User and premium growth continue, while we strengthen the platform for the future

Interim report January-March 2026

STOCKHOLM, May 7, 2026 /PRNewswire/ -- Truecaller, the leading global platform for safe and trusted communication, report a decrease in net sales with 27% to SEK 361.6 million (496.9), the decrease in constant currencies was 16%.

In constant currencies subscription revenues grew with 52%, revenues from Truecaller for Business declined with 8% while revenue from ads declined with 34%. Truecallers recurring revenues grew 23% year-over year in constant currencies and now accounts for 47% (32%) of total net sales.

EBITDA excluding incentive costs decreased with 48% and the EBITDA margin was 28.6% (40.0%), in constant currencies the decrease was approximately 37%. EBITDA including costs for incentive programs decreased by 57% to SEK 64 million (149) and the margin was 17.8% (30.0%), in constant currencies the decrease was approximately 44%.

During the quarter average number of monthly active users grew with 9 million.

Truecaller will initiate a restructuring of its organisation during the second quarter which is expected to lower the headcount with approximately 70 FTEs. The second quarter of 2026 is expected to include a one-off restructuring cost of approximately SEK 23 million. From the third quarter of 2026 the company expects staff costs excluding incentive costs to be at least 20% lower compared to the level during the first quarter as a result of this restructuring as well as previous efficiency initiatives implemented.

January-March 2026 (Q1)

Comparative figures refer to January-March 2025

• Net sales decreased by 27 percent to SEK 361.6m (496.9). Net sales in constant currencies decreased by approximately 16 percent.
• Net sales decreased by 41 percent in India, by 3 percent in the Middle East and Africa but increased by 19 percent in the rest of the world. India's share of net sales amounted to 59 percent (73), the Middle East and Africa accounted for 18 percent (14), and the rest of the world accounted for 22 percent (14) of net sales
• Advertising revenues decreased by 44 percent (-34 percent in constant currency) and now account for 52 percent (67) of net sales.
• Consumer subscription revenues increased by 37 percent (+52 percent in constant currency) and now account for 31 percent (16) of net sales.
• Truecaller for business revenues decreased by 25 percent (-8 percent in constant currency) and now account for approximately 17 percent (16) of net sales. Excluding the decline in Business Messaging revenues due to the changed distribution model, revenues increased by 15 percent in local currency
• EBITDA decreased by 57 percent to 64.4 (149.0), corresponding to an EBITDA-margin of 17.8 (30.0) percent. In constant currencies the EBITDA decrease was approximately 44 percent.
• EBITDA excluding the costs of incentive programs decreased by 48 percent to SEK 103.3 million (198.6) equivalent to an EBITDA-margin of 28.6 (40.0) percent. In constant currencies the EBITDA decrease was approximately 37 percent.
• Profit after tax amounted to SEK 32.5 million (101.7).
• Basic earnings per share were SEK 0.10 (0.30) and diluted earnings per share were SEK 0.10 (0.30).
• The average number of active users excluding iOS (MAU) increased by 51.3 million to 463.2 million (411.9).

CEO Word:

The first quarter of 2026 was characterized by continuing growth of both Premium users and free users, taking us to new records highs of 4 million paying users, and half a billion total users. Additionally, we executed with a strong focus to counter the recent revenue headwinds and weaker profit development, but they did prevail this quarter as well.

User growth remained solid with a growth of 12.5% year-over-year and adding another 9 million users during the quarter. In the current environment, we have taken a more disciplined approach to user acquisition in low ARPU regions which to some extent impacts the user growth, but we believe this is the right approach in the near term. During the quarter, we reached an amazing milestone, with more than 500 million people using Truecaller globally (iOS and Android combined). To support organic user growth and accessibility, we have launched Truecaller Lite, a limited version of the Truecaller app. This initiative allows us to expand our reach and improve the user experience for a large audience that uses low end devices with less reliable connectivity. 

Advertising revenues remained muted during Q1 and declined by 34% year-over-year in constant currencies. We expect ad revenues to remain soft in Q2, while we continue to execute on our long-term strategy to reverse the current trend. The softness in revenue is primarily driven by the challenges with the key demand partner as well as the broader macro environment, including geopolitical uncertainty in the Middle East. Currency movements also continued to be a headwind, with the strengthening of the Swedish krona impacting reported revenues. In terms of executing on our long term strategy, we have made progress in reducing dependency on any single partner by advancing a unified, auction-based monetisation infrastructure, where initial testing has shown positive results and will continue through Q2 as we scale towards broader adoption, enabling greater partner participation and competition for our inventory, which we expect to support pricing over time.

