The first quarter, January - March 2025

• Total revenue amounted to SEK 532 M (524), an increase of 2% or 1% adjusted for changes in exchange rates compared to the same period last year.
• Gross profit was SEK 118 M (107), an increase of 11% or 10% adjusted for changes in exchange rates. Gross margin was 22.2% (20.4). 
• Operating costs excluding depreciation were SEK 93 M (86), an increase of 8% or 8% adjusted for changes in exchange rates. Operating cost, excluding depreciation and change related items, were SEK 92 M (85). 
• EBITDA amounted to SEK 25 M (21). Adjusted for change related items, EBITDA was SEK 26 M (22).
• Investments in immaterial assets, mainly related to product development, were SEK 7 M (10).
• Cash flow from operating activities was SEK 10 M (-2).
• Earnings per share, before and after dilution were SEK 0.20 (0.03).

Letter from the CEO

Tradedoubler's performance in Q1 2025 demonstrates the continued strength of our diversified digital marketing business.

Q1 Results

Adjusted for currency fluctuations, revenue in Q1 increased by 1% to SEK 532 M, while gross profit rose by 10% to SEK 118 M. EBITDA, adjusted for change-related items, reached SEK 26 M, compared to SEK 22 M in the previous year.

Within our core segment Partner Marketing, revenue reached SEK 487 M which is the same level as last year, while adjusted EBITDA reached SEK 40 M, up from SEK 32 M last year. Revenue of our Influencer Marketing business Metapic, grew by 21% to SEK 46 M achieving adjusted EBITDA of SEK 4 M (3).

These figures confirm the trends highlighted in the previous reports. Partner Marketing is still influenced by difficult macroeconomic conditions, while Metapic continues to grow strongly. The growth of Metapic in Q1 was smaller than expected, but we are confident that the growth rate will improve again in the coming months.

On both product lines we were able to improve our margins with a total gross profit margin of 22,2% (20,4) and an EBITDA / gross profit of 20,9% (19,5). The gross profit margin increased due to a higher share of Metapic and Appiness business, the EBITDA / gross profit increased as we have not had the need to invest at the same pace as in previous quarters to achieve good growth levels. With that we are getting closer to our target of a 25% EBITDA / gross profit.  

Operational Update

Reflecting on the priorities set out in the fourth quarter of last year we are pleased with tangible progress.

Our new brand platform, launched in September 2024, has lifted our "innovative partner" perception, which confirm that Brands and Publishers are embracing our integrated offerings - from Partner Marketing and Influencer Marketing to App Marketing - and that our core strategy is resonating in a challenging economic landscape.

As announced already, we have now established a presence in the United Stated with an office opening in Miami on May 1. Establishing a local team there will help to deepen customer engagement and accelerate business development in North America, which in turn will open doors to Latin America. In April 2025 we already participated in the PI Live industry event in Miami, a premier trade fair where we showcased our solutions to leading Brands and Publishers with welcoming and positive reactions.

Entering 2025, we are confident that our robust Q1 results, strengthened brand equity and strategic investments will fuel another year of growth. Our combined global footprint, diversified product suite and passionate team remain sharply focused on delivering exceptional value to clients and driving long-term shareholder returns.

Thank you to every member of the Tradedoubler family for your dedication, creativity and unwavering commitment. Together, we will continue turning tomorrow's challenges into the success stories of the future.

Contact information

Matthias Stadelmeyer, President and CEO, telephone +46 8 405 08 00   
Viktor Wågström, CFO, telephone +46 8 405 08 00   
E-mail: ir@tradedoubler.com

Other information

This information is information that Tradedoubler AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 08.00 CET on 29 April 2025. Numerical data in brackets refers to the corresponding periods in 2024 unless otherwise stated. Rounding off differences may arise.