	4,7	4,0	4,7	5,8
EBITDA / gross profit (GP) (%)	20,1	25,7	24,4	19,1	23,4	21,0	25,0	27,8
Equity/assets ratio (%)	31,7	31,7	28,3	31,2	31,1	28,2	27,0	30,4
Return on equity last 12	7,9	13,0	9,8	10,3	9,0	5,2	3,1	0,6
months (%)
Average number of
employees	276	266	263	255	251	245	240	229
Return on Capital Employed		11,6	10,0	9,0	10,0	6,5	6,5	5,2
last 12 months (%)	9,4
Working capital at the end of		-115	-126	-96	-90	-96	-119	-87
the period (SEK M)	-119
Cash flow from operating
activities per share, SEK	0,24	0,18	1,05	0,33	0,17	-0,29	1,08	0,32
Equity per share, SEK	6,2	5,9	5,7	5,4	5,4	5,1	4,9	5,0
Stock price at the end of the period, SEK	5,10	5,02	7,36	5,60	4,74	4,62	2,92	2,89

Segments

SEK M	Apr	Jan	Oct	Jul	Apr	Jan	Oct	Jul
	Jun	Mar	Dec	Sep	Jun	Mar	Dec	Sep
	2022	2022	2021	2021	2021	2021	2020	2020
DACH
Net sales	79,1	91,0	90,4	60,8	75,6	69,0	58,0	47,1
EBITDA	6,7	8,6	5,1	5,7	5,6	5,1	5,0	4,4
France & Benelux
Net sales	83,0	90,7	90,1	78,1	74,3	69,5	79,1	60,7
EBITDA	10,2	11,1	11,6	9,6	9,3	6,2	8,5	5,2
Nordics
Net sales	135,8	136,6	139,0	104,6	115,3	125,1	128,1	103,3
EBITDA	8,9	9,6	8,6	6,9	7,4	9,1	8,3	8,1
South
Net sales	40,2	42,9	52,6	36,9	36,4	41,3	46,0	31,7
EBITDA	3,9	5,1	5,5	4,1	3,9	4,0	4,9	4,5
UK & Ireland
Net sales	45,2	42,9	42,1	36,4	31,3	52,7	47,6	42,6
EBITDA	2,1	2,5	2,4	2,0	1,9	3,3	3,0	3,1
Group management &
support functions
Net sales	-	-	-	-	-	-	-	-
EBITDA	-15,5	-15,6	-15,0	-15,6	-12,4	-13,5	-12,8	-8,7
Total
Net sales	383,3	404,0	414,2	316,8	332,9	357,5	358,9	285,3
EBITDA	16,3	21,2	18,3	12,7	15,7	14,2	17,0	16,5

Tradedoubler uses the key ratios of capital employed and equity to enable the reader to assess the possibility of dividend, implementation of strategic investments and the group's ability to meet financial commitments. Further, Tradedoubler use the key ratio EBITDA excluding change related items for investors to be able to understand the underlying business performance.

Capital employed

Total assets less current and long-term noninterest-bearing liabilities, including deferred tax liabilities.

Cash flow from operating activities per share

Cash flow from operating activities divided by average number of outstanding shares.

Change related items

Change related items refer to non-recurring items that are disclosed separately to make it easier for the reader to understand the underlying change in revenue and expenses in the comparison between periods.

EBITDA

EBITDA is revenue before tax, net financial items and depreciation/amortization and impairment.

EBITDA-margin or EBITDA/Revenue

EBITDA as a percentage of revenue.

Equity/assets ratio

Shareholders' equity as a percentage of total assets.

Equity per share

Shareholders' equity divided by the number of outstanding shares.

Gross profit (GP) / Revenue

Gross profit divided by net sales.

Net margin

Profit after tax as a percentage of sales.

Operating margin

Operating profit as a percentage of revenue.

Return on shareholders' equity

Revenue for the period as a percentage of the average shareholders' equity, calculated as open and closing shareholders' equity divided by two.

Return on capital employed

Operating profit plus interest income as a percentage of average capital employed, calculated as opening and closing capital employed divided by two.

Revenue per share

Revenue of the year divided by the average number of shares.

Revenue per share before and after dilution

Revenue of the year divided by the average number of shares after full dilution.

Share price / equity

Share price divided by shareholders' equity per share.

Stock price at the end of the period

Tradedoubler's share price last trading day for the period.

Working capital

Total current assets (excluding tax assets) less cash and cash equivalents, and total current non-interest bearing liabilities (Excluding short-term lease liabilities and tax liabilities).