Truecaller : Read Truecallers interim report January-March 2024

INTERIM REPORT

January-March 2024

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

Truecaller Interim Report2024

January-March 2024 (Q1)

Comparative figures refer to January-March 2023

• Net sales increased by 10 percent to SEK 427.2m (387.1).
• EBITDA amounted to SEK 151.0m (150.0), corresponding to an EBITDA margin of 35.4 (38.8) percent. Excluding the costs of incentive programs, EBITDA would have been SEK 162.3m (161.1), equivalent to an EBITDA margin of 38.0 (41.6) percent.
• Profit after tax increased with 22 percent and amounted to SEK 133.0m (109.1).
• Earnings per share increased by 27 percent and were SEK 0.38 (0.30) and diluted earnings per share were SEK 0.38 (0.30).
• The average number of active users (MAU) increased by 39.0 million to approximately 383.4 million (344.4).
• Net sales increased by 8 percent in India, by 9 percent in the Middle East and Africa and by 24 percent in the rest of the world.
• Truecaller's board of Directors introduced a dividend policy saying that 25 percent of net profit after tax should be distributed as a dividend.
• For the Annual General Meeting at 23rd of May Truecaller's board of Directors propsoses a dividend of 1.70 SEK per share for the financial year 2023, to cancel all repurchased B-shares which is equivalent to 7.5% of the outstanding share capital and asks for a new mandate to repurchase of up to 10 percent of outstanding shares. Read more at page 13.

FINANCIAL KEY FIGURES
	2024	2023	2023
Group, SEKm (unless otherwise stated)		Jan-Mar	Jan-Mar	Jan-Dec
Net sales	427.2	387.1	1,728.9
Gross profit	322.8	291.0	1,307.7
Gross margin (%)	75.6%	75.2%	75.6%
EBITDA	151.0	150.0	702.9
EBITDA margin (%)	35.4%	38.8%	40.7%
EBIT (operating profit)	138.0	139.8	657.7
EBIT margin (%)	32.3%	36.1%	38.0%
Profit or loss after net financial income or expense	173.5	147.0	712.3
Basic earnings per share (SEK)	0.38	0.30	1.49
Diluted earnings per share (SEK)	0.38	0.30	1.49
Equity	1,823.3	1,738.4	1,743.7
Total assets	2,204.1	2,123.5	2,160.3
Equity to assets ratio (%)	82.7%	81.9%	80.7%
Employees at the end of the period	420	400	419

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Significant events during the quarter

Truecaller continued to invest in product development by launching new products and functions and by further improvements of the user experience.

• Continued user growth. During the quarter, the number of monthly active users (MAU) increased to
  383.4 million, which was an addition of approximately 39.0 million users in comparison to the first quarter 2023. The daily active users grew with 36 million in 2024, reaching an average of 314 million during the quarter. In 2024, monthly active users increased by 23.3 million in India and by 15.7 million outside of India. MAU's and DAU's increased by a bit more than 9 million compared to the fourth quarter of 2023.
• Truecallers growth initiatives in selected growth regions developed well. During the first quarter he annualized growth rate in Colombia was about 50 percent, in Nigeria almost 40 percent and in Chile almost 30 percent. In US, where the strategy is focused on attracting more subscribers, income from subscriptions increased with more than 60 percent compared to the first quarter of 2023.
• Truecallers Ad Revenues increased by 5 percent compared to the first quarter of 2023. Contribution to growth came from increased number of users, increased engagement per user, new ad formats, improvement of the ad platform, and income from the IPL-seasonin cricket in India which started earlier in 2024 compared to 2023.
• Truecaller's strategy to increase the conversion to paying users continued to show a positive development. The number of paying users increased by 15 percent compared to the same period the previous year, exhibiting a higher growth rate than for the total number of users. More advanced features, such as the digital AI-basedTruecaller Assistant and Call Recording, had a positive impact on the average price per paying user, which reached an all-time-highlevel during the quarter. Subscription revenues increased by 25 percent compared to the first quarter of 2023 and the development was especially strong on iOS and in markets like US, Latin America, Malaysia and India.
• The robust growth for Truecaller for Business continued. Overall, revenues for Truecaller for Business increased by 44 percent compared to the first quarter of 2023. The growth was driven by growth within verified business calls, business messaging, as well as revenues from the newer risk products. Demand for verified business calls remains strong, and the average revenue per customer reached a new record level during the quarter. Business Messaging increased volumes by 50 percent compared to the same quarter the previous year, and during the quarter, a new collaboration agreement was signed with Tanla, which also opens up for more CPaaS companies to use the service. The first customers were onboarded for the risk intelligence product, and revenues were reported towards the end of the quarter.