During the quarter we experienced a positive momentum in Direct Ad Sales, driven by a more diversified and proactive market approach, increased focus on performance-led campaigns, and expansion of longer-term client relationships, partially offsetting the gap created by the RMG segment ban in India last year. At the same time, we expanded our global Direct Sales footprint through strategic partnerships, entering new markets and building early traction with new advertisers, while seeding demand across regions where our presence was previously limited.  Over time, our ambition is to evolve into an ad exchange ourselves, with increased competition for our ads inventory from both programmatic, partner, and direct sales, giving us greater control and resilience in our ads business.

Premium revenues from consumers continue to be a good growth engine for the company with a growth of 52% year-over-year in constant currencies. We are seeing consistent global growth driven by higher conversion, stable ARPU, and increasing user appreciation for Premium capabilities. During the quarter, we surpassed 4 million Premium users. In several markets, Premium revenues have doubled year-over-year, with solid performance across both iOS and Android. We have also started to initiate our new partner strategy, which will include bundled offerings and reseller partnerships outside the app stores, which will scale further in the second half of the year. Premium is increasing its share of revenue and remains a highly efficient, high-ARPU business. We continue to believe that the current 0.8% Premium user base has a long runway for growth.

Within Truecaller for Business, we saw mixed dynamics and revenues declined by 8% year-over-year in constant currencies. Our core Verified Business revenues grew year-over-year in local currency and remained stable sequentially versus Q4, primarily impacted by the competition from telco offerings in India. Revenue churn is at similar levels as the same period last year and growth outside of India continues, but due to the cheaper, although limited, competitive offering in India, we signed less customers in the previous quarter than we used to. In Q1, we have to some extent recovered in new sales. In Business Messaging, we have executed a significant strategic transition that we spoke about in the last quarter. We have moved from a single-partner setup in India to a global multi-partner model. While this shift has led to lower volumes and revenues in the short term as our new partners ramp up, it creates a far more diversified and scalable foundation. With several new CPaaS partners already onboarded and additional partners in the pipeline, we are positioning the business for meaningful global scale, with the ambition to over time reach at least the same scale as previously, rather than relying on a single market and counterpart.

As a result of the evolving revenue mix — driven by strong Premium growth, increasing contribution from Truecaller for Business outside India, and softer advertising revenues—we are seeing a more diversified geographical footprint. Revenues from markets outside India and MEA continue to grow steadily, with India now representing around 60% of total revenues, compared to approximately 80% at its peak.

Net sales decreased by approximately 16% in constant currencies, due to the headwinds in our ads business. Recurring revenues, an important part of our strategy, grew with 23% in constant currencies and now makes up 47% of total net sales (32% in Q1 2025). EBITDA in Q1 was SEK 64 million, a decline of 44% in constant currencies and equivalent to an EBITDA-margin of 18%, which is well below our ambition.

Given the revenue challenges while we rebuild our ads and Business Messaging models, we are taking decisive steps to increase efficiency and focus further. We are simplifying and reorganizing our operations to make it leaner, this includes centralizing certain parts of our business to create efficiency and clearer prioritisations. We will reduce our staff count materially, with approximately 70 positions, and consequently incur a one-off restructuring cost of approximately SEK 23 million in Q2. From Q3 onwards, our seasonally adjusted staff costs, excluding incentive costs, is expected to be at least 20 percent lower than they were at the beginning of 2026 as a consequence of this restructuring as well as the efficiency initiatives initiated in Q1. This reduction in staff count was a very hard decision to make, but an important one to ensure we remain focussed and disciplined during this low revenue period.

We continue to maintain a strong financial position. Our balance sheet remains robust, with close to SEK 1 billion in cash and no financial debt. While profitability remains positive, margins are currently below our long-term ambitions due to the ongoing transitions. At the same time, we continue to generate positive cash flow and the measures we are taking will increase profitability going forward.  Ahead of the AGM, which will be held in May the Board has proposed a dividend in line with our dividend policy of 0.28 SEK per share and have also proposed to cancel 16.3 million repurchased shares equivalent to approximately 4.6% of outstanding capital.

In the last quarter, I mentioned that 2026 will be a transformative year for us, building on the company's success to create long-term resilience and growth. This transformation is underway and we're executing well on our strategy of maturing our ads business and focusing on recurring revenue growth, while continuing to grow the number of people using Truecaller globally. The execution in the coming quarters is critical, and the entire team and I won't rest until we are satisfied. Once we are past this phase, I'm very confident that we will start seeing the gain on our investments and in the meantime, we will make sure that the company is lean enough to be agile and laser focused, says Rishit Jhunjhunwala CEO of Truecaller.

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 7^th of May 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/q1-report-2026

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://events.inderes.com/truecaller/q1-report-2026/dial-in

For more information, please contact:
Andreas Frid, Head of IR & Communication
+46 705 29 08 00
[email protected]

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 safe and trusted communication. 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 500 million active users. Truecaller is listed on Nasdaq Stockholm since 8 October 2021. For more information please visit corporate.truecaller.com

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SOURCE Truecaller AB