Truecaller (TRUE) Q4 2025 earnings summary

Executive summary

• Q4 average MAU reached 454 million, up 14% year-over-year, with DAU at 393 million and DAU/MAU ratio at 86%.

• Net sales for Q4 2025 declined 14% year-over-year to SEK 450.9 million, with full-year net sales up 3% to SEK 1,912.2 million.

• Recurring revenues grew 46% in constant currencies, now representing 45% of total revenues, with an annualized run rate of SEK 750 million.

• Premium revenues and subscriber intake on Android reached all-time highs, with premium subscriptions up 36% to SEK 106 million.

• Major product launches included Family Protection, AI-powered voicemail, and a digital assistant for fraud detection.

Financial highlights

• Net sales declined 14% in SEK, 1% in constant currency, with Q4 net sales at SEK 451 million.

• EBITDA including incentive costs dropped 49% YoY to SEK 103 million; margin at 22.8%.

• Gross margin declined to 71.2% in Q4; full-year gross margin at 75.5%.

• Premium subscriptions net sales rose 37% YoY to SEK 106 million, with a 38% increase in average subscribers.

• Truecaller for Business net sales up 22% YoY to SEK 88 million; ARR for Verified Business up 9% YoY.

Outlook and guidance

• No rebound expected from the largest programmatic ad partner; focus shifting to building a broader ads business.

• Truecaller for Business revenue growth rate expected to slow in 2026 due to increased competition and loss of exclusivity in business messaging.

• Premium and consumer subscriptions expected to continue strong growth across Android and iOS.

• Cost-efficiency initiatives implemented in Q4 2025 will have greater impact in 2026.

• Board proposes dividend of SEK 0.28 per share, in line with policy at 25% of profit after tax.