Other significant events.

• During the quarter Truecaller bought back 2.6 million B-sharesbringing the total repurchased B- shares to 27,904,571 as of March 31. Additionally, a total of 5,600,000 C-shareswere issued and repurchased to facilitate outstanding incentive programs. See note 6 for further information.

Events after the period

• Truecaller repurchased an additional 0.7 million shares after the quarter ended and in total
  28,647,115 B-shares have been repurchased. Additionally, a total of 5,600,000 C-shares were issued and repurchased to facilitate outstanding incentive programs.The total number of shares that can be repurchased under the authorization from the 2023 Annual General Meeting amounts to 37,905,971 shares, valid until the AGM in May 2024. See note 6 for further information.
• Truecaller's board has proposed to the shareholders' meeting on May 23 that all repurchased B- shares shall be cancelled, corresponding to approximately 7.5 percent of the outstanding capital. Truecaller's board also proposes that the annual general meeting authorizes the board to repurchase up to 10 percent of the outstanding share capital until the annual general meeting in 2025. Read more on page 13.
• Truecaller's board introduced a dividend policy stating that 25 percent of the year's net profit should be distributed to the shareholders and proposes a dividend of 1.70 SEK per share for the financial year 2023. The regular dividend according to the newly established dividend policy is 0.40 SEK per share, and in addition to that, the board proposes an extra dividend of 1.30 SEK per share. Read more on page 13.

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FIRST QUARTER 2024

Improved earnings and robust profitability with increased investments

Truecaller continued to grow strongly in the first quarter. We added more than nine million monthly and daily active users, and on average the number of monthly users was 383 million. Conversion of paying users continued to increase, and with the launch of more advanced premium features, the average revenue per paying user reached a new record level.

Net sales increased by 10 percent compared to the first quarter of 2023 to SEK 427,2 million (387,1). Ads, subscription and business revenue contributed to the increase. Our recurring revenue, from subscriptions and business, grew in total by 33 percent.

Our profit also improved. Earnings per share increased by 27 percent to SEK 0.38 (0.30). EBITDA increased by 1 percent to SEK 151,0 million (150,0) and the EBITDA margin was 35.4 percent (38.8).

We have seen positive results from our increased growth investments in selected markets. The investments in Nigeria and Latin America are designed to strengthen our market position and accelerate user growth. In the U.S., the strategy is mainly to grow the number of paying users. In Nigeria, Colombia and Chile, annualized user growth in the quarter amounted to between 30 and 50 percent, and in the U.S., subscription revenue rose by more than 60 percent. Average revenue per paying user in the U.S. is currently 100 times higher than the average for a free user of Truecaller globally.

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Our ad revenue increased by 5 percent compared to the first quarter of 2023. Although the quarter started off slow, revenues gradually improved. This uptick was driven by a higher level of user engagement with the Truecaller app and an increased availability of ad space within the app. While overall ad demand remains subdued, the timing of events like the Indian Premier League (IPL) cricket tournament, which began in the first quarter of 2024 as opposed to 2023, also contributed positively to this quarter's performance. Our expectation is that income from the full IPL season will be significantly lower in 2024 compared to 2023, with revenue evenly distributed between Q1 and Q2. This is in contrast to last year, when the majority of IPL-related income was almost entirely recorded in Q2.

In the long term, we see an opportunity to introduce more engaging ad formats in the product such as video to all our users which would broaden our ads business further. As a first step this requires that we increase the number of app interactions per user by improving the user experience and building further value into the product. Small but meaningful improvements make a difference, and this has been a major focus internally since last year. The number of app interactions from our daily engaged users has until today increased by more than 50 percent compared to the first quarter in 2023. This work is progressing and the next step is to test our new video format in the coming quarters before we scale up.

