Few triggers for a re-rating

Research evidence excerpt

Few triggers for a re-rating

Equity Research - 15 May 2026 11:43 CEST

Reason: Post-results commentTruecaller

• Ads and TfB remain under pressure

• 2026e EBIT -9%, 2027e-28e +9-10% on cost programme

• We stay cautious: HOLD, TP SEK 17 (14) IT

Weak growth in Q1 as expected, cost programme ahead Estimate changes (%)

Q1 was the first quarter with visible effects from the CNAP launch in India, 2026e 2027e 2028e

particularly impacting business revenues, which declined 8% organically Sales -2.4 -2.9 -3.2

in Q1. The Tanla effect is likely to take a few quarters to regain with new EBIT -8.8 10.2 8.7

partners, while the verified business impact from the cheaper CNAP EPS -10.4 9.6 8.8

Source: ABG Sundal Collier

solution is more uncertain in terms of when it may recover. We estimate

negative organic growth in Q2 as well, before seeing small positive growth TRUE.B-SE/TRUE.B SS

in H2'26e on easier comps and fading impacts from the two mentioned Share price (SEK) 13/5/2026 13.91

headwinds. The Iran situation likely impacted Truecaller's MEA region Target price (14.00) 17.00

at the end of Q1, and we estimate the negative organic growth (est.) to

remain in Q2 as well. The cost programme looks meaningful, in our view,

impacting around 70 employees (20% of employees). All in all, we see few MCap (SEKm) 4,850

triggers near-term for a quick organic growth recovery and a re-valuation MCap (EURm) 444

of the share. No. of shares (m) 302.0

Free float (%) 78.4

Estimates up in 2027e-28e on cost programme

Although we reduce our 2026e EBIT by 9% as a result of continued

Next event Q2 report 17 July 2026growth headwinds, FX and non-recurring items for the announced cost

programme, we raise 2027e-28e EBIT as the cost programme yields

Performanceresults.