Rishit Jhunjhunwala
Group Chief Executive Officer

Hello, everyone, and welcome to our Q1 report webcast. I'm Rishit Jhunjhunwala, the CEO of Truecaller. And with me, I have Odd Bolin, our CFO, as always.

Today, I'll talk about how we performed in the quarter in a few important areas. Then I'll hand over to Odd to talk about the financial performance, and then we'll open up for Q&A.

In Q1, the average MAU was 463 million, which is a growth of 12% year-on-year. Our average DAU was 403 million, which is 13% growth year-on-year, and we continue to have a very healthy engagement with a DAU/MAU ratio of 87%.

Net sales decreased with 27% year-on-year in SEK. Our EBITDA decreased by 57%, and we reported a margin of around 18%, including incentive costs. As you are aware, our headline numbers during the year have been affected negatively by the strengthening SEK, which is something Odd will cover more in his part of the presentation.

In terms of user growth, we added 9 million users this quarter, surpassing an important milestone of 0.5 billion people around the world using Truecaller today. This growth came from all regions, even though we reduced our spending to acquire users given the current revenue challenges we've been seeing.

CNAP in India still remains at a partial rollout, similar to what we said in the Q4 2025 report. So far, the impact on our user growth is limited, which is -- while