Revenue from paying subscribers increased by 25 percent and the number of paying users grew by 15 percent compared to the first quarter of 2023. Our AI-driven communication services continue to contribute positively to both conversion and average price per paying user. Among the launches during the quarter was Call Recording in India, and in coming quarters we have more exciting new services to introduce. The focus is on among other things strengthening fraud protection for users. We are positive about further increasing the conversion and the average price per paying user.

Truecaller for Business (TfB) continued to perform strongly and the number of verified companies is growing at a solid pace. Average revenue per customer was record high in the quarter and we see good opportunities to raise the price of this very popular product going forward. In total, TfB revenue increased by 44 percent to SEK 49.6 million (34.4) with contributions coming from Verified Business calls, business messaging, and the recently launched risk intelligence product.

The need for Truecaller globally is greater than ever. I am proud to say that the number of users grew by almost the size of Sweden's

population in a single quarter.

Truecaller is a company with high profitability, strong cash flow, and a balance sheet with no financial debt. Our profitability enables us to finance both further growth investments and earnings distributions to our shareholders in the form of share repurchases and dividends. We have since the end of September 2022 repurchased shares for just under SEK 1 billion, corresponding to 7.5 percent of the outstanding share capital, which we have financed in its entirety with our cash flow from operating activities. Against this backdrop we have decided to introduce a dividend policy of 25 percent of the annual profit, combined with an extra dividend for 2023. The proposal to the annual general meeting at the end of May is to distribute a total of SEK 1.70 per share. Provided that the annual general meeting resolves to pay a dividend, this would mean that Truecaller's cash at hand and short-term investments will be reduced to approximately SEK 1 billion. The board of directors is also proposing that the shares repurchased so far, corresponding to 7.5 percent of the share capital, be canceled. In return, the board is asking for a new mandate to repurchase an additional 10 percent of the outstanding shares after the shareholders' meeting.

The need for Truecaller globally is greater than ever. I am proud to say that the number of users grew by almost the size of Sweden's population in a single quarter. I look forward to continuing to create more secure communication for even more people in the future. Financially, our goal is to achieve a balance between profitability and strong growth of recurring revenue over time. With a solid financial foundation to build on, we look forward to continuing to invest in our long-term growth initiatives at the same time that we continue to return value to our shareholders through share buybacks and dividends.

Alan Mamedi, CEO and Co-founder

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INTERIM REPORT JANUARY-MARCH 2024 TRUECALLER AB

Truecallerataglance

Quarterlyreview,financialdata

FINANCIAL KEY FIGURES

Group, SEKm (unless otherwise stated)

Net sales

Gross profit

Gross margin (%)

EBITDA

EBITDA margin (%)

EBIT (operating profit)

EBIT margin (%)

Profit or loss after net financial income or expense

Basic earnings per share (SEK)

Diluted earnings per share (SEK)

Equity

Total assets

Equity to assets ratio (%)

Employees at the end of the period

OPERATIONAL KEY FIGURES

January-March 2024

Monthly Active Users (MAU), quarterly average (millions)

Daily Active Users (DAU), quarterly average (millions)

Cost per mille impressions (CPM) for ad sales (SEK)

Average monthly revenue per user (ARPU) for premium subscriptions (SEK)

January-March 2023

Monthly Active Users (MAU), quarterly average (millions)

Daily Active Users (DAU), quarterly average (millions)

Cost per mille impressions (CPM) for ad sales (SEK)

Average monthly revenue per user (ARPU) for premium subscriptions (SEK)

2024	2023	2023
Jan-Mar	Jan-Mar	Jan-Dec
427.2	387.1	1,728.9
322.8	291.0	1,307.7
75.6%	75.2%	75.6%
151.0	150.0	702.9
35.4%	38.8%	40.7%
138.0	139.8	657.7
32.3%	36.1%	38.0%
173.5	147.0	712.3
0.38	0.30	1.49
0.38	0.30	1.49
1,823.3	1,738.4	1,743.7
2,204.1	2,123.5	2,160.3
82.7%	81.9%	80.7%
420	400	419

		Middle East &	Rest of the
Total	India	Africa	world
383.4	272.6	78.1	32.7
314.0	234.4	58.6	21.0
0.75	0.65	1.28	2.70
9.04	5.75	9.11	15.13
		Middle East &	Rest of the
Total	India	Africa	world
344.4	249.3	69.9	25.2
278.0	208.8	52.3	16.9
0.94	0.84	1.37	3.15
8.34	4.77	10.95	13.37

