Truecaller

Earnings Release • Dec 15, 2025

Press release 2025-12-15

Update regarding Truecaller's revenue development in the fourth quarter of 2025

As communicated in Truecaller's interim report for the third quarter, Truecaller started to record lower ad revenues from mid-August 2025. This was primarily caused by a change in an algorithm by Truecaller's largest demand partner, and to some extent also due to a weaker ads market in India. Since the algorithm change in mid-August, the incidence of the issue has been reduced substantially but not completely resolved. Given current trends, Truecaller estimates that ad revenues in the fourth quarter will be in the range of SEK 210-230 million, a decline of approximately 30% in constant currencies.

Truecaller's two recurring revenue streams, premium subscriptions and Truecaller for Business, as well as Truecaller's user growth (MAU), are expected to continue to show robust growth in the fourth quarter.

"As previously communicated, we started to record lower ad revenues after a change in an algorithm from our largest demand partner that took effect on August 13th. During the fourth quarter, we have seen a stabilisation and some improvements in ad revenues from the lowest levels during November. The improvements are however not yet material, and we do expect ad revenues to remain muted in the near term until we have completely removed the incidence of the issue caused by the algorithm change. While the incidence of the algorithm change is now substantially lower than earlier, it has not been completely resolved yet.

While we have been working intensely on resolving the algorithm issue, our longterm focus is on delivering on our revamped ads strategy developed prior to this issue. The strategy includes decreasing dependency on specific partners or markets, increasing growth outside of India, and increasing focus on direct sales and reseller partnerships. We are making good progress within our initiatives to restructure our ads business for the longer term and expect to see meaningful impact from those initiatives to materialize gradually.

Outside of the ads business, we continue to deliver according to our plans, growing our user base and growing the recurring revenues from Truecaller for Business and Premium subscriptions. The overall transformation of the revenue mix together with the modified ads strategy creates a more stable foundation for long-term growth.

We've also been conscious of profit development due to lower revenues and therefore have increased our cost focus further, without sacrificing our long-term ambitions while maintaining a solid profitability.

We will soon have 500 million users on our platform and we are excited about the opportunities that lie ahead of us in continuing to serve them with best in class products within mobile communication and fraud prevention", says Rishit Jhunhjunwala, CEO of Truecaller

Incentive costs in the fourth quarter

The fourth quarter is expected to include an additional cost of approximately 30 million SEK as Truecaller is expected to reach the performance criteria set out in the incentive program LTIP 2022. The extra cost is an effect of the need to revalue previous quarterly LTIP 2022 costs based on that fact. Incentive costs excluding share-price dependent social security costs, are expected to be around 70 million SEK for the fourth quarter. These costs do not have any cash flow impact.

Webcast for investors and analysts

Rishit Jhunjhunwala, CEO and Odd Bolin, CFO will give a short update and answer questions at a webcast at 1 pm CET today. The webcast will be held in English.

If you wish to participate via webcast please use the link:

https://truecaller.events.inderes.com/press-conference-2025

If you wish to participate via teleconference please register on the link below. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference.

https://conference.inderes.com/teleconference/?id=5001461

For more information, please contact:

Andreas Frid, Head of IR & Communication

+46 705 29 08 00 andreas.frid@truecaller.com

About Truecaller:

Truecaller (TRUE B) is the leading global platform for verifying contacts and blocking unwanted communication. We enable safe and relevant conversations between people and make it efficient for businesses to connect with consumers. Fraud and unwanted communication are endemic to digital economies. especially in emerging markets. We are on a mission to build trust in communication. Truecaller is an essential part of everyday communication for more than 450 million active users. Truecaller is listed on Nasdaq Stockholm since 8 October 2021. For more information please visit corporate.truecaller.com