Truecaller AB: Entering the next phase of growth

STOCKHOLM, Feb. 17, 2026 /PRNewswire/ —

Year-end report January-December 2025

Truecaller, the leading global platform for verifying contacts and blocking unwanted communication, report a decrease in net sales with 14% to SEK 450.9 million (522.8), in constant currencies the decrease was 1%.

In constant currencies subscription revenues grew with 53%, Truecaller for Business with 48% while revenue from ads declined with 22%. Truecaller’s recurring revenues excluding revenues of one-off character reached an annualised run-rate of approximately SEK 750 million and grew 46% year-over year in constant currencies.

EBITDA excluding incentive costs decreased with 31% and the EBITDA margin was 35.4% (44.3%), in constant currencies the decrease was approximately 20%. EBITDA including costs for incentive programs decreased with 49% to SEK 103 million (201.1) and the margin was 22.8% (38.5%), in constant currencies the decrease was approximately 36%.

During the quarter average number of monthly active users grew with 12.5 million.

The fourth quarter’s results include, as previously announced, a number of non-recurring nature. Excluding these, net sales amounted to SEK 415.9 million and EBITDA amounted to SEK 126 million, corresponding to an EBITDA margin of 30.3%.

In accordance with Truecaller’s dividend policy, Truecaller’s board of directors has decided to propose a dividend of SEK 0.28 per share for the 2025 financial year to the annual general meeting.

CEO Word:

2025 was a year characterized by continued strong user growth and exceptional growth in recurring revenues, but also disappointing advertising revenue during the second half of the year. We continue to add around 1 million users per week on Android and iOS combined, not far from having half a billion users using Truecaller. The strong development in recurring revenues confirms that we are now well into a new revenue growth phase – a phase increasingly driven by recurring revenues, with a gradually smaller relative contribution from advertising.

Truecaller’s first major monetization phase was built on programmatic advertising. This played a crucial role in scaling the business, creating strong profitability and financing our journey to become a global platform with close to half a billion users. That phase enabled us to build an unparalleled intelligence around identity and communication, which now forms the foundation for our next phase of growth.

Net sales in Q4 decreased with 1% in constant currencies compared to the fourth quarter 2024. Ad revenues declined while recurring revenues continued on its strong growth path. Excluding items of one-off character, the EBITDA margin in the quarter was 30% and we continue to have a solid cash flow. Truecaller’s balance sheet remains strong with SEK 1.0 bn in cash and short-term investments and no financial debt.

We now enter 2026 with a strong and clear focus to capitalize on our solid foundation, to become a company that adds value to every smartphone user globally.

Firstly, communication is unfortunately more unsafe than ever, not the least due to the advancements in AI. This creates a large need beyond the core services we provide today and numerous problems for us to solve for our loyal users. Over the last few years we have continuously expanded our product to become a comprehensive trusted communication platform. In Q4 alone, we launched Truecaller Family Protection, AI augmented voicemail and a digital assistant that captures fraud in real time, all with the aim to build upon our success. We believe we’ve only scratched the surface with our product and have a very exciting roadmap ahead of us to expand to adjacent areas.

Secondly, many countries beyond India are experiencing lower trust in communication and rely heavily on their smartphones in their daily lives. In markets such as Brazil, Mexico, Colombia and the United Arab Emirates, we already see an annual user growth rate of more than 20%. We’re confident that we can become the de facto standard for safe and trusted communications in multiple regions around the world. This needs sharp focus and investment, not only in terms of marketing, but also in terms of product variants suited better for newer regions. Growing stronger in multiple regions on the back of product developments will be a focus area in 2026.

Thirdly, our business model needs to be tilted even further towards robust revenue streams with limited volatility, such as Truecaller for Business and Premium subscriptions. These revenues provide higher visibility, stronger unit economics and significantly better long-term value creation. In the fourth quarter, recurring revenues excluding revenues of one-off character reached an annualised run-rate of approximately SEK 750 million and grew 46% year-over year in constant currencies. Recurring revenues represented around 45% of total revenue and we expect continued growth for this segment, further solidifying its position as a fundamental part of our revenue mix.

Premium revenues grew to SEK 106.0 million (77.7), a growth of 53% in constant currencies. For premium subscriptions, we believe that the propensity to pay for services is growing among consumers globally and therefore the potential for our Premium revenues is much larger than we currently have. Several regions for us have a premium revenue growth rate above 50% and we believe we can grow even quicker in the long term. We clearly have a strong offering, and we will continuously build more services meant for our Premium audience that need sophisticated and powerful communication products. We remain positive about these opportunities for 2026.