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January-December 2023

Monthly Active Users (MAU). quarterly average (millions)

Daily Active Users (DAU). quarterly average (millions)

Cost per mille impressions (CPM) for ad sales (SEK)

Average monthly revenue per user (ARPU) for premium subscriptions (SEK)

		Middle East &	Rest of the
Total	India	Africa	world
360.6	259.0	73.3	28.9
292.6	218.6	55.2	18.7
1.00	0.89	1.38	3.35
8.63	5.28	10.27	14.02

Users, millions

			344	356	368	374
	331	338
350
		278	289	298	305
300		271
261
250
200
150
100

50

0

Q322 Q422 Q123 Q223 Q323 Q423

Monthly Active Users (MAU), avg Daily Active Users (DAU), avg

MSEK

600

			518
500	450	444	425

400	387	399

300

200

100

0

Q322	Q422	Q123	Q223	Q323	Q423
			Net sales

450							80%
			395
400
337	333				323	78%
350
		291		298
300
						76%
250
200							74%
MSEK
150
100							72%
50
0							70%
Q322	Q422	Q123	Q223	Q323	Q423

300

250

200 181

MSEK150

100

50

0

					50%
		239			45%
				40%
					35%
	150		146	169	30%
136			25%
					20%
					15%

10%

5%

0%

Gross profit		Gross margin

Q322 Q422 Q123 Q223 Q323 Q423

EBITDA EBITDA-margin

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Financialperformance

First quarter 2024 (January-March)

Revenues

Total revenues during the first quarter increased by 11 percent compared to the corresponding quarter last year and amounted to SEK 431.0 (388.1) million. Other income, in addition to net sales amounted to SEK 3.8 (1.0) million.

Net sales during the first quarter increased by 10 percent compared to the corresponding quarter last year and amounted to SEK 427.2 (387.1) million. All revenue streams contributed to the growth. Currency effects had a negative effect on revenues during the quarter, see Currency exposure below.

Net sales distributed by region

Net sales in India increased by 8 percent to SEK 316.8 (292.2), with 9 percent to SEK 53.5 (49.2) million in the Africa and the Middle East and by 24 percent in the rest of the world to SEK

56.8 (45.7) million. Weaker currencies in some of Truecaller's largest markets in the Middle East and Africa region had a negative impact on net sales.

India 74.2%

Africa and Middle East

12.5%

RoW 13.3%

Net sales distributed by service

Ad revenues increased by 5 percent to SEK 317.6 (303.9) million. A lower demand in the wake of weak global macroeconomic development and a larger supply in the Indian market resulted in lower average pricing for Truecallers ads products (CPM) which decreased by approximately 20 percent. Truecaller continues to maximize revenue per user instead of CPM or fill rates.

The number of impressions increased by almost 30 percent compared to the same period last year. Truecaller continues to enhance its ability to display ads more efficiently for users by improving the quality of ad requests and rendering capabilities (render rate). A contributing factor to number of impressions has also been increased engagement with the Truecaller-app from the user base.

Revenue from premium subscriptions increased by 25 percent to SEK 58.4 (46.5) million. The conversion rate to becoming a paid subscriber continued to improve.

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Truecaller has also added more advanced features to the premium offering in the past year, which has had a positive impact on both revenue per user and the growth of paying users. The growth has been particularly strong among iOS users.

Revenue from Truecaller for Business (TfB) increased by 44 percent to SEK 49.6 (34.4) million. The number of connected customers continues to show good growth both in India and in other markets, and in total Truecaller for Business now has active customers in 37 countries. In collaboration with CPAAS company Tanla, Truecaller also sends B2C messages to Truecaller's users. The volumes of business messages have gradually increased and have also contributed to income growth.

Other income in net sales amounted to SEK 1.6 (2.3) million.

Gross profit

The gross profit increased by 11 percent to SEK 322.8 (291.0) million compared to the same period last year. The gross margin amounted to 75.6 (75.2) percent. The gross margin is mainly determined by fees to partners such as Google and Apple, and by costs for verification of new users and for servers used for the company's services.

Operating profit

EBITDA amounted to SEK 151.0 (150.0) million and the EBITDA margin amounted to 35.4 (38.8) percent.

