Truecaller AB (TRUBF) Q4 2025 Earnings Call Highlights: Navigating Growth Amidst Revenue Challenges

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Wed, February 18, 2026 at 4:00 AM GMT+9 3 min read

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**Average MAU:** 454 million, a growth of 14% year on year.

**Net Sales:** Decreased 14% year on year in SEK; 1% decrease in constant currency.

**EBITDA:** Decreased by 49% in SEK; 36% decrease in constant currencies.

**EBITDA Margin:** 23% reported; 30% excluding one-off items.

**Recurring Revenues Growth:** 46% increase excluding one-off items; annualized run rate of 750 million SEK.

**Premium Revenues:** Strongest growth, reaching an all-time high in subscriber intake on Android.

**Ads Revenue:** Declined 31% in SEK; 22% in constant currencies.

**Gross Margin:** Decreased to 71.2%.

**Subscription Revenue Growth:** 53% in constant currencies; 37% in SEK.

**Truecaller for Business Growth:** 48% year-over-year in constant currencies; 22% in SEK.

**Cash and Short-term Investments:** Approximately SEK1 billion.

**Dividend Proposal:** SEK0.21-SEK0.28 per share, 25% of profit after tax.

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Release Date: February 17, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Truecaller AB (TRUBF) reported a 14% year-on-year growth in average Monthly Active Users (MAU), reaching 454 million.

Recurring revenues grew by 46% in constant currency, with an annualized run rate of approximately 750 million SEK.

Premium revenues reached an all-time high, with significant subscriber intake on Android.

Truecaller for Business showed strong growth outside of India, particularly in Verified Business and Business Messaging.

The company launched several new product features, including Family Protection and an intelligent voicemail function in India, enhancing user experience and security.

Negative Points

Net sales decreased by 14% year-on-year in SEK, with a 1% decrease in constant currency.

EBITDA decreased by 49%, with a reported margin of 23%, affected by currency fluctuations and one-off items.

Ads revenue saw a 31% decline in SEK, attributed to algorithm changes by a major ad demand partner.

The strengthening of the Swedish Krona negatively impacted financial results, particularly in Truecaller for Business revenues.

Increased competition in India from cheaper operator-based solutions is expected to slow growth in Verified Business calls.

Q & A Highlights

Q: Can you discuss the long-term investments mentioned in the report? Will this lead to an increase in overall costs or more of a reallocation? A: Rishit Jhunjhunwala, CEO: It’s primarily about reallocating costs, with a potential marginal increase. Investments will focus on product development, growth in markets beyond India, and revenue expansion, particularly in Truecaller for Business and the ads business.

Story Continues  

Q: What is the expected slowdown in Truecaller for Business growth, and what figures are you looking at? A: Rishit Jhunjhunwala, CEO: It’s early in the year to quantify the slowdown. We expect growth but not at the previous pace due to changes in business messaging partnerships and competitive pressures from cheaper alternatives.

Q: What is the revenue mix for Truecaller for Business between verified calls, business messaging, and risk products? A: Rishit Jhunjhunwala, CEO: Most revenue comes from the core verified business offering. Business messaging makes up roughly a quarter of the revenue, while risk products are growing but remain a smaller share.

Q: How are you reallocating costs, and will this affect long-term growth? A: Rishit Jhunjhunwala, CEO: We are focusing on long-term product developments rather than short-term optimizations. This shift aims to enhance communication tools and fraud prevention, ensuring long-term growth without jeopardizing user growth prospects.

Q: What is the current mix of ad revenues from direct sales versus programmatic, and what is the target mix going forward? A: Rishit Jhunjhunwala, CEO: Currently, 10-15% of ad revenues come from direct sales. We aim to increase this share significantly, although setting a specific target is challenging. The focus is on growing direct sales over time.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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