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Tradedoubler Quarterly Report January - June 2023

20 July 2023

10:00 am

The second quarter, April – June 2023


  • Total revenue amounted to SEK 469 M (383) an increase of 22% or 13% adjusted for changes in exchange rates compared to the same period last year.

  • Gross profit was SEK 100 M (81) an increase of 22% or 13% adjusted for changes in exchange rates. Gross margin was 21.2% (21.2). 

  • Operating costs excluding depreciation and adjusted for change related items were SEK 82 M (64), an increase of 28% or 21% adjusted for changes in exchange rates. 

  • EBITDA amounted to SEK 17 M (16). Adjusted for change related items, EBITDA was SEK 18 M (17).

  • Investments in immaterial assets, mainly related to product development, were SEK 9 M (7).

  • Cash flow from operating activities was SEK -12 M (11).

  • Earnings per share, before and after dilution were SEK -0.03 (0.08).



The interim period January – June 2023


  • Total revenue amounted to SEK 928 M (787), which is an increase compared to the same period last year by 18% or 11% adjusted for changes in exchange rates.

  • Gross profit was SEK 198 M (164) an increase of 21% and 13% adjusted for changes in exchange rates. Gross margin excluding change related items was 21.3% (20.8).

  • Operating costs excluding depreciation and adjusted for change related items were SEK 156 M (125), an increase of 24% or 19% adjusted for changes in exchange rates. 

  • EBITDA amounted to SEK 41 M (38). Adjusted for change related items, EBITDA was SEK 42 M (39).

  • Investments in intangible assets, mainly related to product development, were SEK 17 M (14). 

  • Cash flow from operating activities was SEK 28 M (19) and the sum of cash and interest-bearing financial assets was SEK 64 M (85) at the end of the period. Net cash in end of the period was SEK -26 M (-6).

  • Earnings per share, before and after dilution were SEK 0.13 (0.27).•    In the second quarter, Tradedoubler acquired Kaha GmbH, a Berlin based tech company within the influencer space. This acquisition has impacted goodwill by SEK 56 M and cashflow with SEK -21 M. 



CEO Matthias Stadelmeyer's comments


Tradedoubler´s business grows on similar levels as in recent quarters while we continue to build our business for the future and transform the company to a Performance Marketing Group.


In Q2 revenue and gross profit grew by 13% currency adjusted. EBITDA was 17m SEK, similar to last year. The gross margin is stable at 21,2% while the EBITDA margin decreased to 3,7%. This decrease is directly linked to investments into new products. The decrease of net cash to -23m SEK is related to the acquisition of KAHA GmbH with its link-in-bio solution zezam, as well as timing effects in working capital.


Regions & Products

We were able to continue to grow our business in all Tradedoubler regions. The Nordic region, where we have a strong market position, developed best again. They were the first to launch Metapic and are therefore a step ahead in the development of this business line. The DACH region shows a decline on revenue, but good growth of gross profit and EBITDA. We ran lower margin campaigns there last year and not anymore. France & Benelux and the region South with Italy and Spain grew in line with expectations while the UK made a significant step forward.

All business lines of Tradedoubler which are the core business Affiliate Marketing, Grow (affiliate self-serve platform), Metapic (influencer marketing), Appiness (mobile campaigns) and Cost-per-lead (CPL) campaigns are growing, with Metapic having the highest growth rate and almost doubling its business compared to last year.


Acquisition of KAHA GmbH

The acquisition of KAHA GmbH based in Berlin, Germany with its link-in-bio technology solution zezam will help us to further expand our influencer marketing business. zezam allows influencers to promote multiple products permanently and across all social media platforms. With the integration of the zezam technology into campaigns run by Metapic we can provide significant value to brands, creators and shoppers:

  • For brands we solve their customer acquisition challenge by offering a new channel for customers to discover their products.

  • Creators / influencers become merchants by promoting products without the hassles of managing inventory or fulfilment.

  • Shoppers can discover new products from people they trust, all delivered in a seamless buying experience on social media.  Our vision is to generate more revenue for our clients than any other partner. In the last quarter we have made good progress in creating a performance marketing offering that helps our clients to reach their ambitious growth targets.


Tradedoubler´s success is only made possible by the dedication and the energy of our colleagues and the commitment of our stakeholders, partners and clients. Thank you! 



Contact information

Matthias Stadelmeyer, President and CEO

Phone: +46 8 405 08 00


Viktor Wågström, CFO

Phone: +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 and the Swedish Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 08.00 CET on 20 July 2023. Numerical data in brackets refers to the corresponding periods in 2022 unless otherwise stated. Rounding off differences may arise.

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