Operating profit (EBIT) decreased somewhat to SEK 138.0 (139.8) million, corresponding to an operating margin of 32.3 (36.1) percent.

Staff costs during the quarter increased to SEK 94.9 (84.8) million. Salary costs increased as an effect of increased number of employees and the yearly salary adjustment. The group's long-term incentive program entailed a salary cost for the period of SEK 10.5 (10.6) million with a corresponding increase in equity and social security contributions of SEK 0.8 (0.4) million reported as a provision in the balance sheet. Salary costs are valued at fair value and amortized over the term of the program. The social security contributions are affected by the share price at the end of each accounting period and may therefore amount to significantly higher amounts in the future and create volatility in the income statement.

Excluding costs for incentive programs, the EBITDA margin during the quarter would have increased by 2.6 (2.9) percentage points and been 38.0 (41.6) percent. See more info in note 5.

INTERIM REPORT JANUARY-MARCH 2024 TRUECALLER AB

Other external costs increased to SEK 80.7 (57.1) million compared to the same period last year. The increase in costs is mainly due to increased growth investments in several growth regions. Costs have primarily increased due to increased investments in user acquisition through digital marketing and increased expenses for agreements with phone manufacturers where the Truecaller app comes pre-installed.

Profit and earnings per share for the period

Profit before tax amounted to SEK 173.5 (147.0) million. Profit after tax for the period was SEK 133.0 (109.1) million. Net financial income amounted to SEK 35.5 (7.2) million and comprises positive exchange rate differences of SEK 10.2 (- 3.0) million, an effect on result from valution to fair value of SEK 13.4 (7.5) million, interest income of SEK 13.5 (4.1) million and other financial expenses of SEK -1.6(-1.3) million.

The total tax amounted to SEK 40.5 (37.9) million which corresponds to an effective tax rate of 23.3 (25.8) percent for the Group.

Basic earnings per share were SEK 0.38 (0.30) and diluted earnings per share were SEK 0.38 (0.30).

Cash flow and financial position

Net cash from operating activities amounted to SEK 55.9 (80.1) million of which SEK -61.6(-31.2) million was attributable to changes in working capital and SEK -57.7 (- 46.6) million was attributable to income tax paid. Net cash from investing activities amounted to SEK -3.5(-519.1) million and included an investestment in short-term interest rate funds of SEK - (-500,0) million. Net cash used in financing activities was SEK -100.9(-189.1) million and included purchase of treasury shares SEK -74.8(-182.2) million and repurchase of warrants of SEK -18.2(-) million. Net cash for the period was SEK -48.6(-628.1) million.

Truecaller had cash and cash equivalents of SEK 591.9 (699.5) million at the end of the quarter and SEK 954.6 (907.9) million invested in short-term interest rate funds.. The equity to assets ratio was 82.7 (81.9) percent.

Truecaller have a revolving credit facility of SEK 500.0 (500.0) million. SEK 0.0 (0.0) million had been utilized as of the reporting date. Consolidated total assets amounted to SEK 2,204.1 (2,123.5) million at 31 March 2024. The carrying amounts of financial assets and financial liabilities are estimated to coincide with fair value in all material respects.

Trade receivables for the Group amounted to SEK 86.2 (60.0) million and claims on advertising networks and platform owners was SEK 127.6 (93.8) million. The increase in trade receivables is attributable mainly to the increase in direct sales in the advertising business and growth in Truecaller for Business. Payment terms for the company's customers are normally 30-60 days. Recognized but unrealized customer credit losses amounted to SEK 5.3 (2.2) million as of 31 March 2024. The claims on advertising networks and platform owners is mainly linked to outstanding claims against Google and Meta.

Investments

During the first quarter of 2024, SEK 2,8 (1,1) million were capitalized as internally developed intangible assets.

Currency exposure

The majority of Truecaller's revenues are denominated in Swedish kronor (SEK) via partners including Google and Apple. Accordingly, there is little direct currency exposure. In turn, these partners bill users of Truecaller's services partly in local currency, which entails indirect currency exposure. Truecaller does not, however, have complete information concerning currency exposure or how currency effects are managed by partners and thus cannot at present accurately quantify indirect currency exposure. A depreciation of SEK against currencies including USD and INR, however, has a positive impact on the company's sales and profit, although it also increases the company's costs. The largest currency exposures are against INR and USD. The company estimates that exchange rate changes had a negative impact on sales during the first quarter of 2024 compared to the corresponding quarter in 2023. The company's estimate is that exchange rates also had a negative effect on the EBITDA margin.

