TradeDoubler (TRAD) Q3 2025 earnings summary

Executive summary

• Revenue grew 7% year-over-year in Q3 2025 to SEK 525M, or 10% adjusted for currency effects, with gross profit up 9% to SEK 115M and adjusted EBITDA at SEK 22M (up from SEK 19M).

• Cash flow from operating activities was exceptionally strong at SEK 74M, mainly due to large customer payments at quarter-end, with corresponding publisher payments to be made in Q4.

• New major clients were won in Europe, but one large client ended campaigns, impacting future results.

• Strategic focus is on building an AI-driven, automated platform to enhance long-term competitiveness.

Financial highlights

• Q3 2025 revenue: SEK 525M (489M), up 7% year-over-year; gross margin 21.9% (21.8%).

• Q3 EBITDA: SEK 21M (18M); adjusted EBITDA SEK 22M (19M); EBIT SEK 7M (6M); net profit SEK 3M (-3M).

• 9M 2025 revenue: SEK 1,589M (1,494M), up 6%; gross profit SEK 351M (322M), up 9%; adjusted EBITDA SEK 70M (56M).

• Earnings per share for Q3: SEK 0.05 (-0.06); for 9M: SEK 0.31 (-0.02).

• Cash and cash equivalents at period end: SEK 104M (40M); net cash SEK 68M (-30M).

Outlook and guidance

• Management expresses confidence in long-term direction, citing strong financial position, profitability, and continued investment discipline.

• Strategic focus remains on innovation, automation, and partnership excellence to strengthen market position.