Q3 2025 Truecaller AB Earnings Call Transcript
Key Points
- Truecaller AB (TRUBF) reported a strong 32% year-on-year growth in recurring revenue, with a 48% increase in constant currencies.
- The company saw significant growth in premium subscriptions, with a 55% increase in constant currencies and a 43% increase in Swedish crowns.
- Truecaller for Business continued to expand, with a 39% year-over-year growth in constant currencies, and a 75% growth rate outside of India.
- The company achieved a milestone of 450 million users on Android globally, with strong user engagement as 86% of users use the product daily.
- Truecaller AB (TRUBF) is diversifying its ad revenue sources, reducing dependency on two major programmatic partners from 71% in 2022 to 45% in Q3 2025.
- The advertising business faced setbacks due to an unannounced algorithmic change by a major demand partner, leading to a decline in click-through rates.
- The ban on Real Money Gaming in India and GST tax reforms created uncertainty and reduced demand in the ads market.
- Currency headwinds negatively impacted financial results, with net sales growth of only 2% in Swedish crowns, despite a 14% growth in constant currencies.
- The EBITDA margin was affected by ads headwinds, decreasing to 34.7% in Swedish crowns, although it was slightly higher at 36.6% in constant currencies.
- Truecaller AB (TRUBF) acknowledged that it is unlikely to fully achieve its 2025 financial target of a 35% EBITDA margin due to ads volatility and currency challenges.
Welcome to Truecaller's Q3 presentation for 2025. (Operator Instructions) Now I will hand the conference over to CEO Rishit Jhunjhunwala and CFO Odd Bolin. Please go ahead.
Hello, everyone, and welcome to our Q3 report webcast. I'm Rishit, the CEO of Truecaller. And with me, I have Odd Bolin, our CFO.
Today, I'll talk about how we performed in the quarter in a few important areas, and then I'll hand over to Odd to talk about the financial performance. And then we'll open up for QA, as always. So let's get started with the highlights of the quarter.
In Q3, while our recurring revenue streams continue to show strong growth, our ads business came in soft, being unfortunately affected by a few external factors. Our recurring revenue grew by 32% year on year, 48% in constant currencies, which is a number I'm very happy with.
This has been an area where we've invested heavily over the years, and we continue to believe that our broader strategy of growing recurring revenue is
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