Truecaller (TRUE) Q2 2025 earnings summary

Executive summary

• Achieved strong user growth with 427 million monthly actives, up 15% year-on-year, and 367 million daily actives, up 16% year-on-year, adding 15 million MAU in Q2 and highlighting continued market dominance.

• Net sales for Q2 2025 rose 9% year-over-year to SEK 496.4 million, with constant currency growth of 21%, and all revenue streams contributing.

• Premium subscriber base surpassed 3 million globally, with iOS subscriptions growing 50% year-on-year, 25% quarter-over-quarter, and exceeding 1 million.

• Product innovation included enhanced fraud detection, AI-powered community feedback, a revamped Android calling experience, and new premium ad formats (Masthead and Play).

• Recurring revenues now represent one-third of total revenues, growing 50% in constant currencies.

Financial highlights

• Net sales reached SEK 496.4 million in Q2, up 9% year-over-year; in constant currencies, net sales were 551 million SEK, up 21%.

• EBITDA excluding incentive costs rose 20% to SEK 212 million (margin 43%), and 38% in constant currencies; including incentive costs, EBITDA was SEK 173 million, margin 34.8%.

• Gross profit increased 12% year-on-year, with gross margin improving to 77.3%.

• Subscription revenues grew 35% in SEK and 48% in constant currency; Truecaller for Business revenues grew 34% in SEK and 53% in constant currency.

• Cash and short-term investments stood at SEK 1 billion after a SEK 600 million dividend; no financial debt.

Outlook and guidance

• Optimistic about Q3 and future quarters, with focus on direct ad sales, premium subscriber growth, and enterprise solutions, though external factors and market volatility remain.

• Gross margin expected to remain stable around current levels.

• Marketing spend expected to normalize after a high Q1 and low Q2.