Core Insights - Truecaller reported a 14% decrease in net sales to SEK 450.9 million for the year 2025, with a constant currency decrease of 1% [1] - Subscription revenues grew by 53%, while advertising revenue declined by 22% [1] - The company is entering a new growth phase focused on recurring revenues, which now represent approximately 45% of total revenue [1][2] Financial Performance - Net sales for Q4 2025 decreased by 1% in constant currencies compared to Q4 2024, with ad revenues declining significantly [1] - EBITDA excluding incentive costs decreased by 31% to SEK 159.5 million, with an EBITDA margin of 35.4% [2] - The average number of monthly active users grew by 12.5 million, reaching approximately 454.2 million [1] Revenue Streams - Recurring revenues, excluding one-off revenues, reached an annualized run-rate of approximately SEK 750 million, growing 46% year-over-year in constant currencies [1] - Premium revenues grew to SEK 106 million, a 53% increase in constant currencies, indicating a growing consumer willingness to pay for services [1][2] - Truecaller for Business revenues increased to SEK 87.7 million, a growth of 39% in constant currencies, although growth is expected to slow in 2026 due to increased competition [2] Strategic Focus - The company aims to enhance its product offerings to address the growing need for secure communication, particularly in emerging markets [1] - Truecaller plans to invest in expanding its presence in regions like Brazil, Mexico, and the UAE, where user growth exceeds 20% annually [1] - A shift in advertising strategy is underway, moving from programmatic dependence to a more premium, value-driven model [2]