TradeDoubler (TRAD) Q4 2025 earnings summary

Executive summary

• Revenue grew 8% year-over-year adjusted for currency to SEK 2,222M, with gross profit up 11% to SEK 493M and gross margin at 22.2%.

• Adjusted EBITDA rose 23% year-over-year to SEK 112M, reflecting improved underlying performance.

• Cash flow from operating activities strengthened to SEK 122M, ending the year with net cash of SEK 94M.

• Influencer Marketing (Metapic) saw order value growth over 50%, with strong expansion in France and new launches in Denmark, Belgium, and Portugal.

• The company continues to invest in AI integration and product development to drive efficiency and scalability.

Financial highlights

• Full-year revenue: SEK 2,222M (up 5% reported, 8% currency-adjusted); Q4 revenue: SEK 633M (up 2% reported, 7% currency-adjusted).

• Full-year gross profit: SEK 493M (up 8% reported, 11% currency-adjusted); Q4 gross profit: SEK 141M (up 4% reported, 8% currency-adjusted).

• Adjusted EBITDA for the year: SEK 112M (up 17% reported, 23% currency-adjusted); Q4 adjusted EBITDA: SEK 42M (up 4% reported, 12% currency-adjusted).

• Net profit for the year: SEK 1M (vs. -3M prior year); Q4 net loss: SEK -18M (vs. -2M prior year).

• Earnings per share for the year: SEK 0.02 (vs. -0.07 prior year); Q4 EPS: SEK -0.29 (vs. -0.04 prior year).

• Cash flow from operating activities: SEK 122M (vs. 56M prior year); net cash at year-end: SEK 94M (vs. 37M prior year).

Outlook and guidance

• Entering 2026 with strong financial position, improved profitability, and a focus on scalable, automated, and intelligent operations.

• Long-term targets: EBITDA margin of 25% and revenue growth of 10% annually; adjusted EBITDA margin improved to 23% from 21%.

• Continued investment in Metapic and AI, with a planned app launch in H1 2026.