Parent company

Parent company income for the quarter amounted to SEK

1. (1.6) million which refers to billing of subsidiaries for services rendered. The profit before tax amounted to SEK -

1. (1.4) million. The profit after tax amounted to SEK -3.3 (1.2) million. Cash and cash equivalents on 31 March 2024 amounted to SEK 91.4 (173.5) million. In excess to the cash and cash equivalents the parent company has SEK 400.0 (400.0) million invested in short-term interest rate funds. No investments have taken place in intangible or tangible assets. At the end of the period, 2 (2) people were employed in the parent company.

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Productupdate

Core product enhancements for stronger fraud and spam protection

Truecaller continues to improve the core offering in order to deliver a smarter, safer, and more efficient communication experience for its users. In the first quarter, Truecaller improved data quality further by expanding its scope of partnerships with external data providers, especially in markets of strategic importance such as the US. In parallel, Truecaller continues to advance its AI and machine learning capabilities to ensure that users receive the most relevant information about unknown numbers, across business, spam, and fraudulent callers.

To give more context on communications from businesses, machine learning efforts have facilitated more precise business categorization. Leveraging calling patterns and name suggestions from user contributions, Truecaller's algorithms now assign tags to inform the user of exactly what type of business is calling. In the first quarter, this capability was expanded to cover 19 languages.

Truecaller also significantly enhanced its spam protection features in the first quarter, offering users greater control over their preferences. Android users now have the choice between basic spam protection, which automatically blocks calls from a limited number of top spammers in their region, and Max protection, a premium feature that blocks all known spammers. With the introduction of Max protection as a paid subscription offering, calls from any recognized spammer are automatically blocked, offering users a solution that saves time and reduces frustration. This enhancement builds on the ongoing development of Truecaller's AI; as the system accumulates more spam call data and user feedback, it is expected to continually improve over time.

On the fraud side, Truecaller strengthened AI-driven fraud protection for SMS, a feature introduced in early 2023 that leverages machine learning algorithms to actively identify

and flag fraudulent messages. In the first quarter, Truecaller expanded this capability through a combination of community feedback and machine learning initiatives. Utilizing a fully automated flywheel system, Truecaller detects fraudulent messages by analyzing sender signals and message patterns. By the end of the quarter, Truecaller was sending over nine million fraud alerts on a daily basis with an accuracy rate of 99%, and the number of users protected from SMS fraud through this feature grew 13X compared to the previous quarter.

User experience improvements across platforms and devices

Truecaller continues to enhance the overall experience by delivering product and performance improvements for even greater convenience for users, and in the first quarter in-app engagement grew by 19%. Among these enhancements were improvements to managing contacts, which not only streamlined the flow, but also introduced a simpler method for users to contribute suggested names, fostering a new channel for community feedback. Truecaller continued refining such feedback mechanisms on both Android and iOS platforms, making it easier for users to contribute in the form of spam reports, fraud alerts, survey responses, and more. By the end of the first quarter, over 20% of users were actively contributing insights.

Other improvements enable greater efficiency and convenience for users. For iPhone users in the US, SMS filtering was optimized using machine learning to more accurately sort messages into relevant inboxes (e.g., junk, coupons, etc.). These optimizations, implemented locally on the user's device, ensure complete privacy protection while improving algorithmic accuracy, ensuring messages are correctly sorted.

Truecaller also achieved a significant milestone, continuing to extend its service beyond mobile devices. Launched at the end of the first quarter, Truecaller for Web expands the app's features to desktop users, offering SMS and chat, call alerts, and number search functionalities. Truecaller Android users globally can now link their devices, bridging the gap between mobile and desktop communication preferences. This not only enhances user convenience but also opens up opportunities for additional features, business integration and other use cases.

Truecaller continued leveraging machine learning to elevate user experience by expanding its applications beyond caller ID and spam detection. The rollout of ZipZip, Truecaller's AI chatbot that manages support errands, was launched for desktop in the previous quarter, and in the

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