Truecaller for Business (TfB) is another key strategic pillar. Our enterprise offering is now scaling globally, enabling companies to grow their business using the Truecaller platform. Truecaller for Business revenues grew to SEK 87.7 million (71.9), a growth of 39% in constant currencies excluding one-off revenues. Growth in 2025 came from all three product areas: verified business calls, business messaging and risk products. We however, expect that growth for TfB in 2026 will be considerably lower than in 2025 due to increased competition for verified business calls and a restructured partner model for business messaging. With the rollout of the CNAP-solution in India we are seeing increased competition from more limited telco solutions like Business CNAP in India. Even though the competing solution is more limited we expect enterprises to try these solutions to benchmark us but I’m certain that our extensive suite of capabilities will remain the preferred solution for most enterprises eventually. In parallel, we continue building our TfB platform that will ensure our long-term success and continue to scale up the business globally. For Business messaging we are in the process of adding and scaling a number of new partners in India and globally. Our previous exclusive partnership with Tanla has been a good starting point for us, but we believe that our solution is now ready for a broader market expansion with more partners. That will however have some negative short-term revenue impact due to us ending the present exclusive arrangement and the fact that it takes a bit of time until we have scaled up volumes with the new partners

Our advertising volumes remain muted compared to historical levels and we do not expect a material improvement in the coming quarters. Ad revenues in the fourth quarter declined to SEK 255.2 million (372.0), a decline of approximately 30% in constant currencies excluding one-offs. The issue with our largest programmatic partner that started in mid-August has not been possible to resolve to the point where we can retain the revenue lost at that time, although we continue to work on the problem. At the same time, we are deliberately reshaping our advertising strategy away from pure programmatic dependence and toward a more premium, value-driven model. We made fundamental changes to our direct ads sales approach, including restructuring leadership and teams, introducing new attractive ad formats, scaling distribution through direct deals and resellers, and improving our measurement capabilities. Additionally, we are rebuilding parts of our ads platform to achieve a more efficient auction process, reducing dependency on any single partner. Truecaller’s proprietary AI platform, AdVantage, is a key component that benefits both Direct Sales and programmatic demand. With AdVantage, we are able to provide high performance for the advertisers by dynamically creating user segments using our first party signals. In 2026, we will continue on this track and further develop Truecaller Ads into a dynamic and attractive ads platform.

We’re transforming the company to build on the success we’ve seen since the company’s inception. The transformation that will characterize 2026 will eventually generate real value for shareholders, but this also means that in 2026, we will be focusing on investing for longer term gains instead of short-term revenue growth and profitability. We have a strong operating leverage in our business that creates the profits needed to make the investments needed for the long-term.

I’m as excited and energized as I was on my first day at Truecaller in 2015 to take this incredible company to new heights. 2026 will be a transformative year for us, building on our foundation to create more value for our users, our customers, and our shareholders, says Rishit Jhunjhunwala CEO of Truecaller.

October-December 2025 (Q4)

Comparative figures refer to October-December 2024

• Net sales decreased by 14 percent to SEK 450.9m (522.8). Net sales in constant currencies decreased by approximately 1 percent.
• EBITDA excluding the costs of incentive programs decreased by 31 percent to SEK 159.5m (231.4), equivalent to an EBITDA margin of 35.4 (44.3) percent. In constant currencies the EBITDA decrease was approximately 20 percent.
• EBITDA including the costs of incentive programs decreased by 49% to SEK 103.0m (201.1), corresponding to an EBITDA margin of 22.8 (38.5) percent. In constant currencies the EBITDA decrease was approximately 36 percent.
• Profit after tax was SEK 60.4m (150.4).
• Basic earnings per share was SEK 0.18 (0.44) and diluted earnings per share were SEK 0.18 (0.44).
• The average number of active non-iOS users (MAU) increased by 54.5 million to approximately 454.2 million (399.7).
• Net sales decreased by 23 percent in India but increased with 6 percent in the Middle East and Africa and by 14 percent in the rest of the world.

January-December 2025

Comparative figures refer to January-December 2024

• Net sales increased by 3 percent to SEK 1,912.2m (1,863.2). Net sales in constant currencies increased by approximately 12 percent.
• EBITDA excluding the costs of incentive programs was stable and amounted to 755.9m (758), equivalent to an EBITDA margin of 39.5 (40.7) percent. In constant currencies EBITDA increased by approximately 12 percent.
• EBITDA including the costs of incentive programs decreased by 14 percent to SEK 587.3m (684.2), corresponding to an EBITDA margin of 30.7 (36.7) percent. In constant currencies the EBITDA decrease was approximately 1 percent.
• Profit after tax was SEK 388.6m (524.3).
• Basic earnings per share was SEK 1.14 (1.51) and diluted earnings per share were SEK 1.13 (1.51).
• Net sales decreased by 3 percent in India but increased by 17 percent in the Middle East and Africa and by 18 percent in the rest of the world.  

• In accordance with Truecaller’s dividend policy, Truecaller’s board of directors has decided to propose a dividend of SEK 0.28 per share for the 2025 financial year to the general meeting.

Presentation of the report

Rishit Jhunjhunwala, CEO and Odd Bolin, CFO presents the report and answers questions in a webcast and conference call on the 17^th of February at 13.00 CET. The presentation will be held in English.

If you wish to participate via webcast please use the link below.

https://truecaller.events.inderes.com/q4-report-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=50052353

For more information, please contact:

Odd Bolin, CFO
investors@truecaller.com

This information is information that Truecaller is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014. The information was submitted for publication, through the agency of the contact persons set out above, at the time stated by the Company’s news distributor, Cision, at the publication of this press release.

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

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/truecaller-ab/r/entering-the-next-phase-of-growth,c4308511

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SOURCE Truecaller AB