TradeDoubler (TRAD) Q2 2025 earnings summary

Executive summary

• Revenue grew 11% year-over-year in Q2 2025 to SEK 532M, with gross profit up 9% to SEK 118M and adjusted EBITDA up to SEK 22M from SEK 15M.

• Influencer Marketing revenue surged 45% in Q2, while Partner Marketing grew 8%; both contributed to overall growth.

• Cash flow from operating activities improved to SEK 17M in Q2, marking the fourth consecutive quarter of positive cash flow.

• Net profit for Q2 was SEK 4M, up from SEK 1M year-over-year, aided by a positive tax case resolution.

• Strategic investments, especially in Metapic and US expansion, are expected to drive long-term growth despite short-term margin pressure.

Financial highlights

• Q2 revenue: SEK 532M (up 11% year-over-year); H1 revenue: SEK 1,064M (up 6%).

• Q2 gross margin: 22.2% (vs. 22.5% last year); H1 gross margin: 22.2% (vs. 21.4%).

• Q2 adjusted EBITDA: SEK 22M (vs. SEK 15M); H1 adjusted EBITDA: SEK 48M (vs. SEK 36M).

• Q2 EPS: SEK 0.06 (vs. SEK 0.01); H1 EPS: SEK 0.26 (vs. SEK 0.04).

• Cash and cash equivalents at Q2 end: SEK 45M; net cash position: SEK 9M.

Outlook and guidance

• Long-term targets: annual revenue growth above 10% in local currency and EBITDA/gross profit ratio above 25%.

• Management expects continued revenue growth and margin improvement over the next 2–3 years, with short-term profitability impacted by ongoing investments.