Truecaller (TRUE) Q4 2024 earnings summary

Executive summary

• Q4 2024 achieved record revenues, with net sales reaching SEK 523 million, driven by strong growth in advertising, premium subscriptions, and Truecaller for Business.

• Monthly active users reached 429 million and daily active users 354 million, up 15% and 16% year-over-year, respectively.

• EBITDA rose 19% to SEK 201 million, with a margin of 38.5%, and net profit increased 29% to SEK 150 million; EPS grew 33%.

• Premium and business segments saw significant growth, and a new iOS premium app was launched in January 2025.

• The company maintains a strong cash position, with SEK 1.3 billion in cash and no debt.

Financial highlights

• Net sales for Q4 2024 were SEK 523 million, up 23% year-over-year; advertising revenue grew 17% to SEK 372 million, premium subscriptions up 39% to SEK 77.7 million, and Truecaller for Business up 45% to SEK 71.9 million.

• EBITDA increased by 19% to SEK 201 million; margin reached 38.5% (44.3% excluding incentive costs), the highest in 2024.

• Net profit grew by 29% to SEK 150 million; EPS up 33% to SEK 0.44.

• Gross margin remained stable at 77.1%, with gross profit up 25% year-over-year.

• Cash flow from operating activities before tax payments was SEK 228 million; net cash from operating activities for 2024 was SEK 604.1 million.

Outlook and guidance

• Expectation of continued strong growth in subscription revenues, especially from iOS, with material impact anticipated from Q2 2025.

• Planned expansion of growth investments into new geographical markets, particularly in Africa and LATAM.

• EBITDA margin target set at about 35% from 2025 onward; combined revenue growth and EBITDA margin expected to remain above 70%.

• Dividend policy remains at 25% of net profits, with flexibility for additional buybacks or one-off dividends.

• New iOS product expected to gradually impact revenue from Q2 2025.