Truecaller (TRUE) investor relations material

Executive summary

• Average monthly active users reached 471 million, up 10% year-over-year; daily active users grew 11% to 409 million, with a DAU/MAU ratio of 87%.

• Net sales for Q2 2026 declined 21% year-over-year to SEK 393.2 million, with a 14% decrease in constant currencies.

• EBITDA decreased by 49% year-over-year, with a margin of 22.4% including incentive costs; excluding incentive costs, margin was 26.9%.

• Recurring revenues (subscriptions and business) grew 26% in constant currencies, now 49% of total revenues.

• Acquisition of textPlus announced to expand U.S. presence and focus on recurring revenues.

Financial highlights

• Net sales for H1 2026 decreased 24% year-over-year to SEK 754.8 million; in constant currencies, down 15%.

• EBITDA including incentive costs was SEK 88 million, down 49% year-over-year; excluding incentive costs, SEK 105.8 million.

• Gross margin for Q2 2026 was 71.5%, down from 77.2% in Q2 2025, but improved sequentially.

• Net cash flow from operating activities (excluding tax and working capital) was SEK 122 million, down from SEK 221 million a year ago.

• Cash and short-term funds at quarter-end were SEK 297.9 million and SEK 555.4 million, respectively; SEK 500 million revolving credit facility unused.

Outlook and guidance

• Sequential growth in all revenue streams is expected to continue, with further investments in user acquisition if revenue improves.

• Premium and business messaging segments are expected to maintain growth, with business messaging volumes anticipated to return to 2025 levels by Q4.

• New ad architecture and bidding model rollout planned for Q3, with gradual impact expected.

• eSIM and new product launches are expected to contribute meaningfully over several quarters, with native Android support for Travel eSIM expected in Q3.

• Ongoing buyback program and active exploration of M&A opportunities, supported by new financing.