Truecaller: Q2: Strong broad based beats with sequential growth across all units

Research evidence excerpt

Truecaller: Q2: Strong broad based beats with sequential growth across all units

J P M O R G A N Europe Equity Research

17 July 2026

Truecaller Overweight

TRUEb.ST, TRUEB SS

Q2: Strong broad based beats with sequential growth Price (16 Jul 26):Skr15.72

across all units Price Target (Dec-27):Skr39.00

Our Take: Truecaller has reported better-than-expected Q2 results, demonstrating European Telecommunication

robust q/q trends, which in turn should offer hope that the company is starting to Services

recover from the challenges of recent quarters, and is on an inflection path back to Akhil Dattani AC

growth. Highlights include: (1) Revs SEK393m -21% y/y is 5% ahead of company (44-20) 7134-4725

consensus. The SEK18m beat is broad based, with every unit contributing. But this akhil.dattani@jpmorgan.com

is heavily led by TfB (SEK8m beat, but includes a SEK6m one-off related to prior J.P. Morgan Securities plc

Tanla disputes) and Ad revenues, (2) Operational highlights include sequential Ankur Baheti, CFA

revenue growth across all units. The recent flag removal from Google increased (91-86) 5796-8820

ankur.baheti@jpmchase.com

partner revenues with 10-15% compared to the quarterly average and the effect has J.P. Morgan India Private Limited

been sustained into Q3 (hence the full benefit will be visible over the coming

quarters). Within TfB, Business Messages was up to 600m from 100m in Q1 as new Specialist Sales contact details:

partners scaled up. Tanla also returned as a non-exclusive partner and is expected Scott Silver - Specialist Sales -

to contribute to significantly higher volumes in Q3 and onwards (vs Q2). European TMT

Following Tanla’s return, SEK6m of previously disputed revenue related to prior (44-20) 7134-0412

scott.silver@jpmorgan.com